Ask a guy who just received his first rent payment as a landlord anything

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Posted: 8/21/2017 8:11:37 AM EST

Ask a guy who just received his first rent payment as a landlord anything

Posted: 8/21/2017 8:12:58 AM EST

[#1]

section 8?

Posted: 8/21/2017 8:13:38 AM EST

[#2]

Quote History

Quoted:
section 8?

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Were you allowed to run your tenant's credit score and if so what was it?

Posted: 8/21/2017 8:13:45 AM EST

[#3]

Single hot female?

Posted: 8/21/2017 8:15:10 AM EST

[#4]

Quote History

Quoted:
section 8?

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No

Posted: 8/21/2017 8:15:45 AM EST

[#5]

Quote History

Quoted:

Were you allowed to run your tenant's credit score and if so what was it?

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I did not run there score

Posted: 8/21/2017 8:16:13 AM EST

[#6]

Wait until you have to replace your first A/C unit on said rental and then we'll talk.

Posted: 8/21/2017 8:16:38 AM EST

[#7]

Did the check bounce yet?

Posted: 8/21/2017 8:16:41 AM EST

[#8]

Quote History

Quoted:
Single hot female?

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No

Posted: 8/21/2017 8:16:55 AM EST

[#9]

How much money down did you require?

Posted: 8/21/2017 8:17:23 AM EST

[#10]

They probably stripped all the copper from your place.that rent check was your cut

Posted: 8/21/2017 8:17:37 AM EST

[#11]

Quote History

Quoted:
Wait until you have to replace your first A/C unit on said rental and then we'll talk.

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I bought the house new 3 yrs ago.

i hope I have a few years before that happens

Posted: 8/21/2017 8:18:04 AM EST

[#12]

Quote History

Quoted:
Did the check bounce yet?

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It was a USAA account transfer

Posted: 8/21/2017 8:18:16 AM EST

[#13]

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.

Posted: 8/21/2017 8:18:38 AM EST

[#14]

Why haven't you fixed the toilet?

Or the window

Or the heater

Or the front door

Or the leaky faucet

Posted: 8/21/2017 8:18:42 AM EST

[#15]

Quote History

Quoted:
How much money down did you require?

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I thousand and first month

Posted: 8/21/2017 8:19:05 AM EST

[#16]

Quote History

Quoted:
They probably stripped all the copper from your place.that rent check was your cut

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LOL they don't use coppery and new homes in Texas

Posted: 8/21/2017 8:19:43 AM EST

[#17]

How much profit do you plan to net each month?

Posted: 8/21/2017 8:20:10 AM EST

[#18]

Quote History

Quoted:
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.

View Quote

The house is three years old and had contractor grade carpet. They have a dog a three-year-old boy and she is pregnant.

after they move out and I get back from my deployment I am going to have the carpet ripped out and tiled

so no

Posted: 8/21/2017 8:20:26 AM EST

[#19]

Quote History

Quoted:
Why haven't you fixed the toilet?

Or the window

Or the heater

Or the front door

Or the leaky faucet

View Quote

Because everything works

Posted: 8/21/2017 8:21:07 AM EST

[#20]

Quote History

Quoted:
LOL they don't use coppery and new homes in Texas

View Quote

I don't think anyone uses coppery

Posted: 8/21/2017 8:21:50 AM EST

[#21]

Quote History

Quoted:
How much profit do you plan to net each month?

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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?

Posted: 8/21/2017 8:22:01 AM EST

[#22]

How late was it?

Posted: 8/21/2017 8:22:34 AM EST

[#23]

Quote History

Quoted:
How late was it?

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On time

Posted: 8/21/2017 8:23:04 AM EST

[#24]

do you have a gloryhole on the otherside of the wall?

ETA: good luck being a landlord, it's not fun as i use to own 5 units and even hired a management company - it was side money was all. my rent ranged from $1000-2000 a month, so it wasn't all white trash, i sold them all off a few years ago - much better.

Posted: 8/21/2017 8:24:22 AM EST

[#25]

Quote History

Quoted:
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.

View Quote

I've never gotten a securty deposit back despite talking care of the houses I rented

I once did a "rent to own" and when the owner sold the house and kicked us out I was told the $5000 concrete floor in the barn was lowering the house value

Posted: 8/21/2017 8:24:42 AM EST

[#26]

Quote History

Quoted:
do you have a gloryhole on the otherside of the wall?

ETA: good luck being a landlord, it's not fun as i use to own 5 units and even hired a management company - it was side money was all. my rent ranged from $1000-2000 a month, so it wasn't all white trash, i sold them all off a few years ago - much better.

