(Topic ID: 257412)

Any landlords here? Please post tips and stories

By JohnnyPinball007

1 year ago


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Topic Stats

  • 240 posts
  • 75 Pinsiders participating
  • Latest reply 16 days ago by Hazoff
  • Topic is favorited by 43 Pinsiders

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Topic poll

“Rental property, yes, no, or thinking about it?”

  • Hell no, I do not want the hassles 29 votes
    23%
  • I love my rental properties 45 votes
    35%
  • I have been thinking about doing that 23 votes
    18%
  • I used to and called it quits 31 votes
    24%

(Multiple choice - 128 votes by 127 Pinsiders)

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There are 240 posts in this topic. You are on page 5 of 5.
#201 12 months ago

Have the one I am living in and three others. One paid off. I lived in it with a 30 year mortgage that I paid off in 12. Sold it to my brother (I am the bank) who has kept ti up and doing great on payments. One who my great niece and her boyfriend moved into and now have moved out. Sorry that relative didn't work out and trash the place somewhat. In the process of getting it back together and maybe selling? Prices are great here and most houses sell in about a week or less. The other rental is being bought by my nephew and he has had some problems (broke his foot, wife has an issue) but he is a professional painter and helping get the other rental in order by working off some of what he owes me. The property he is buying he has u[graded some and looks real nice. Wooden fence was about 20 years and starting to fall apart. He bought new panels and changed the old ones out also tore the old deck down and had a patio poured.

1 month later
#202 10 months ago

Does anyone go the "discount rent" route?

I love it. Instead of late fees offer a price for early payment that is what you want anyway.

For a house that I want 995.00 for, I take a deposit of 1250.00 and say that is what your rent is, and it is due on the 5th of the month, BUT, if you can put a check for 995.00 in my drop box by 5pm on the first day of the month, you get discounted rent.

Anyway, just this week a family I have had for years in a house sent me a text that they can not pay today, they will have to pay on the 5th, and they know that is 1250.00.

This family has been AWESOME!, for years, and I called them right back and said hey, I seen your text, you have always paid on time, and now you gave me a heads up that you have a problem, so only 995.00 will be due on the 5th.

The lady cried, and said thank you, and she said she had just retired, and her pension did not arrive as fast as she thought it would.

Sucks that apparently they have always lived paycheck to paycheck and must not of had any savings to just pay the rent, but such nice people and have been in that house forever, I could not charge them the extra fee.

Anyway, along with the payment on the 5th they sent a nice note about thanks for understanding, and also a text saying the same thing.

And very sad my best friend that was also my real estate agent passed suddenly of cancer a week ago, that he never knew he had, he had been going to the doc in the box places and had been being treated for the virus stuff, and he 100% thought that was all that was wrong with him.

If I ever want to buy another rental house I can do that with any real estate agent, BUT, to just go ahead and pay Dwayne the first month to find me a awesome tenant, and then manage myself after that is lost now.

Dwayne was awesome with background checks. He would tell potential tenants that by the the time I am done looking at your past, I will know the interior color of your Daddy's car when you were a baby.

Anyway, I have 3 awesome rental houses, with 3 awesome families in them.

Right now if anything changes I would just sell the house.

I hope someone in my area reads this and lets me know about a awesome agent they know that is awesome at background checks and judging people in general.

I did learn a lot from Dwayne, and I may be fine anyway, but with prices so high it would be tempting to sell if I have a vacancy anytime soon.

And damn I get tired of the junk mail all the time from investors wanting to buy my houses.

So funny how those letters look so cute like they are hand written.

The letters piss me off, I would never do that, but at the same time with interest being nothing, and who knows or trusts the stock markets, if you can have good houses, and good tenants, then a pretty good income.

Dwayne passed suddenly at around 58, and 2/3 of my tenants are older than that, it is just scary for me right now, to never be able to talk to him again and get his opinion if I have a question about anything.

I always thought that everyone I depended on would outlive me.

