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Topic Starter Topic: Any landlords out there?

Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 02-01-2020 10:47 PM           Profile   Send private message  E-mail  Edit post Reply with quote


I bought a little cottage last October and I've been fixing it up for the last few months. I'm finally at the point where I can start showing the place to prospective tenants, and I'm hoping to have someone in by March if I'm lucky. It's been quite a trip, this last half-year, with a lot of new experiences. My first mortgage, my first time doing any major utility work of any sort, I've had to learn about local landlord/tenant laws, and just this weekend I finalized a lease form after consulting with a lawyer. Tomorrow I'll be meeting with a locksmith, and next Thursday an electrician is going to fix a wiring issue I'm not competent enough to do on my own, but after that the house should be good to go. Phase 1 of my Slumlord Empire nears completion.... >:D

In all seriousness, though, I think I can pull this landlord side gig thing off. I've met with enough landlords through work to have figured a few things out by now. I know the major pitfalls and traps to avoid. For every person I meet with a nightmare tenant story, I meet 10 who have great tenants and see the rent as nearly effortless extra income. I want in on that shit. :tard:

So, any Q3W landlords out there?

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Just another Earthling
Just another Earthling
Joined: 20 Jul 2001
Posts: 11853
PostPosted: 02-01-2020 11:26 PM           Profile Send private message  E-mail  Edit post Reply with quote


Yes, and for many years over 3 different periods and locations but all in high-rise residential apartment complexes. All had onsite management so there was less risk of calamity but still, my advice since you ask, get what we call 'land lord protection insurance'. It is worth every penny in my experience and I'll quote two. This insurance and all associated costs in setting up and maintaining a 'rental property' is tax deductible here, is it for you?

First was a sub penthouse in the city. Building under construction so it was purchased 'off the plan'. The selling point was a rental guarantee and a guaranteed ROI, some 15% PA all backed by the complex being managed by an international hotel chain. Sounded too good to be true :smirk:

Problem was, builder went bankrupt in the days around/after settlement/contract signing but we'd bought off the plan so no recourse. The hotelier withdrew within 6 months and we (residents committee) were left trying to find another hotel group to take the building onboard... That didn't happen..

I remember attending one of those owner meetings and getting up before the crowd saying I had insurance against 'loss of income' through my insurance policy. Seems we were the only apartment owner who thought to get 'land lord protection insurance' that actually paid something like 80% of the expected rental return, others lost heavily. Eventually we had a real estate company lease the unit for something like 2 or 3 years but we still kept that insurance policy.

Second, 'land lord protection insurance' helped out when a tap blew in a wall cavity and flooded the 3rd unit. Tenants say the water was ankle deep when they got up. Imagine water that deep in an apartment and where it ends up... The 'land lord protection insurance' paid out for all water removal and restoration, even a builder for skirting board/plaster repairs/re fixing.

Years later and you might recall my mention of that tile explosion calamity we suffered, well we are still fighting the insurance company for the $22K we are out of pocket. Cross you fingers for us. We are advised that policy should still pay out even though the company decline, we fight on!

Instances like this is why anyone should have insurance. My advice again, cover your investment and yourself against the unexpected. Be sure to have adequate and the correct insurance.



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Kempston Joy
Kempston Joy
Joined: 11 Aug 2000
Posts: 48278
PostPosted: 02-02-2020 08:16 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Me, I’m a landlord but I pay some other fucker to manage that shit.




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Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 02-02-2020 09:54 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Whiskey, insurance was the first thing I thought about. I definitely got property and liability coverage, I even had to get flood insurance because of how close to a river the house is.

I live too close to the property to justify paying a management company to do everything for me, and my profit margin is too slim. Maybe a few years down the line when I pick up a 2nd property, but now I'm getting ahead of myself. :)




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Welfare Recipient
Welfare Recipient
Joined: 02 Mar 2007
Posts: 20582
PostPosted: 02-02-2020 11:52 AM           Profile Send private message  E-mail  Edit post Reply with quote


I'm a landlord... Ur over thinking it... Calm down bro...




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Digital Nausea
Digital Nausea
Joined: 10 Feb 2001
Posts: 24087
PostPosted: 02-02-2020 02:44 PM           Profile   Send private message  E-mail  Edit post Reply with quote


^^^slumlord




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Welfare Recipient
Welfare Recipient
Joined: 02 Mar 2007
Posts: 20582
PostPosted: 02-02-2020 02:51 PM           Profile Send private message  E-mail  Edit post Reply with quote


^^^madlord...




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Digital Nausea
Digital Nausea
Joined: 10 Feb 2001
Posts: 24087
PostPosted: 02-02-2020 05:06 PM           Profile   Send private message  E-mail  Edit post Reply with quote


^^^madlad




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Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 02-07-2020 02:34 PM           Profile   Send private message  E-mail  Edit post Reply with quote


I only put the ad on craigslist a few days ago, and already my whole weekend is booked with viewings. It's definitely a landlord's market around here. Either that, or I priced it way lower than I should have. :paranoid:




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Cool #9
Cool #9
Joined: 01 Dec 2000
Posts: 43070
PostPosted: 02-07-2020 10:25 PM           Profile   Send private message  E-mail  Edit post Reply with quote


When people see a house offered by Transient, they just can't resist that sexy motherfucker.




