Mike "Wuzzy121". Rest in peace, brother

Go Back   Tacoma World Forums > Off-Topic > Garage / Workshop

Notices

Rental Property

Reply
 
Thread Tools Search this Thread
Old 04-05-2014, 08:59 PM   #1
kris77 [OP] kris77 is offline
Born in the Backwoods
kris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shed
 
kris77's Avatar
Joined: May 2008, #6480
Location: West Virginia
Gender: Male
Posts: 1,200
kris77's Tacoma Gallery
Rental Property

Not sure where to put this, so i stuck it here.

I have a good opportunity to purchase a nice piece of rental property next week.

Already have a tenant lined up. Rent will be almost $200 over the mortgage payment.
The property needs the bathroom gutted and redone, cleaned and painted. After that its good to go.

Everything sounds like its a great opportunity for me to get into the slumlord business...But something inside of me is scared. 2 house, 2 mortgage payments...Kinda freaks me out.

I know any tool I buy, I can say its for the rental and deduct it from the taxes. Anybody chime in and tell me what advantages there are of being a landlord?
  Reply With Quote
Old 04-05-2014, 09:04 PM   #2
Senior Member
Gelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shedGelo760 is one of the sharper tools in the shed
Joined: Oct 2010, #44862
Location: Oceanside
Gender: Male
Posts: 13,480
Gelo760's Tacoma Gallery
If you really like the house and can afford it go for it . But $200 isn't much over the mortgage
  Reply With Quote
Old 04-05-2014, 09:09 PM   #3
Senior Member
spencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shedspencer44306 is one of the sharper tools in the shed
Name: Spencer
Joined: Dec 2013, #118945
Location: Upstate Ny
Gender: Male
Posts: 425
spencer44306's Tacoma Gallery
better investment then most other things you would be using that money for...

is that including your taxes, fees, insurance,

plan on spending additional money on maintainence, repairs, yard, pool, ect...

people who rent generally dont give a shit about the house maintainence
  Reply With Quote
Old 04-05-2014, 09:12 PM   #4
I'm undefeated in the UFC.
PerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shedPerfectTekniq is one of the sharper tools in the shed
 
PerfectTekniq's Avatar
Name: Pepe Silvia
Joined: Feb 2011, #51683
Location: San Bernardino, CA
Age: 25
Gender: Male
Posts: 5,471
PerfectTekniq's Tacoma Gallery
Have you ran a credit/background check? Verified employment?
Don't rent to friends/family as it will just complicate things.

Is $200/month worth running a rental property? I've seen many people in your shoes who tried to make it work (as a slumlord) but eventually had to sell their house and move into the actual house they wanted to rent out.

At my past employer I managed 40 properties in 3 counties for one individual owner. At minimum he brought in 20k a month after expenses. That obviously fluctuated though.

You will honestly get a few shitty tenants before you get someone who pays on time. Communication is key.
  Reply With Quote
Old 04-05-2014, 09:15 PM   #5
kris77 [OP] kris77 is offline
Born in the Backwoods
kris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shedkris77 is one of the sharper tools in the shed
 
kris77's Avatar
Joined: May 2008, #6480
Location: West Virginia
Gender: Male
Posts: 1,200
kris77's Tacoma Gallery
Its my first rental, I could probably rent it out for more than $200 over mortgage once this guy leaves. And its in an excellent resale area. I got first look at this one before it went on the market with a realtor. I have 3 days to decide then it gets posted.

Figured i would try my luck with this one then decide if i wanted to get a few more...
  Reply With Quote
Old 04-06-2014, 07:14 AM   #6
Junior Member
grissom is on a distinguished road
Name: Peter
Joined: Nov 2011, #67520
Location: NorCal
Gender: Male
Posts: 26
grissom's Tacoma Gallery
Do a credit / rental history check!! Its not a 100% guarantee that they will be good/great tenants but it really helps weeding out the bad ones. People with excellent credit want to keep it that way, people with bad credit usually don't give a f...k

Don't forget property taxes and insurance

When you have a good/great tenant = life is good as a landlord, when you get a lousy one then it just plain sucks. BTDT

It is a good way to build financial wealth if you can keep it rented to good people and its in an area where the property values appreciate
  Reply With Quote
Old 04-06-2014, 11:18 AM   #7
Senior Member
coffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shedcoffeesnob is one of the sharper tools in the shed
 
coffeesnob's Avatar
Joined: Feb 2010, #30892
Location: VA
Gender: Male
Posts: 3,980
coffeesnob's Tacoma Gallery
go for it. If it is in a good resale spot if it doesn't work out sell it. As long as it doesn't cause real hardship in the interm. Better to have tried and fail than not trying at all. I guess..............
  Reply With Quote
Old 04-06-2014, 11:34 AM   #8
Senior Member
rademan11 is on a distinguished road
Joined: Mar 2014, #124617
Location: DFW TEXAS
Gender: Male
Posts: 143
rademan11's Tacoma Gallery
$200 over mortgage not enough.
Even if tax and ins are escrowed in payment.
Be prepared to put money in every year.

I have a few rentals.
I also do A/C work for a few property managers.
One big repair will F*** your world up.
Plumbing, A/C, bad tenants.

Hate to be raining on your parade.
Each of our units bring in $4 to 500 over mortgage each month.
They break even.
I'm sure I could run a tighter ship and do repairs on the cheap,
I'd have some money left over at the end of the year.
Rather fix it right and forget it.
Buy rentals...... make sure they wont sink you.
Good luck.
  Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Rental property in Canada maxpower29 Stocks & Investments 1 04-08-2014 10:34 AM
Any Property Inspectors out there? chaotichoax Jobs & Careers 0 11-28-2011 10:51 PM
Purchase Rental Property in Denver?? Skan Skeeny Off-Topic Discussion 2 10-16-2011 06:37 AM
Rental Property tax deduction questions. TACOMA TRD Off-Topic Discussion 13 01-20-2011 02:15 PM
What’s the best way to keep cats off of your property? raskal311 Off-Topic Discussion 24 07-22-2009 12:21 PM


Copyright © 2014 Tacoma Forum. Tacoma World is not owned by, or affiliated with Toyota Motor Corporation.