Question for all you landlords.

Discussion in 'The Okie Corral' started by G2LOCK3, Feb 14, 2010.

  1. G2LOCK3

    G2LOCK3

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    Help me out here. I have the notion to buy a duplex. Its at a decent price and its within a couple blocks of the college in my town. I think it may be a good idea. What do you guys say that have owned and rented properties? Anything to be weary of? anything i should know? any input?

    Thanks
     
  2. Ol Timer

    Ol Timer ↓ hog hunter ↓ Millennium Member

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    Only thing I got is don't rent to college kids.
     

  3. Gonetodarkside

    Gonetodarkside owl protector

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    But you can rent to their parents. And a decent price wont work, you need to be able to make money just from the purchase and later sale.
     
  4. Swiper

    Swiper

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    A tip for the future: Don't 'evict' good tenants so you can sell the house. Karma will bite you. :supergrin:
     
  5. G2LOCK3

    G2LOCK3

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    I think if its still available i think its a good investment. Its in my home town as well so I will be around to check in and to fix whatever might need it. I know its probably not going to be a dream, but i think its a good investment opportunity.
     
  6. ede

    ede Bama's Friend

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    i've lost a lot of money to dead beat renters and even with a judgment it's hard to collect. made money on good renters and had zero issues with them.
     
  7. BAILIFF

    BAILIFF Piece Officer

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    Don't talk to the police, neither. Hmph.
     
  8. G2LOCK3

    G2LOCK3

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    haha i am the police. so i hear all about bad tenants and evictions and civil disputes all the time. Thats why i was asking for some input from GT. Hopefully to hear some good stories about landlords/tenants.
     
  9. wolf19r

    wolf19r Problem Solved!

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    Hey some of us college students are good for our rent.
     
  10. Swiper

    Swiper

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    Just don't do as my last landlord.

    She wanted to sell the house we rented so much that she was 'harrassing' us for over a year. We were good tenants, took good care of the house, and always paid on time (she was making a good profit on us).

    But she would enter the house while we were gone and change climate settings and remove permanent fixtures. She would also pick off all the fruit and berries in the garden despite them rightfully belonging to us. In addition she was bringing over potential buyers at random hours without giving us any notice. The situation become so unbearable that we terminated our lease one year early and moved out.

    Six months later the house still stands empty and she can't get it sold due to foundation issues. She's losing over a $1,000 a month on it. Karma is a b*tch. :supergrin:
     
    Last edited: Feb 14, 2010
  11. G30SF/F-250

    G30SF/F-250 Pinky Out Platinum Member

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    My father once said that he tried that once and would let someone else make that money.
     
  12. airmotive

    airmotive Tin Kicker

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    It is better to let the property go empty for 2-3 months while you find GOOD renters, than to rent to the first people who show up with one month's rent in their pocket.
     
  13. kestrou

    kestrou Pin Member #4

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    I've mentioned on GT before that I own commercial real estate (office buildings) - lot longer term leases, tenants (office workers) that aren't punching holes in the walls and having the cops over to break up parties, and fairly reliable at paying on time.

    Somebody's got to do residential real estate - but it's more work than I'm looking for (and, honestly, the profit margin is lower in residential).

    Food for thought, before you make the investment... ;)

    kestrou
     
  14. Free Radical

    Free Radical Miembro Antiguo CLM

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    It's a mixed bag being a landlord. If all goes right you can make a few bucks, but there is just one hellofa lot that can go wrong. Don't expect renters to take proper care of your property. They won't. People that don't own anything don't know how to take care of anything either. Get first and last months up front plus a healthy damage deposit. You might get lucky and find good renters, but most are not.
     
  15. walt cowan

    walt cowan

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    1)stay clear of any and all section 8's. they money looks good and seems easy but, you'll lose out in the end.
    2) run credit and background checks on everyone! the lease holders, their kids or anyone else who lives in your place.
    3) find out where they'er living now. drive by their place in the afternoon and wee hours of the morning.
    4) never rent to freinds, famliy or co-workers. they'll stiff you faster than a crackhead on check day.
    i could go on but, it would take all day. good luck.
     
    Last edited: Feb 14, 2010
  16. G2LOCK3

    G2LOCK3

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    This property is uptown in a nicer part of the town. Its, like i said, near the college.

    Are there any restrictions on how to pick tenants? I mean are you able to "profile" or "discriminate"? haha basically i want to be able to talk to the possible tenants and if they seem okay go for them. I do not want to rent to any **** heads. I also think females would be cleaner/better care takers. If I could target female college students, I think it would be a great investment. Is there any way of saying no to someone even if they meet all the requirements? The parents would most likely be paying, and the college in my town is very prestigious and ritzy. So its starting to sound better and better. Looks like im talking myself into this one huh?
     
  17. harlenm

    harlenm Millennium Member

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    Run a credit check on any perspective tenants, and don't rent to anybody with a history of collections. Also run an evictions lookup.

    That being said, I recommend not doing it. I hate being a landlord, and constantly bug my wife to sell the house.
     
  18. harleyfx69

    harleyfx69

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    you dont know anything if you think female college students are by any means clean ..

    just look thru myspace or facebook at the pictures they post,

    there dorms / apartments / etc are filthy .. along with disgusting feminine projects that back up toilets and plumbing,

    also get co signers, as they are responsible for there kids .. or whoever signs for someone ..

    then you sue the parents or guardian who generally have the money if the kids don't,

    another thing,

    don't be a crappy landlord, our apartment has double pain windows, but they are crappy to begin with, our neighbors decided to somehow break one out, and it broke the outside pain but left the inside, took 2-3 weeks to get it replaced, our heating doubled in that time period, frogot to mention this was snow on the ground also,

    our dishwasher doesn't work, but they wont do anything about it
     
  19. uhlawpup

    uhlawpup Gentle Soul

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    I've done my share of real estate law, and I've owned a rental property.

    Make sure you know the local, state, and federal laws that pertain to residential real estate rental. There are quite a few of them, too, and, at least here in Texas, they're a heck of a lot more nitpicky than you realize, with hefty penalties if you violate them.

    You better see a lawyer where you are before you spend your money. It's not as easy as you think.
     
  20. kestrou

    kestrou Pin Member #4

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    On the theme uhlawpup started - your town might have "rental property registration and fees" too...

    kestrou