97guns
Full time employment: Posting here.
since RE income is my sole source of income I've become pretty passionate about it and always get into arguments of how much of a headache they can be, repairs will be costly and that I'm not really truly retired. Just thought I'd throw out the positives and negatives that I've encountered in my 8 years of rental investing, start with the Con's because everyone without RE investments shoots me down with them.
1) had to replace 3 water heaters, $2000
2) installed high wear flooring in 3 units, $7500
3) finishing up an eviction, lost 2 months rent, payed $1600 to eviction company, had 1 other eviction prior
3) replaced 2 A/C units $8000
4) replaced fence in 1 unit, $2400
The Pro's
1) don't work and spend 10 minutes a week tending to them, more now with the eviction
2) rents have kept up with the pace of inflation
3) $3000 pocketed on insurance claim
4) IRS tax benefits are off the charts
5) tenants have literally paid me in full for the homes they are living in
6) equity has tripled up in 7 years
7) net worth has jumped 6 fold in 8 years
8) leaving for Seattle next week, came back from Hawaii 2 months ago and Las Vegas/Los Angeles 3 months ago. did Hong Kong, Thailand, Taiwan, S Korea, Ohio and Denver last year.
So for me the Pro's outweigh my Con's by a wide margin, I have a great property manager and spend very little time tending to them, I've managed to keep my repairs down because I bought the newest units my money would buy, all late 90's early 2000
1) had to replace 3 water heaters, $2000
2) installed high wear flooring in 3 units, $7500
3) finishing up an eviction, lost 2 months rent, payed $1600 to eviction company, had 1 other eviction prior
3) replaced 2 A/C units $8000
4) replaced fence in 1 unit, $2400
The Pro's
1) don't work and spend 10 minutes a week tending to them, more now with the eviction
2) rents have kept up with the pace of inflation
3) $3000 pocketed on insurance claim
4) IRS tax benefits are off the charts
5) tenants have literally paid me in full for the homes they are living in
6) equity has tripled up in 7 years
7) net worth has jumped 6 fold in 8 years
8) leaving for Seattle next week, came back from Hawaii 2 months ago and Las Vegas/Los Angeles 3 months ago. did Hong Kong, Thailand, Taiwan, S Korea, Ohio and Denver last year.
So for me the Pro's outweigh my Con's by a wide margin, I have a great property manager and spend very little time tending to them, I've managed to keep my repairs down because I bought the newest units my money would buy, all late 90's early 2000