mathjak107
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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i am so un-handy that i want accolades if i put a bulb in and it works. last thing i want in life is houses to care for.
How many have rental real estate?
- Thread starter calmloki
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calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
You aren't alone - often when tenants move out about 3/4 of the bulbs are burned out. I figure they are moving because the place is just so darn dark!
Looks like less than 3/4 of the poll respondents still have rentals and less that a tenth have rentals as a primary source of income. A working theory is that landlords don't much feel like they retire - early or not?
Looks like less than 3/4 of the poll respondents still have rentals and less that a tenth have rentals as a primary source of income. A working theory is that landlords don't much feel like they retire - early or not?
Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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And dirty! Most tenants act like your property is a garment they put on, soil and tear to their heart's content, then shrug off and leave on the ground.
Replacing flooring every couple of years sure got old (and expensive). We were advised not even to bother trying to get security deposit money back on carpet issues - we would lose in court.
Replacing flooring every couple of years sure got old (and expensive). We were advised not even to bother trying to get security deposit money back on carpet issues - we would lose in court.
mathjak107
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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like i say ,landlording is great , that is until it is not.
the grief and headaches because of tenants , courts, ill-liquidity, unexpected expenses and the time frames things can take to resolve far out weigh the benefits in retirement in my opinion; and i loved the rewards from my real estate earlier in life.
the grief and headaches because of tenants , courts, ill-liquidity, unexpected expenses and the time frames things can take to resolve far out weigh the benefits in retirement in my opinion; and i loved the rewards from my real estate earlier in life.
kaudrey
Thinks s/he gets paid by the post
We rent out my DH's condo, basically by default. He bought it in 2007 and it is still underwater. So, since we can't sell it, we rent it out. We basically break even on it but are also helping out the cousin we rent to - we get slightly lower than market rent but are helping out a family member; his rent covers the monthly payments and the condo association fees.
Long time lurker, first post...I have been watching the real estate specific posts for a long time. Im 29, wife is 27, both employed but my main focus in the portfolio of 60 rental units we have accumulated. We have Two 11-unit buildings, Four 4-families, a few duplex's and a bunch of houses. We have a good chunk of retirement funds, post tax savings, emergency funds, etc.. and have done well for ourselves but when I look at our global wealth, RE has blown away everything.
Smartly using leverage to buy undervalued properties that cash flow, with additional upside appreciation potential has suited us well. I have attempted to use mgmt companies in the past, but with no luck. We ended up hiring a full time employee to run leasing, mgmt, take phone calls, etc... and outsource all maintenance and renovation work.
We do manage some stressful situations at times but to know that our RE NET income is roughly 1.5x our combined salaries certainly makes it worth it. There are bonuses as well such as tax advantages and other residual benefits that sweeten the deal.
Happy Investing!
Smartly using leverage to buy undervalued properties that cash flow, with additional upside appreciation potential has suited us well. I have attempted to use mgmt companies in the past, but with no luck. We ended up hiring a full time employee to run leasing, mgmt, take phone calls, etc... and outsource all maintenance and renovation work.
We do manage some stressful situations at times but to know that our RE NET income is roughly 1.5x our combined salaries certainly makes it worth it. There are bonuses as well such as tax advantages and other residual benefits that sweeten the deal.
Happy Investing!
WestcoastRN
Dryer sheet aficionado
Just signed closing docs today on the sale of our ski resort vacation condo. Bought in the recession, hoping to make money during ski seasons and supplement our early retirement. Wow, were we surprised. Property mgmt companies take 40% right off the top, ALL of them. I swear it's a conspiracy! Then they charged "fees" on top of that. Then there were the $600/month HOA fees that doubled in the 3 years we've owned the condo. Well, we got a cash offer last week with a fast closing. Fortunately, we made a great profit, but in the end I learned I just don't have the stomach for it.
AnIntentionalRoad
Recycles dryer sheets
We have a 3 bedroom house on the beach in Florida that is rented out on a weekly basis in the summer and to snow birds in winter.
This leaves us with Spring and Fall to use we please.
We love it and have very nice family vacations there several times a year.
Unfortunately even with 30k a year in rental income, we are still in the red, not counting tax deductions and appreciation.
This leaves us with Spring and Fall to use we please.
We love it and have very nice family vacations there several times a year.
Unfortunately even with 30k a year in rental income, we are still in the red, not counting tax deductions and appreciation.
Major Tom
Thinks s/he gets paid by the post
I voted "I have owned rental real estate".
I sold the house I used as my primary residence in Los Angeles in 2002, as the value had increased quite a bit since I'd bought it 4 1/2 years earlier. I cashed out, went to live in an apartment, watched RE prices in continue to rise at a fast clip, and wondered what to do with the money I had made. About a year after selling the house, I bought 3 single family homes in an area 70 miles away where it was still possible to buy with 10% down and have a small positive cash flow from the rent. The homes were professionally managed.
18 months later, the houses I had bought for ~150K were each worth ~250K, so I sold them and got out of RE completely. I realized it might be a long time before I'd see such a sharp increase in RE prices again over such a short period of time. Although the experience had been a good (and easy) one, I didn't want to deal with the hassles, stresses, and expenses of being an owner over the long term. My timing was very lucky, as it turned out I had sold at the peak of the market.
Nowadays, I am very happy to have nearly all my investments in low-cost Vanguard funds. It gives me less to worry about, though I know that many people are comfortable owning RE.
I sold the house I used as my primary residence in Los Angeles in 2002, as the value had increased quite a bit since I'd bought it 4 1/2 years earlier. I cashed out, went to live in an apartment, watched RE prices in continue to rise at a fast clip, and wondered what to do with the money I had made. About a year after selling the house, I bought 3 single family homes in an area 70 miles away where it was still possible to buy with 10% down and have a small positive cash flow from the rent. The homes were professionally managed.
18 months later, the houses I had bought for ~150K were each worth ~250K, so I sold them and got out of RE completely. I realized it might be a long time before I'd see such a sharp increase in RE prices again over such a short period of time. Although the experience had been a good (and easy) one, I didn't want to deal with the hassles, stresses, and expenses of being an owner over the long term. My timing was very lucky, as it turned out I had sold at the peak of the market.
Nowadays, I am very happy to have nearly all my investments in low-cost Vanguard funds. It gives me less to worry about, though I know that many people are comfortable owning RE.
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