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Old 07-22-2020, 01:28 PM   #81
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
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Originally Posted by Mr. Tightwad View Post
I put in about 2 hours of yard work a month and collect $4850 in rent. The yard work gives me exercise and vitamin D. When I'm too old to deal with it I'll hire a gardener.

One duplex is valued at a third of my NW. I didn't set out for that to be the case, property values have soared is the reason.
Ole man doesn't put in anytime and he collects ~same$. He has REALLY good tenants, long term. If they can't fix it they ask to buy the part and do it, if thats too much they hire out reasonable work and it comes off the backend of the rent check.

All are paid for, so no cost beyond property tax/insurance. I do think to get to this state, you really work a second job for most of your career, at least the ole man did. Now he is on autopilot, not enough health, time to spend his $$
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FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
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Old 07-22-2020, 02:46 PM   #82
Thinks s/he gets paid by the post
 
Join Date: Sep 2012
Location: Seattle
Posts: 4,854
I just rent out my stocks. I got paid $8,000 last month to rent out $36,000 of a stock. No grass to mow or toilet to unclog!
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Old 07-22-2020, 02:56 PM   #83
Thinks s/he gets paid by the post
 
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 3,255
Quote:
Originally Posted by Mr. Tightwad View Post
The biggest factor in how happy/miserable your life is as a landlord is who you pick as a tenant. Pick wrong and you will suffer.

I'll disclose something else: I've never ran a credit check, asked them to bring a copy of it, verified their income, etc. I ask pertinent questions, observe their responses, and decide amongst the candidates who gets the keys. Again, only one eviction in 28 years. I wouldn't recommend this method to others unless you are confident in your assessment skills. I think it would be a recipe for disaster for most individuals.
In 21 years, I've never ran a credit check either. Most would fail. I check the state magistrate court dockets to see if anyone has a criminal record or has been sued for unpaid bills, rent or evictions. Never had an eviction, but as a supervisor for 35 years for over 5,000 people, you can pretty well recognize an a$$wipe from the start.

Another thing is to not say anything or much after first meeting potential tenants. My units are well maintained, freshly painted, or new carpet installed, they know I mean business. They usually spill their guts after 10 minutes about what kind of issues they have.

I have a checklist to go by that I have used for almost 20 years to prove and show there is no discrimination in anyway.
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