How to be a successful landlord? I finally saved up enough money to put down 20% for a decent rental property. Any tips or suggestions will be appreciated.
How to be a successful landlord? I finally saved up enough money to put down...
1.) Don't rent to blacks unless you're planning on becoming a slumlord in run-down Section Ape housing
2.) Don't rent to blacks
It's pretty easy, really.
Don't rent to shitty people. Interview them, and pay attention to what they do for work.
just to be redundant
3)criminal background checks
4)credit rating checks
My gold standard for rental properties are affordable duplex/triplex/fourplex's in good school districts that have low crime working class areas.
Someone stated look at their job title.
You ever looked into giving up on long term leases and just going all Airbnb? I've heard of folks making a killing on that. Way more money in a month.
No airbnb. Don't have time for that. I am going to treat my landlord business as a part time job.
That's pretty illegal:
That's why smart landlords don't actually tell them, friendo.
I've never had a black tenant that didn't tear the place up or draw pictures on the wall with his own feces. Even the "well, they look like a family... two kids and a married father, wow!" No. Still chimps. Or they invite over chimp friends.
They'll fuck your shit just because they know a white boi owns the place.
my mother will be an RE Broker soon. She wants me to get my Agents license and work under her with her transaction business.
What is being a landlord like? I'm very interested in it.
I haven't tried it, none of my apartments are pre furnished. I get super good tenants and outside of regular mowing of grass, I have maybe 2 visits for per year per apartment for simple fixes.
You could easily blow an extra 10-20 grand furnishing an apartment, it would take a lot of extra rent rate to get that back. I will try it at some point if I get the right building to do it with.
Enh, yeah on the furnishings. You need a ton of traffic to make it huge, like big city rented out every day. But man... $600/mo rent vs a place that'd fetch $100/day is damn tempting if you've got any chance of keeping them filled consistently. 'Course then you're spending most of your time as a housekeeper.
Virtually unenforceable outside of big real estate firms.
Us small fry have to live in the real world where shitty tenants can financially ruin you make you end up turning your properties over to the bank. Most smart small time investors play it safe, keep to smaller buildings, and have a separate corporate entity for each one.
Own 18 apts
Just don't rent to blacks.
Yeah, my problem is being in a smaller town. And being a lazy fuck. Still want to try it tho.
whats being a landlord like?
Depends on what type of landlording you get into.
I spend 96% of my real estate time doing building rehab, but that's because my niche is buying very old, ruined apartment buildings and fixing them myself.
The other 4% of my real estate time is mowing lawns, doing small handyman fixes, depositing rent checks and doing my taxes once a year.
The key to keeping your work load low is getting good tenants (simply cant stress this enough).
So far its been pretty enjoyable, since I get to spend most of my time being a craftsman at my own pace (I have a regular business I run not related to real estate during 9-5 hours).
How do you get good tenants?
Pet fees, pet rent, application fees, offer a "non-refundable down payment" at 1/2 the rate of the refundable. My complex charges me $50 if I don't pay rent by the third, going up to $100 if I haven't paid by the 15th.
Nickel and dime your tenants. They love it.
If you have ever had to clean up a years worth of dog piss out of a carpet and subfloor you would want to charge more than you landlord does for pets. Anything you can complain about with landlords has to do with shitty tenants forcing them to keep it that way.
I own some land on a small tropical island. About a 10 minute ride from the nearest resort. Nothing on the land and I'm don't wanna sell it since it's been in the family for a long time, but I want to actually do something with it.
I just have no clue how to actually do shit with land smack dab in the middle of a jungle.
I'm thinking of doing this too. Bank approved me for a 100K loan with 10K down closing costs covered. Sorted list by number of bedrooms/bath and it's very rare, but there is actually a house in an OK area with 6 bed 3 bath for $85K. It is really enticing.
Cheapest apartment around here is $500 and that does not include utilities, cheapest you're going to find is $600.
I know finding and dealing with tenants can be hard, but I could be making $2K+ a month just sitting on my ass.
pet fees AND pet rent?
my family owns apt complex
this is rule #1,2,3 4,5
i honestly cant stress it enough
screen the SHIT out of your tenants
really get a feel for their personality
you do NOT want to deal with a bad tenant. ull be tempted to burn the llace down.
screen screen screen screen
Just require a credit and background check and you immediately eliminate all the undesirables
Out here in the Northeast, we just put all our niggers in government projects
Just put it in a fucking reit you idiot
This is not a /pol/ meme. This is 100% accurate.
My parents rented a house to blacks once - well educated blacks earning a decent income mind you - and the place got trashed.
Agencies will still enforce it. If you tell them under the table that you don't want blacks they will comply. It happens ALL the time:
FHA doesn't apply to 1-4 unit complexes. u mad?
So yea OP, if you want to be successful, invest in a 1-4 unit complex. Once you grow larger just do a number of those and you can keep out the jigs and messicans.
You can't prove all black people are bad, why cant i rent to them?
There's a time and place for everything. No blacks around here, but if you own a building in the bad part of town you can make a killing on refugees. Don't bother to fix up anything. Stack 3-4 into an appartment and charge for each. They all get money from the state would split the rent anyway, so why not cut out the middle man? You can easily make double or triple the going rate of a run-down appartment. If you stack them into a proper community you'll ruin the value of all other flats and you'll get complaints from your other tenants endlessly, so ghetto them up. Sure, most probably haven't seen a stove in their life, but what do I care if they ruin the place? It's more than priced in. Probably couldn't even rent out the shithole to a local without putting several 10k into renovations first.
Definitely screen them and screen them hard. Just don't be surprised when they still fuck you over. There can be legit reasons something goes south quickly, like losing a job or becoming seriously injured or ill. Can't predict that, but they can also trick you. I've had what looked like a stable couple with both earning (him the bigger share, nice dude, more than capable of doing small repairs, etc), she signed since then downpayment came from her and two months later the guy was no-where to be found. You can look for nice people, but the problem is, those fuckers are crafty. They make a living of tricking people, they're street-smart sociopaths. I've had people craft elaborate stories, months in the making with some distant pay-off, like fucking me out of a rent payment. It's quite amazing, what people are capable of. You can filter out the honest idiots, but not the serial fraudsters. If it's your only appartment, you're fucked. If it's 1 of 10, you'll be fine. And always ask for a hefty deposit (personally: 4 months of rent since period of notice is 3).
Naw man just furnish and airbnb the thing. Now is the time
you can rent to them
but if they destroy everything its your fault
if i had money last year here in germany i would became the biggest slumlord in existence.
many people made big bux with it. renovate all old buildings (the refugees need good housing)rent it out to the gouverment they acepted nearly every price because they had no room to house the hordes and you need to get your renovation costs back.
thats a common trick german landlords use if they want tenants to move out, they renovate the fuck out of it and add the renovating costs to the montly costs until the tenants move out.there are even cases where landlords put light blocking scafholding in front of the windows or they "renovated" the toilet aka removing it anly a chemical toilet for you on the hallway
Does anyone here own cheap houses in cheap markets? Like $100,000-$150,000 homes in places like Boise? I've been thinking about buying in a place like that to get my foot in the door in real estate. Cheap down payment and I have the cash flow to cover the mortgage even if I can't find tenants (obviously the plan would be to rent it out, though).