Anyway, I wish all of you the BEST!

1 week later
#203 10 months ago

Weirdest thing just happened at my rental house. I have been working on this for awhile and was away from it 4-5 days and someone just tried to steal my American flag and mount. I found it next to the house with snow on it with the mount and screws were pulled from the house. Some people?

Also by the way had it in with Lowe's. Got a good deal on free install and had the top part of the house with new pad & carpet. The installer was by himself and took 5 hours. I left as there was nothing of value in the house but scrapped the handrail, some doors and wall. The adjuster comes over today and says it was paint peel and not the installers fault. He took his nail and scrapped some paint up showing me. I don't buy it as I got my nephew on the phone and had a argument all around. My nephew has been painting over 35 years and some up to million dollar homes. He hung up because he was getting pretty mad and could not get the man to take any responsibility for the installers actions. So if they move the bottom of the carpet against your wall the problem is yours not the installers?

#204 10 months ago
Quoted from Grayman_EM:

Weirdest thing just happened at my rental house. I have been working on this for awhile and was away from it 4-5 days and someone just tried to steal my American flag and mount. I found it next to the house with snow on it with the mount and screws were pulled from the house. Some people?

Just throwing this out... but are you sure maybe a strong wind didn't just pull it off the house? If you found it next to the house, with snow on it, then why assume it was being stolen?

#205 9 months ago
Quoted from LouMatt:

Just throwing this out... but are you sure maybe a strong wind didn't just pull it off the house? If you found it next to the house, with snow on it, then why assume it was being stolen?

There were a pair of grips on the ground next to it and the holder was attached with three screws. I think it would have taken a tornado to pull it out. My painter had gotten done with a new paint job on the house and now it has a old paint place where the holder was. I am going to reattach it but will wait for a little warmer weather.

2 weeks later
#206 9 months ago

I'm a new commercial landlord (I bought a building for my business that has a space next door I'm wanting to lease out). The space is a big 1000 sq ft rectangle with a closet and a bathroom in one corner.

Prospect sounded good until I did some research. She has a tax judgment against her and an unpaid judgment for not repaying a small loan ($10,000). She makes candles, says she's been doing it out of her house. Her product is on the website of some large retailers.

On the one hand, why go with someone who hasn't paid her debts, even when they became judgments. On the other hand, there'd be no finish out to do. Her stuff would be just metal tables and whatever it takes to make candles. Locking her out if she doesn't pay wouldn't be a big deal.

Part of me would like a tenant and she'll probably pay at least a few months. Part of me cautions against it because she doesn't pay her debts.

Thoughts?

- undrdog

PS I've got my project pins in the space now. The building mortgage is within our budget whether we get a tenant or not. We could use the space for storage, but that won't help us pay off the building any sooner.

#207 9 months ago

IMHO given your situation, run, don’t walk. Raise your criteria, lower your rates. Fewer headaches.

#208 9 months ago

Deadbeat tenants are no good...avoid her.

#209 9 months ago

You’ll deal with many, many headaches as a landlord.

None bigger than a bad tenant.

Absolutely no reason to actively try to rent to a deadbeat. Start fresh with a tenant that you can vest properly yourself.

Good luck. Being a landlord can be incredibly rewarding, but treat it like a business if you want to get the most out of it.

#210 9 months ago

Past performance is the best predictor of future behavior - run the other way from this potential client.

#211 9 months ago

With the current lockdowns there is a glut of Commercial property coming available. This sounds like a low-impact cash tenant despite her history. My question is would you have to move your machines,do you have the room?
I would give it a chance.

#212 9 months ago
Quoted from phil-lee:

This sounds like a low-impact cash tenant despite her history. My question is would you have to move your machines,do you have the room?
I would give it a chance.

My first instinct is to run from her. Then a friend who is a landlord pointed out she could be easily gotten rid of, and I could get first & last month rent (and security deposit), so that got me thinking maybe it would be worth the risk. But I agree that life is too short to voluntarily get involved with an almost certain pain in the ass.

