Home Forums Hunting & Shooting Hunter's Campfire Took the plunge, bought a rental

lol,...she's a bit younger than me and has taken much better care of herself than I have. My family and health history suggests that my expiration date draws nigh.

I think she's a good bit younger than Bristoe.

You beat me to it.

This. I do an "inspection" every month on my one place under the guise of changing the AC filter and spraying for bugs.

Another thing I learned is everyone wants to sign someone up for a year's lease. Don't do that. Rent on a month to month basis where they can leave on 30 day's notice or you can ask for the keys with 30 days notice for any reason. A lease does not protect you it protects the tenant. People can tear the hell out of your place and still stay current with the rent. Not having a lease makes it easier for you to cut your losses and get rid of them.

Finally NO EFFING PETS. No dogs, cats, rats, bats, birds, ferrets, hamsters, not even a damn goldfish. Otherwise have fun fixing and repairing after them when their "mom and dad" move out. Piss smell is not an easy thing to get rid of, especially cat. Some people allow pets with a substantial deposit but with just one unit why torture yourself.

My dad let an old lady con him into having a little dog. Stupid lady shut the dog up in the bathroom when she went to the senior citizens center during the day to gold dig for geezers. SOB chewed up the bathroom door and the vanity. Since that was tore up to the point that it could not contain him, she started shutting him up in the laundry room. Believe it or not, he chewed a hole in that door too! Later she got a cat which pissed on the carpet. Guess who had the job of ripping up that carpet and painting the floor with Zinnser BIN primer to get rid of the cat piss smell. That would be me. All of this was done before he knew it because he didn't do "inspections".

Brother B, having a rental place ain't the same as an IRA. More like a side gig.

Amen.

That doesn't always work. My wife has been gone almost a year now.

Build a cheap fence around that area.

Start the clock tickin.

Hiden Biden an his bitch will take it away from you and give it to Negroes.

Negro sightings and Bigfoot sightings are about even around this part of the country.

I am happy for you. Congratulations!

But just like any commodity... some people are buying and some people are selling.

Rentals have been good to my family. We had two for twenty years! One a ten acre place in Keno! Rented it to the same couple for twenty years! Then sold it to them and am carrying the contract! The other was in town, sold it after no more structure depreciation ! I might look for another, but would rather flip than rent nowdays! Good luck with your new adventure!

Another reason to keep a close watch on the goings on in a rental is in case the renters might be into making meth or such. Even beyond the possibility of fire, explosion, there's Kentucky's mandatory decontamination and cost thereof.

Wife went through that with a rental house her dad left her. Long time renters, middle age couple with a couple of late teen kids, ordinary working folks, the husband a carpenter, the wife a beautician and school bus driver.

Undercover police surveillance over months, videoed meth purchases by undercover narc. We found out the day after by photos and headline story in local newspaper -- meth manufacturing components and residue all over everything inside and yellow crime scene tape surrounding the house. Cost wife a few thousand for mandatory hazmat decontamination and followup inspection, per KY law, before it can be rented again or sold.

My girlfriend's house, referenced above. Nice big 4 BR house in Asheville NC. Shirley bought this house 15 years ago for $235K.
This house is at 4 N. Oak Forest Drive Asheville. Look it up, today it is valued at $395,000.

Shirley put it on a 15 year mortgage, so, today it is paid off. Counting all the money that the tenants have put in to it, plus the $150K appreciation, if she sold it today she would clear about $300K.

We do allow pets. We used to not allow them but then we realized that lots of people want to get out of the apartment and into a house so they can have a pet.
Most of our tenants, in our 5 rentals, do have pets. We sometimes have problems but usually not. Lots of classy tenants have pets.

We have put lots of work into this house and it is 6:30 right now and my dinner is not cooked, because Shirley is down working on the rental. A/C goes out, you shell out $7,000 for a new central air. Roof goes out, you shell out $9,200 for the new roof.

But, over time real estate is a big financial winner. Make a million bucks and start investing in real estate, in twenty years you will double or triple your money. Arnold Schwartzenegger did it. Dave Ramsey did it, he owns about $150 million in Nashville real estate.
Sean Hannity did it, he owns over a hundred million in real estate, lots of single family homes and some strip malls.

Dave Ramsey owns many millions in Nashville single family homes and he does not allow pets. To each, his own.

Over time, over the past century, year in and year out, real estate has been proven to be the pathway to financial success. It won't get you rich quick, it will get you rich slowly.

"You own a stock, you own a piece of paper (not even that anymore) you own a piece of land, worst case you can still take a piss or plant a potatoe on it"
Wise man told me that a long time ago when I was young. We have a good bit of equity in real estate and a decent monthly income (enough that my wife quit her job to property manage and run the office for my business)
If you have know-how, and can do a lot of your maintenance yourself (we can, with owning a construction business) it's a no brainer.

So, shall we start calling you slumlord 2, Bristoeberg?

lol,.."Bristoeberg"

True but you can do what a friend in Anchorage did with one of his non paying renters. He moved in with them. The bum renters left that night.

Strip malls are dying the death of large malls
Have a family member that made MILLIONS in the 80's and 90's with mall/strip mall property. Now most of it sits unrented. Bezos and Wal Mart are killing everything. Now COVID is killing his restaurant pads.

Well, good luck.. Yer gonna need it..

Wouldn't wish it on anyone.