View Quote

Did you figure out how much money you cleared verse time invested over the course of the ownership of the properties

Posted: 8/21/2017 8:25:32 AM EST

[#27]

Quote History

Quoted:

I've never gotten a securty deposit back despite talking care of the houses I rented

I once did a "rent to own" and when the owner sold the house and kicked us out I was told the $5000 concrete floor in the barn was lowering the house value

View Quote

You got fucked bro

Posted: 8/21/2017 8:25:37 AM EST

[#28]

How many months have they been living in there?

Posted: 8/21/2017 8:27:10 AM EST

[#29]

Quote History

Quoted:
I bought the house new 3 yrs ago.

i hope I have a few years before that happens

View Quote

I hope so. FWIW, I budget about 15% of rent for maintenance costs. Over the long term that seems accurate.

Posted: 8/21/2017 8:27:37 AM EST

[#30]

Quote History

Quoted:
How many months have they been living in there?

View Quote

0

Posted: 8/21/2017 8:28:10 AM EST

[#31]

Quote History

Quoted:

I hope so. FWIW, I budget about 15% of rent for maintenance costs. Over the long term that seems accurate.

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That's the kind of knowledge I am trying to acquire here

Posted: 8/21/2017 8:29:52 AM EST

[#32]

O wish you luck.
I'm on my 4th A.C. call today already .
At a large rental community.
2 of those 4 are legit.
The other 2 are " I feel hot..my house in massojerseystonshire always keep it 65 indawrs in saummer time...".

Well...welcome to florida..its 83 and 90% at 8 am...enjoy the bugs.

Ohhh....

There's black mold because the kid has asthma....

Get ready for it. Lol

Posted: 8/21/2017 8:30:57 AM EST

[#33]

Are you rdy to clean out the fleas and urine once they leave?

Posted: 8/21/2017 8:31:09 AM EST

[#34]

Are they allowed to drive your car while you're overseas?

Posted: 8/21/2017 8:32:05 AM EST

[#35]

Quote History

Quoted:
O wish you luck.
I'm on my 4th A.C. call today already .
At a large rental community.
2 of those 4 are legit.
The other 2 are " I feel hot..my house in massojerseystonshire always keep it 65 indawrs in saummer time...".

Well...welcome to florida..its 83 and 90% at 8 am...enjoy the bugs.

Ohhh....

There's black mold because the kid has asthma....

Get ready for it. Lol

View Quote

If I do on multiple properties I hope to have Grace while dealing with multiple issues at the same time

Posted: 8/21/2017 8:32:39 AM EST

[#36]

Quote History

Quoted:
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.

View Quote

That's standard practice. From my experience anyway.

Posted: 8/21/2017 8:32:59 AM EST

[#37]

If you are in Europe, who is going to service the house if an issue comes up?

A/C goes out, Dishwasher breaks, electrical, ...?

Do You have a Home Warranty for coverage?

Posted: 8/21/2017 8:33:09 AM EST

[#38]

Quote History

Quoted:
Are you rdy to clean out the fleas and urine once they leave?

View Quote

I left fleas and piss in there so, yeah

Posted: 8/21/2017 8:33:27 AM EST

[#39]

Quote History

Quoted:
Are they allowed to drive your car while you're overseas?

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Only if I'm allowed to fuck the wife

Posted: 8/21/2017 8:34:09 AM EST

[#40]

Quote History

Quoted:
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?

View Quote

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%

Posted: 8/21/2017 8:34:24 AM EST

[#41]

Post here when you file your first eviction.

12 years a landlord; three evictions.

Posted: 8/21/2017 8:34:43 AM EST

[#42]

In before the obstructed sewage pipe

Posted: 8/21/2017 8:35:47 AM EST

[#43]

Have they renovated your house for you yet?

Posted: 8/21/2017 8:36:44 AM EST

[#44]

Quote History

Quoted:
Because everything works

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The last hopes of a new landlord.....

Dont worry it gets worse. When you have to change the AC and its because of a 1inch layer of cat hair on the filter...

Posted: 8/21/2017 8:36:56 AM EST

[#45]

Quote History

Quoted:

My mortgage is 821 and I am charging them 1000 so I am clearing 179 a month

View Quote

You do realize the $1000 is income on which you pay taxes?

Posted: 8/21/2017 8:42:11 AM EST

[#46]

Why are you so excited?

They ALWAYS pay the first check.

Posted: 8/21/2017 8:50:39 AM EST

[#47]

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.

Posted: 8/21/2017 10:21:27 AM EST

[#48]

Quote History

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%

View Quote

prop tax is $3600 a yr and insure is $560.

but that is included in my mortgage