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Posted: 8/21/2017 11:25:08 AM EDT
[#1]
Quote HistoryQuoted:
Are you going to be a dick landlord and claim your tenants destroyed the house despite the tenants taking real good care of the property and take half their security deposit when they move out? Because you're a slum lord? For the record, I don't think you'll do this. My ex-landlord did it to me last month because she's a cunt. Left the duplex cleaner than when we moved in. Quite a bit cleaner actually. Never a single problem from or because of us. Motherfucker just kept coming up with excuses why he couldnt come inspect the duplex to give our security deposit back. Fucking cocksucker. |
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Posted: 8/21/2017 11:25:47 AM EDT
[#2]
Quote HistoryQuoted:
You do realize the $1000 is income on which you pay taxes? |
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Posted: 8/21/2017 11:26:10 AM EDT
[#3]
Do you think dolphins dream?
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Posted: 8/21/2017 11:26:14 AM EDT
[#4]
Quote HistoryQuoted:
Why are you so excited? They ALWAYS pay the first check.  feels good |
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Posted: 8/21/2017 11:27:30 AM EDT
[#5]
Quote HistoryQuoted:
Best advice I can give it to screen your applicants very very well. Now that wont always keep you from getting a turd but it sure does help. I currently have 2 rentals..one is paid for and the second will be paid off in 2 months. I have never taken a dime of the rent its all gone to house payments, taxes and maint. So come October it will be the first time I will actually start showing a profit...and my houses are paid off and they are assets. Now its time to start looking for another house.... I have time to buy and pay off 5 more houses before my early retirement plan takes effect. There is something satisfying when you spend 1.5 hours picking up rent and people hand you stacks of money. |
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Posted: 8/21/2017 11:28:17 AM EDT
[#6]
Quote HistoryQuoted:
I thought my last landlord was a great guy. We lived there 4 years,never a late payment. Even paid him in cash since thats what he preffered. Left the duplex cleaner than when we moved in. Quite a bit cleaner actually. Never a single problem from or because of us. Motherfucker just kept coming up with excuses why he couldnt come inspect the duplex to give our security deposit back. Fucking cocksucker. |
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Posted: 8/21/2017 11:28:35 AM EDT
[#7]
Quote HistoryQuoted:
Do you think dolphins dream? about RAPE |
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Posted: 8/21/2017 11:31:58 AM EDT
[#8]
Quoted:
Ask a guy who just received his first rent payment as a landlord anything Have they shit on the carpet yet? |
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Posted: 8/21/2017 11:35:34 AM EDT
[#9]
Quote HistoryQuoted:
That is an interesting question My mortgage is 821 and I am charging them 1000 so I am clearing 179 a month but I am leaving for Germany for nine months so the house is going to be empty anyway so do I count that as $1000 profit per month or 179? |
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Posted: 8/21/2017 11:37:04 AM EDT
[#10]
No questions, just a statement: good luck brah!
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Posted: 8/21/2017 11:39:48 AM EDT
[#11]
Quote HistoryQuoted:
Yes, about RAPE 
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Posted: 8/21/2017 11:41:07 AM EDT
[#12]
Quote HistoryQuoted:
I did not run there score
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Posted: 8/21/2017 11:41:55 AM EDT
[#13]
Does the $1K include the hookers and blow or do you still have to pay for that?
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Posted: 8/21/2017 11:42:37 AM EDT
[#14]
I'll wait for the "Ask a new landlord anything about the a.c. that died, the roof that leaks, the tenants that destroyed the premise, etc."
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Posted: 8/21/2017 11:51:22 AM EDT
[#15]
Have they punched holes in the Sheetrock and stopped up the toilet causing a flood yet?
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Posted: 8/21/2017 11:53:38 AM EDT
[#16]
Quote HistoryQuoted:
Have they shit on the carpet yet? |
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Posted: 8/21/2017 11:55:14 AM EDT
[#17]
Quote HistoryQuoted:
Where you going in Germany? |
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Posted: 8/21/2017 11:55:52 AM EDT
[#18]
Quote HistoryQuoted:
No questions, just a statement: good luck brah! |
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Posted: 8/21/2017 11:56:24 AM EDT
[#19]
Quote HistoryQuoted:
Later this year Quote HistoryQuoted:
Quoted:
Where you going in Germany? Not When. |
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Posted: 8/21/2017 11:56:27 AM EDT
[#20]
Quote HistoryQuoted:
Does the $1K include the hookers and blow or do you still have to pay for that? |
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Posted: 8/21/2017 11:57:16 AM EDT
[#21]
Quote HistoryQuoted:
I'll wait for the "Ask a new landlord anything about the a.c. that died, the roof that leaks, the tenants that destroyed the premise, etc." i am insured |
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Posted: 8/21/2017 11:59:40 AM EDT
[#22]
Quote HistoryQuoted:
Where. Not When. |
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Posted: 8/21/2017 2:39:55 PM EDT
[#23]
How did you determine rental comps used to set the rent?