Now to the important considerations-- PINBALL ! I have three of the same machine back there, bought as a set for almost free from someone who wanted them gone from his warehouse. Two are providing parts for the one I'm fixing up. Then the two can be gone and I have room for the good one in my space.

The game is not a very desirable one- a Wms bingo "Hi-Hand" that is so basic it doesn't even award credits. It is a good starter project for a novice like me. The balls press down on switches that light corresponding lights on the back glass. A lock relay, a tilt relay, a motor to move the shutter, a coin mech and that's it! No flippers, no slingshots, no pop bumpers. No bells, chimes, or step units! But it'll be pretty next to Heat Wave and Mystic until I decide what to do with it. Its neat having a game with some history to it- 1957.

#213 9 months ago
Quoted from undrdog:

My first instinct is to run from her. Then a friend who is a landlord pointed out she could be easily gotten rid of, and I could get first & last month rent (and security deposit), so that got me thinking maybe it would be worth the risk.

It is much cheaper and easier to leave it vacant and wait for the right tenant than take a proven problem. Don't take her.

Your reason for considering her is pure laziness and the thought of having her money without the hassle of looking any further. This is the number one reason new landlords get crappy tenants. Trust me, it is not worth it.

#214 9 months ago

Not laziness, inexperience. I’d talked to a landlord friend who had given me another point of view to consider. So, I volleyed it over to here for comments.

#215 9 months ago
Quoted from undrdog:

Not laziness, inexperience. I’d talked to a landlord friend who had given me another point of view to consider. So, I volleyed it over to here for comments.

I gotcha. Didn't mean to personalize it, but it's the allure of a quick deal despite clear indicators to not take her. You were smart to run her credit - many inexperienced owners wouldn't bother because they seem so nice.

The fact that it went to legal proceedings in the past should not be taken lightly. It shows this lady chose to fight her previous landlord which ended up in court. You're lucky to find out in advance. Often, crappy tenants don't get reported

Brushing her past behavior as no biggie because as your friend says she "could be easily gotten rid of" is a poor justification to take her.

In my opinion, you did an excellent job checking her credit. But it's a mistake to ignore the information.

#216 9 months ago

In case folks don’t know...

It is not hard to check whether someone has a judgment against them. It is public information, so you don’t need consent to check, and it’s free. No need to pay a service.

Judgments are filed in the same index with the deed records. It is online these days, unless you are in a real small county. Look for the county's real property records. Or, call the county clerk and ask them where their link to it is. Bookmark it when you find it

Added 9 months ago:

Should have mentioned... also check for a Release of Judgment. They might have paid it.

2 weeks later
#217 8 months ago

Question I can’t find an answer to online. Does anyone know this from experience.

Most resources I can find online say that FHA doesn’t apply for single family homes if you don’t use a broker and don’t own more than three. My question is does that three include your own private residence? Or is it three investment properties?

Background: currently own one single family rental home. I am decently familiar with laws because that house is metro approved for section 8. I obviously don’t plan to discriminate, but when I read that it just made me wonder about if my own home would be included in that three count.

Thanks, Kevin

#218 8 months ago
Quoted from ktuhde:

Question I can’t find an answer to online. Does anyone know this from experience.

If my best friend, and realtor, that sold me my houses were still alive I am sure that I could help you, with advice from him.

Dwayne was a awesome friend, and he found me some awesome tenants.

Here is something that I never thought about. We think about all the bad things, and I have had plenty of bad things in the past with help that sucked.

(luckily the last few years Dwayne helped me to get awesome tenants).

This just caught me off guard:

(rent check 2 days early, they always pay on time, but this was 2 days early with a note):

Hey Johnny,

I want you to know that my husband died 2 weeks ago. (not quoting anything else, just sad).

2/3 of my tenants are older than me, and I was always a little worried about a passing.