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Aneurysm
Aneurysm
Joined: 10 Dec 1999
Posts: 12172
PostPosted: 02-08-2020 11:35 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I hated being a landlord. Hire a management company and get Home Service Plus for the appliances or whatever you have in your area. Also never ever give them your direct number.

Good Luck.




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Digital Nausea
Digital Nausea
Joined: 10 Feb 2001
Posts: 24087
PostPosted: 02-08-2020 04:32 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Yeah, I think a management company will do it for around 10% of the rent. Just up the rent by 10% to cover that cost. It’ll be worth it...




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Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 02-09-2020 08:54 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I coordinate with a lot of management companies for work, I may consider using one in the future if doing it myself becomes too much of a hassle. I have a service plan for my own appliances, so maybe I'll just add on a few more. These little costs here and there are really starting to add up, though. :smirk:




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Bück Dich
Bück Dich
Joined: 21 Oct 2003
Posts: 6180
PostPosted: 02-20-2020 02:45 AM           Profile Send private message  E-mail  Edit post Reply with quote


Transient wrote:
I only put the ad on craigslist a few days ago, and already my whole weekend is booked with viewings. It's definitely a landlord's market around here. Either that, or I priced it way lower than I should have. :paranoid:


I think slightly under pricing it and giving yourself a pool of prospective tenants from which to choose someone who'll look after it properly is probably a far better strategy.



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Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 02-20-2020 06:40 PM           Profile   Send private message  E-mail  Edit post Reply with quote


That ended up being the case, I found a tenant with good references and they'll likely be signing a lease by the end of the month. On another note, I got a letter in the mail from the town about a grant program where they'll match up to a certain amount toward renovations for rental houses. Apparently the rental stock in town is in below average condition, and the town wants to increase the rental values and bring in more people from outside town. I think I may apply. :paranoid:




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Etile
Etile
Joined: 19 Nov 2003
Posts: 34247
PostPosted: 02-21-2020 05:41 AM           Profile Send private message  E-mail  Edit post Reply with quote


^ socialism for the rich in the service of rentier capitalism

sounds great :rolleyes:




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Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 02-28-2020 03:17 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Lease signed, keys handed over, security/1st month check deposited. I'm a landlord now. :up:

I've seen the old Victorian style buildings some people rent out in town, many are shitholes compared to my place. If the town can incentivise some of these landlords to actually renovate crumbling plaster walls and ancient plumbing, that's good for everybody. Better-maintained buildings create a better (safer) living environment for tenants and attract more people to live in town and boost the local economy. Rent will go up, which leads to more tax revenue for the town, which in turn leads to potholes getting filled and parks being better maintained. That grant, by the way, was also to encourage landlords to bring places into HUD compliance, so they were looking for projects like building ramps instead of steps at entryways, or installing light switches closer to the ground so people in wheelchairs can reach them.




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Cool #9
Cool #9
Joined: 01 Dec 2000
Posts: 43070
PostPosted: 03-02-2020 12:00 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Transient wrote:
If the town can incentivise some of these landlords to actually renovate crumbling plaster walls and ancient plumbing, that's good for everybody. Better-maintained buildings create a better (safer) living environment for tenants and attract more people to live in town and boost the local economy. Rent will go up, which leads to more tax revenue for the town, which in turn leads to potholes getting filled and parks being better maintained.


This guy Sim-City's




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Finno-Persian Legend
Finno-Persian Legend
Joined: 04 Jan 2006
Posts: 16058
PostPosted: 03-02-2020 07:53 AM           Profile Send private message  E-mail  Edit post Reply with quote


Transient wrote:
Better-maintained buildings create a better (safer) living environment for tenants and attract more people to live in town and boost the local economy. Rent will go up, which leads to more tax revenue for the town, which in turn leads to potholes getting filled and parks being better maintained.


This is true, but not in corrupt shithole countries where most towns' income gets distributed to officials and their wealthy friends and barely anything trickles down to pay for services and maintenance.




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Messatsu Ko Jy-ouu
Messatsu Ko Jy-ouu
Joined: 24 Nov 2000
Posts: 43872
PostPosted: 03-14-2020 05:40 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Eraser wrote:
Transient wrote:
If the town can incentivise some of these landlords to actually renovate crumbling plaster walls and ancient plumbing, that's good for everybody. Better-maintained buildings create a better (safer) living environment for tenants and attract more people to live in town and boost the local economy. Rent will go up, which leads to more tax revenue for the town, which in turn leads to potholes getting filled and parks being better maintained.


This guy Sim-City's

Its all about Skylines now




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Arrr?
Arrr?
Joined: 09 Feb 2001
Posts: 34760
PostPosted: 03-15-2020 09:36 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I'll be honest, I thought of those games a few times while looking at the property from Google Maps. :smirk:




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