You said you didn't check their credit score. Did you:
What source did you use to model their lease on? Is the lease they signed shorter than two years? What's your cash-on-cash return? Have you thought of an exit strategy for this property? Care to enlighten us? |
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Posted: 8/21/2017 2:56:28 PM EDT
[#24]
Quote HistoryQuoted:
I pay enough taxes Quote HistoryQuoted:
Quoted:
You do realize the $1000 is income on which you pay taxes? |
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Posted: 8/21/2017 2:58:12 PM EDT
[#25]
How late were they and why haven't you evicted yet?
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Posted: 8/21/2017 3:03:41 PM EDT
[#26]
Heheh, awesome, welcome to the entertainment.
Been a landlord for over 30 years, relocating out of California currently. I'll get some more rentals going in the next state. Good credit score, references, first/last/security, ironclad rental agreement, don't be friends. Expect that anything they can fuck up, they will fuck up. Maybe not these tenants, but those in the future. Doesn't matter either how educated they are, how much money they make, or anything else. Some of the biggest surprises I've had, and the biggest shitbags, have been highly educated folks that have excellent credit scores, etc. The tampons in the garbage disposal - that was one of the more entertaining plumbing calls. 
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Posted: 8/21/2017 3:09:54 PM EDT
[#27]
Quote HistoryQuoted:
prop tax is $3600 a yr and insure is $560. but that is included in my mortgage Quote HistoryQuoted:
Quoted:
How much for property taxes and insurance. I usually budget 3 months of rent for that. Maintenance and management fees (I am my own manager for property tax appraisals) are about 20% but that is included in my mortgage Oh and start the eviction process now, renters have more rights than owners! |
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Posted: 8/21/2017 3:18:42 PM EDT
[#28]
Quote HistoryQuoted:
No |
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Posted: 8/21/2017 7:13:04 PM EDT
[#29]
Quote HistoryQuoted:
Hope you switch your insurance to a landlord policy? |
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Posted: 8/21/2017 7:13:28 PM EDT
[#30]
Quote HistoryQuoted:
Multiple hot females? Chance of tenant "earning" "rent relief"? Young family |
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Posted: 8/21/2017 7:14:27 PM EDT
[#31]
Quote HistoryQuoted:
With depreciation, maintenance, repairs, insurance, mortgage and property taxes, you need a new accountant if you don't see a nice loss every year. |
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Posted: 8/21/2017 7:19:34 PM EDT
[#32]
Quote HistoryQuoted:
I pay enough taxes Quote HistoryQuoted:
Quoted:
You do realize the $1000 is income on which you pay taxes? Of course, when you go to sell, that depreciation will be then figured into income. |
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Posted: 8/21/2017 7:22:15 PM EDT
[#33]
Quote HistoryQuoted:
How did you determine rental comps used to set the rent? I looked at the house for rent in the neibourhood. Mine is smaller then most, but right up there in price. You said you didn't check their credit score. Did you:
What source did you use to model their lease on? Is the lease they signed shorter than two years? We used their old lease as a model What's your cash-on-cash return? I do not know that term Have you thought of an exit strategy for this property? Exit? when I get back in a yr if they are here great!! If not Ill move back in Care to enlighten us? |
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Posted: 8/21/2017 7:23:23 PM EDT
[#34]
Who is handling the maintenance issues while you are gone?
