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| Anybody here have rental properties? |
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| SlammedNiss:
--- Quote from: menace on April 02, 2017, 07:44:44 am ---Buy a nice place and you will get nice people--buy a dump and you will get people that live like pigs (more work and effort) Student rentals have good cash flow but require more work he who puts up with the most sh$t wins! --- End quote --- We're hoping to purchase 1 or 2 $60-80k properties. Which for around here is a modest starter home. I've learned that you don't want to price yourself out of the market, so anything above $800/mo in rent and I feel they would probably just buy their own home instead. I've already decided on a few things, such as type of home (single level) and location. Don't want to get too far south unless it's in a nicer neighborhood. This is a college town, but I think we'll try and avoid the college renters if at all possible. --- Quote from: Ian on April 02, 2017, 09:15:58 am ---...but it is a lot of work. And if you want to make money you have to do as much work as possible. Do not get a property manager, cut the lawn yourself, make as many repairs yourself as you possibly can...and again the previous poster was right put up with the most ---steaming pile of meadow muffin--- to win. Just curious but have you thought about flipping homes? I know 2 guys in their 20's that are worth close to a million dollars and they started renting... but got out of it quickly and both (two totally separate companies) got into flipping homes and have been very successful doing it. One of the guys is only 25. He plans on retiring at 35. Just crazy! --- End quote --- Nope, not planning on getting a property manager. Figure with just 1 or 2 and the wife and I should be able to handle most everything. I'd love to flip homes, but it seems there's a lot more risk involved that I'm not really willing to take ATM. For now, I'd just like to get a little more positive cash flow on a monthly basis and see where things go from there. --- Quote from: dkersten on April 02, 2017, 12:20:04 pm ---Second, I read a great article about investing about a year ago. It stated that when it boils down, there are three ways to put your money to work. The first is investing in stocks and bonds in some form. This is the most volatile and usually the most lucrative. But you have to stay your course during the good and bad times, and for some that is difficult. If you have a nest egg invested and the stock market has a downturn, you have to be able to weather it or you lose your money. If you are living off the capital gains and dividends, you don't have a reliable source of income in the short term. The second is real estate, which is primarily income properties. Less risk than the stock market and more reliable income, but the best way to get a return is to manage it yourself, which is where the real work is. Not only can it be a major undertaking for even a few small properties, the pitfalls mentioned above are there in spades. And of course, it isn't without risk. Finally, the third and final way to make money work for you is to start a business. Obviously business isn't for everyone, so while this can be profitable, the level of risk is directly associated with your ability to run a business. --- End quote --- Sounds like this "Rich Dad Poor Dad" book we had to read when we had some "friends" try and get my wife and I to join them with Amway. Something to do with 4 quadrants. Lol. |
| mahuti:
--- Quote --- try and get my wife and I to join them with Amway --- End quote --- OT: When I had just graduated college I was talking to a guy where I worked and he asked me if I knew anything about the internet (back in like... 1997 or so) and I was trying to break into web design.... so... when he asked me to meet him over lunch to talk about (what I thought was going to be a job interview for web work) I agreed. When I had the lunch meeting, he started talking about "the internet" but it was some weird way of talking about the network of Amway crap. Man I was pissed. Hah hah. I dropped a few bucks on the table for lunch and split. What a jerk. God I hate Amway "salesmen" |
| knave:
Owned rental property for 12 years plus 3 years as a property manager for 36 units. Learn the rules...do good background checks. never hesitate to give a 3 day notice for missed rent and be responsive to issues. I had a good run. For the most part I enjoyed it but when it is bad...it can be really bad. Overall I had 2 or 3 really bad tenants during that time and the rest were fine to great. It took me 7 years until I had to learn to do an Unlawful detainer. Bottom line. I miss owning property but not the headaches. Good Luck! |
| pbj:
Just make sure you're well above the HUD subsidy on whatever you're charging for rent, or there will be drama. Rich Dad, Poor Dad is a comically bad book, it's been awhile since I read it, but wasn't it basically - somehow make a million dollars, sit on it for two years, invest in ultra risky private placement securities with interest income. If I recall correctly, he claims he flipped some business selling nylon wallets for $2 from a kiosk at the beach for several million in the 70s. Believe that if you like. Nobody beats the market long term. For every retire at 35 "house flipper" there's a thousand more that lost everything. I'm astounded people still see that as a get rich quick method after what happened 10 years ago. At best, look at it as a way to subsidize building equity that you can then leverage for... things. :cheers: |
| Mike A:
pbj speaks the truth. Even the "Oracle of Omaha" has been behind the market for a long time now. |
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