I wish in this case they had of sent me a note that I could call a handyman for.

I am feeling their pain.

They have been awesome tenants forever, and Dwayne found them for me, and he is not here now either for his awesome advice.

Anyway, I wish all of you the best!

1 month later
#219 7 months ago

Update on my office space... apparently people think my space would be good for a church. Probably because it is a large, open room. Also, more than one has wanted to open a hair salon.

No matter that our posts and our sign say Office Space.

Just had a prospect that looked promising, an insurance agent. Just what we wanted. Too bad she has an unpaid judgment and fibbed about it when I asked her. But, she was at a disadvantage-- I know the attorney on the other side of her judgment and got the scoop from him.

Which all leads to my question... this lady said she's on a month to month at her current address. Besides the fact that month to month sounds really bad for an insurance agency...

Looking at the Texas Property Code, it doesn't seem to be any easier to evict a month to month commercial tenant than one with a longer lease. So, what are the pros & cons of doing month to month in a commercial context?

#220 7 months ago
Quoted from undrdog:

Update on my office space... apparently people think my space would be good for a church. Probably because it is a large, open room. Also, more than one has wanted to open a hair salon.
No matter that our posts and our sign say Office Space.
Just had a prospect that looked promising, an insurance agent. Just what we wanted. Too bad she has an unpaid judgment and fibbed about it when I asked her. But, she was at a disadvantage-- I know the attorney on the other side of her judgment and got the scoop from him.
Which all leads to my question... this lady said she's on a month to month at her current address. Besides the fact that month to month sounds really bad for an insurance agency...
Looking at the Texas Property Code, it doesn't seem to be any easier to evict a month to month commercial tenant than one with a longer lease. So, what are the pros & cons of doing month to month in a commercial context?

A friend of mine rented a commercial space to the Church of Satan on Long Island for well over a decade. Great tenants who always paid on time!

#221 7 months ago

We're hoping for a tenant that won’t bring lot of foot traffic. Staying away from retail & large groups, at least until we've tried to find an office tenant for a bit longer.

#222 7 months ago
Quoted from CrazyLevi:

A friend of mine rented a commercial space to the Church of Satan on Long Island for well over a decade. Great tenants who always paid on time!

STFU Donnie (resized).jpg
#223 7 months ago

Having an unpaid judgement against her and lying about it is all I would need to know before passing on her.

Again, landlording can be tough when you do everything right. Screening tenants thoroughly, and then walking away from headaches before they become your own, is landlording 101.

I am unfamiliar with commercial real estate laws in Texas, but red flags are red flags.

3 months later
#224 3 months ago

I recently decided that I was done being a long distance landlord. I had tenants with a month to month carryover lease who had always been low maintenance and paid their rent on time. They were in the house roughly five years. The place looked pretty good considering the length of their occupancy but later while painting, etc to get the place ready to sell, I discovered that they’d broken the hot water control on the claw foot tub. Further evaluation revealed that they had also replaced the shutoff valve at the floor with a quarter turn valve to use as a makeshift water control. They told me that the hot water at the tub leaked a little and needed a new washer. In fact, the valve is broken full open. Disassembling the valve revealed that they tried fixing it with the wrong internal washer and apparently stripped out the brass threads using excessive force to get it to work. At a minimum, I’m planning on deducting the material cost for the replacement tub faucet (approx $280) but not sure about my labor time.

They also had a non-functional car parked in the driveway under a car cover the whole time they lived there. Their lease specifically prohibited storing or working on non-functional vehicles. I asked them repeatedly over the years to get rid of it. They never did - always some new excuse. Because they were otherwise good tenants, I didn’t push it. The car was still there two weeks after they had moved out. I finally texted them saying that the car was in the way of workers at the house (true - parking is extremely limited) and that I did not consider them to be fully moved out since their car was still on the property. I gave them 48 hours to move it or have the sheriff come tow it away. It was gone the next morning.