Do you have someone to handle the eviction for you if they decide to stop paying rent while you are overseas? Did you do any sort of background screening on them? You may have already taken care of these issues. If not, it's something to consider. 13 years as a landlord - multiple homes - zero evictions - EXTREMELY picky about who I put in them. |
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Posted: 8/21/2017 7:23:24 PM EDT
[#35]
Quote HistoryQuoted:
If you check with a CPA, you may find that you are able to claim depreciation on the house, which can turn it into a zero income situation. Of course, when you go to sell, that depreciation will be then figured into income. |
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Posted: 8/21/2017 7:25:31 PM EDT
[#36]
Quote HistoryQuoted:
Who is handling the maintenance issues while you are gone? Do you have someone to handle the eviction for you if they decide to stop paying rent while you are overseas? Did you do any sort of background screening on them? You may have already taken care of these issues. If not, it's something to consider. 13 years as a landlord - multiple homes - zero evictions - EXTREMELY picky about who I put in them. These are great people. I can count on one hand the number of people I would rent to. None are family They resoded the yard before they moved out of the old house. The wife runs a tight ship and has a cleaner house then mine too. |
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Posted: 8/21/2017 7:29:33 PM EDT
[#37]
Quote HistoryQuoted:
This is more of a cash deal, no reported income They frown on that. ETA: Just so you know, you wouldn't have to claim the entire amount that you receive in rent as income. Only the amount over your mortgage payment, plus principal, minus maintenance expenses. So, that would be $179, plus what is probably 100-200 in principal, minus any expenses. |
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Posted: 8/21/2017 7:33:46 PM EDT
[#38]
Quote HistoryQuoted:
prop tax is $3600 a yr and insure is $560. but that is included in my mortgage edit.. see you covered that. |
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Posted: 8/21/2017 7:40:16 PM EDT
[#39]
Quote HistoryQuoted:
I thought my last landlord was a great guy. We lived there 4 years,never a late payment. Even paid him in cash since thats what he preffered. Left the duplex cleaner than when we moved in. Quite a bit cleaner actually. Never a single problem from or because of us. Motherfucker just kept coming up with excuses why he couldnt come inspect the duplex to give our security deposit back. Fucking cocksucker. |
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Posted: 8/21/2017 7:45:43 PM EDT
[#40]
Landlord here. I just got a call from a tenant tbat her toilet is plugged. She tried a plunger and now drain cleaner with no luck. How should I handle this? (Serious question).
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Posted: 8/21/2017 7:49:18 PM EDT
[#41]
Quote HistoryQuoted:
Landlord here. I just got a call from a tenant tbat her toilet is plugged. She tried a plunger and now drain cleaner with no luck. How should I handle this? (Serious question). |
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Posted: 8/21/2017 7:53:21 PM EDT
[#42]
Quote HistoryQuoted:
Landlord here. I just got a call from a tenant tbat her toilet is plugged. She tried a plunger and now drain cleaner with no luck. How should I handle this? (Serious question). Are there kids in the home? If so, you may be fishing for plastic toys. Did you know that little plastic high heels for Barbie dolls and pink aquarium gravel will jam up a garbage disposal? They will. |
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Posted: 8/21/2017 7:54:46 PM EDT
[#43]
I usually go snake the toilet. Should I charge them? Should I tell them to call a plumber? I had a lady use a plugged toilet for 5 days once before calling.
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Posted: 8/21/2017 7:56:52 PM EDT
[#44]
Quoted:
Ask a guy who just received his first rent payment as a landlord anything Did the cash smell of cocaine? |
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Posted: 8/21/2017 7:57:05 PM EDT
[#45]
Quote HistoryQuoted:
I usually go snake the toilet. Should I charge them? Should I tell them to call a plumber? I had a lady use a plugged toilet for 5 days once before calling. I don't charge them unless it was extreme negligence. |
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Posted: 8/21/2017 7:57:45 PM EDT
[#46]
My advice is to select a tenant who is conservative, watched Fox News, reads Michael Savage and Mark Levin ... he will pay his rent on time every month.
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Posted: 8/21/2017 8:04:29 PM EDT
[#47]
Are you putting the deposit in a savings account? I'm not a landlord but will be in 4 or 5 years when the wife and I buy property and build a house.
My plan is to put the deposit in a savings or other sort of interest bearing bank account. 2 reasons for this: 1. If the tenant is a kickass tenant and ends up getting part of or all of the deposit back, You know where it is and it's easy to get. 2. You get to keep the interest accrued from the deposit sitting in an interest bearing account. And that's pretty sweet! Maybe there is something I am overlooking but it sounds like a pretty good idea. |
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Posted: 8/21/2017 8:04:42 PM EDT
[#48]
Quote HistoryQuoted:
I did not run there score |
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Posted: 8/21/2017 8:05:47 PM EDT
[#49]
Quote HistoryQuoted:
This is more of a cash deal, no reported income Quote HistoryQuoted:
Quoted:
If you check with a CPA, you may find that you are able to claim depreciation on the house, which can turn it into a zero income situation. Of course, when you go to sell, that depreciation will be then figured into income. |
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Posted: 8/21/2017 8:16:45 PM EDT
[#50]
Quote HistoryQuoted:
Landlord here. I just got a call from a tenant tbat her toilet is plugged. She tried a plunger and now drain cleaner with no luck. How should I handle this? (Serious question). Or what I would do is go over there and just unhook the toilet, clear everything out and determine if the clog is further down in the pipes than you can handle then call the plumber if necessary. |
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