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Replies: 26
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110%er [9107]
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Anybody a landlord?
Jul 20, 2012, 1:16 PM
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Wondering about buying some rental properties in a few years and if you'd recommend it or say hail no.
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All-TigerNet [11208]
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Slumlord.
Jul 20, 2012, 1:18 PM
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Tenants won't complain about every leaky faucet and such.
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CU Guru [1471]
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we rent out our 1 br condo. it's newish and ive had great
Jul 20, 2012, 1:19 PM
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luck with tenants so it has been good for us. A few friends of mine that have rental properties have had horrible times with it though.
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110%er [9107]
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Interesting.
Jul 20, 2012, 1:21 PM
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My step-dad has a few duplexes (duplices?) in Columbia that he rents to students and does fairly well.
He will only rent to females though - says guys tear up too much stuff.
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All-TigerNet [14282]
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Your dad doesn't believe in equal opportunity?***
Jul 20, 2012, 1:22 PM
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110%er [9107]
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Not when it comes to his sh!t***
Jul 20, 2012, 1:23 PM
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110%er [9107]
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All-In [30493]
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You misspelled "sloots"***
Jul 20, 2012, 1:25 PM
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110%er [9107]
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Nah....I put "sorority" in there:)***
Jul 20, 2012, 1:27 PM
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CU Guru [1471]
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im not in a college town or anything. young professionals
Jul 20, 2012, 1:29 PM
[ in reply to Interesting. ] |
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and families is about it so i dont really worry about that. but i would say that is a great move on your dad's part.
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Oculus Spirit [75725]
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I have a strong interest in this, but don't want to dive in
Jul 20, 2012, 1:21 PM
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until I could pay cash for the properties.
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110%er [9107]
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Oculus Spirit [75725]
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Probably not realistic at all. I'd just prefer to
Jul 20, 2012, 1:28 PM
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have one that the rent was almost all profit. If that wen't well for a year or two, then put that money into something else that would still be mostly profit. If I found I hated being a landlord, I'd not have a problem asset on my hands between it becoming vacant and selling.
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Legend [18334]
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Can you keep them rented?
Jul 20, 2012, 1:31 PM
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How much to manage maintain and insure them vs. what you
get in rent?
But why wait? The real estate market should be somewhat
higher few years down the road.
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110%er [9107]
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No cashola my friend.
Jul 20, 2012, 1:33 PM
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No cashola.
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CU Medallion [60234]
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Used to be....
Jul 20, 2012, 1:31 PM
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1 - make sure property is close by - long distance is a nightmare
2 - know your tenants....don't rent to single women with babies if you can help it (VERY needy and kids are destructive)
3- stay home and sober every weekend because that's when they will call with AC or plumbing emergencies.
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110%er [9107]
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Would a management company help with most of that?
Jul 20, 2012, 1:32 PM
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How much of a % do they take?
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CU Medallion [60234]
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I didn't go that route - I did it myself
Jul 20, 2012, 1:39 PM
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Lived way out in the country and bought two houses next to each other, rented out one. A mgmt company wasn't an option for me.
I'd say it was "OK"....good 2nd income, but a bit of a pain in the butt at times. It was good experience, but I doubt I ever do it again.
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110%er [9107]
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grassyass***
Jul 20, 2012, 1:41 PM
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Enthusiast [140]
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Legend [15863]
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Re: Anybody a landlord?
Jul 20, 2012, 1:42 PM
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Yes
do it
but where, conditions, price?
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110%er [9107]
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Greenville or Clemson
Jul 20, 2012, 1:44 PM
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I live in GVille.
This will be in a few years though, so conditions and price will have changed - possibly drastically.
Just interested in hearing about some experiences of those on here.
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Legend [15863]
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Re: Greenville or Clemson
Jul 20, 2012, 1:53 PM
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I had a 7 unit place on Boscobel for a bit
my bro was sorta running it
just kept it a short while
I also have a duplex
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All-In [40938]
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It has to be a longterm investment unless you have lots of
Jul 20, 2012, 1:52 PM
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cash. You'll have to come up with enough cash so that your mortgage can be covered by rent, maintenance and taxes. If you can break even for 15 years then you get rental income at the end of 15 years for a lot of hard work and no initial return on your investment.
If you have enough cash so that there is no mortgage involved you can do pretty good, but there is still a lot of work involved.
Rental property also eats up your borrowing power elsewhere so you have to be careful if you need to borrow money.
If you are borrowing money you'll have to show that you have enough capital invested in the project so that the combination of cash you have in the bank and the appraisal of the property easily covers your loan. You'll also have to show positive cash flow or the ability to make up the cash flow deficiencies elsewhere.
It helps if you are handy and can fix broken stuff, because twice as much stuff will break. The tenants don't care, they are going to mess up your property.
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110%er [9107]
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Thanks.***
Jul 20, 2012, 1:54 PM
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Oculus Spirit [75725]
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CU Guru [1660]
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Re: Anybody a landlord?
Jul 20, 2012, 2:02 PM
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Pay the ten percent,unless you are not bashful about being aggressive.
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Replies: 26
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