So here are my questions:

1) What, if anything, would be a reasonable charge for leaving the junk car in the driveway for two weeks?

2) Would you charge labor in addition to materials for the plumbing fixture damage they tried to hide from me?

#225 3 months ago
Quoted from pinheadpierre:

So here are my questions:

If they were otherwise good tenants for 5 years I would let it go myself. (I am easy going).

#226 3 months ago
Quoted from JohnnyPinball007:

If they were otherwise good tenants for 5 years I would let it go myself. (I am easy going).

Another reason to let it go is that during the time they lived there it sounds like the tenant was trying not to bother the landlord with small repair items that would have added up in time spent and repair costs. It is easier for the landlord to just get the place fixed up all at once after they have moved out as long as what the tenant did to keep things working did not result in something major like leaks causing mold in the walls.

#227 3 months ago

From about 1997 to 2006 my wife and I had a condo we were renting to a person on section 8 subsidies. The place was getting dingy over the years from lack of cosmetic maintenance such as interior painting, but the tenant did not generally ask for much in terms of repairs other than a few clear problems like the heating element going out in the water heater. The last year or so that she lived there she had a hard time paying her portion so she fell behind by about $1000 over about 9 months. We decided not to pressure her too much because we were getting 80 or 90% of the monthly rent from the county section 8 program and she had been mostly a low trouble tenant. In the end we asked her to move out because my wife's son needed a place to live and we also felt the place really needed to be freshened up. We waved the money she still owed on the condition that she moved out on time designated in our eviction notice. The eviction was amicable.

#228 3 months ago

I'd let the car issue go as it didn't cost you anything and I'm not sure it would hold up if they challenged you anyway, unless there are provisions for this in the lease ($10 per day, etc.).

Charging materials/labor on the faucet sounds reasonable if it follows the terms of the lease.

#229 3 months ago
Quoted from DCFAN:

Another reason to let it go is that during the time they lived there it sounds like the tenant was trying not to bother the landlord with small repair items that would have added up in time spent and repair costs. It is easier for the landlord to just get the place fixed up all at once after they have moved out as long as what the tenant did to keep things working did not result in something major like leaks causing mold in the walls.

AWESOME POST!

A while back I had some really good long term tenants, they were probably there 7-8 years, and only moved because they had to because work was making them move out of state.

One time their hot water heater went out, and the tenant said he knew how to change it, if I would pay for the hot water heater.

I said cool, when you mail your next rent payment, just enclose the receipt for the materials, and deduct the balance from your rent check.

That saved me around $300.00 from what plumbers around here want for labor for that.

So anyway, when they moved, they did paint a kids bedroom in a hard to paint over color and they were not supposed to do that, and they left some stuff in the basement that I had to haul off, but I gave them their full deposit back, because overall I really liked them.

Except for the one bedroom paint issue, and the junk left, they were awesome, even the oven was spotless when they moved out.

#230 3 months ago

The housing market here and property taxes have went up a whole lot here in recent years.

But if I have a good tenant, I will eat the increased property taxes, and never go up on their rent, I want to keep them.

A good tenant is like free money, like in the old days when interest on savings was paying 10%.

And yes I used to make 10% interest on savings, and then it dropped to 8% and stayed there for a while, but when it went down to 4%, I said screw it and drained savings and bought 3 rental houses.

I paid too much for the first one, but it was the best deal I could find at the time, and it was totally newly remodeled and very nice.

The other 2 were bank owned, and I got a whole lot better deal on better houses.

#231 3 months ago

And while I am thinking about it, I have 4 houses, 3 rentals, and my house.

Every week I average 15 pieces of junk mail from other investors or whatever wanting to buy my houses.

Do you guys get all that junk mail also?

My girlfriend did have a house she needed to get rid of, it needed a whole lot of work, a old emotional thing and the fact she had not lived there in a long time and did not need the house was all kind of weird.

Anyway, point is she called back on one of those letters about we want to buy your house.

That was a total waste of time, the person sending out the letters did not have a clue what they were doing.

My best friend, (that passed away last November) was a real estate broker, and he was able to get rid of the place for her.

Anyway, it is so funny all these letters in the mail all the time about we want to buy your house, and when my girlfriend called one of those people they had no clue at all what they were doing.

I miss my real estate broker best friend big time. He gave me awesome advice, and found me awesome tenants.

I dread the day that a tenant moves out and I have to deal with everything and not be able to get his advice and help.

#232 3 months ago

lol yes, tons of those mailers

#233 3 months ago

I have been wanting to have a rental property for some time now. The current plan is to rent out our current house when we decide to upgrade eventually. Our house is a 3br 3ba about 10 minutes north of downtown, directly attached to the nicest neighborhood in our part of town but not actually in it so no HOA to deal with, garage, metal roof, non-flood plane, and generally low maintenance with pretty good neighbors. Does this sound like a good starting point? Seems to make sense to me.

But I'm curious how everyone else got their start. Did y'all start renting your existing houses or purchase with the intent to rent?

#234 3 months ago
Quoted from Pahuffman:

Did y'all start renting your existing houses or purchase with the intent to rent?

I purchased with intent to rent.

Whether you are going to do everything yourself, or hire someone, I recommend going to money99.com and ordering the Landlord Survival Guide.

You also get a awesome lease that you can tweak more to easily customize, and about any other form you may ever need, all in easy files to download to your computer.

2/3 of my tenants are awesome! The other one is pretty good also.

I gave the 2 the phone numbers of repair people I use, so they can call the AC guy or plumber as needed if they can not immediately reach me. That has been working out really good.

#235 3 months ago

Thanks to everyone to responded to my questions. I decided to work out a trade wherein I would take care of the plumbing issue and ignore the car issue in exchange for not reimbursing them for the propane they left in the tank. Eyeballing the tank gauge, that makes for a roughly even swap. They readily agreed.

2 months later
#236 24 days ago

Yes I get those flyers all the time and also the texts and phone calls. I even tell them I am not interested and they still call!

A great market here now and sold one of my houses to my nephew and his family. Looking to unload another and settle down from the rental business.

#237 23 days ago

I'm refinancing 4 of my multi families and cashing out a bit on one. Rates are crazy low and equity super high, I can pull equity and my monthly expenses will still drop.

Will be watching the market a bit. Trying to slow down and not buy right away, but if the market dips and the cash flow is right, I may grab another multi in the next 6-8 months.

Fully rented with 9/1 leases in place for all of my apartments. Boston (in A list communities) is a still a very strong rental market. Hoping others here are having similar success.

#238 23 days ago

I'm actually trying to get started now. Closing on my first duplex tomorrow. I'm very excited. I've also read this entire thread in real time. I'm very interested in seeing what I can modestly accomplish in real estate. Grayman, feel free to throw some knowledge & experience my way since we're both in Indiana I've enjoyed this entire thread everybody.

1 week later
#239 16 days ago
Quoted from undrdog:

I'm a new commercial landlord (I bought a building for my business that has a space next door I'm wanting to lease out). The space is a big 1000 sq ft rectangle with a closet and a bathroom in one corner.

We never did find a tenant. We did not break it up into smaller offices because we thought a tenant would have their own requirements. But in hindsight, that was a mistake because the only lookers we got were folks who wanted a large space. We wanted a professional office kind of tenant.

Anyway, a few months ago my wife pointed out that we were doing fine without the income a tenant would bring and we could use the space as a break room for our employees. (The space is a separate building from ours, but they are connected by a hallway.)

So, the good news is that I now have a break room for my pinballs! There's three in my office which is out of space, and three in the break room with room for lots more. She wants a skeeball, so I’m working on that.

#240 16 days ago

Buy commercial. All the advice u need. Stay away from residential and theres really nothing to do but deposit cheques.

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