(Topic ID: 257412)

Any landlords here? Please post tips and stories

By JohnnyPinball007

4 years ago


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Topic poll

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

  • Hell no, I do not want the hassles 35 votes
    25%
  • I love my rental properties 48 votes
    34%
  • I have been thinking about doing that 28 votes
    20%
  • I used to and called it quits 31 votes
    22%

(Multiple choice - 142 votes by 141 Pinsiders)

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#108 4 years ago
Quoted from jasonp:

I he made sure he received a 10% kickback from anyone he let work on his places.

Correction:

He made sure he received 10% from anyone who worked on the OWNER'S places.

I'd fire that guy immediately. He's dishonest and likely stealing money in other ways.

It's not uncommon for out of state apt managers to report having vacant units while collecting rent from people living in them.

1 year later
#213 3 years 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.

#215 3 years 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.

9 months later
#247 2 years ago
Quoted from jwilson:Can anyone recommend a good reliable brand of appliances that would be good for rental units? Cost isn’t a factor, I want them to never break.

Even expensive appliances will all eventually break down. Tenants won't always take care of things as if they owned them either.

It's not a great idea to buy top end. My Sub Zero refrigerator lasted almost 20 years, but I still wouldn't put one in a rental. Unless you're renting a luxury unit, it's an unnecessary expense.

Better to spend less and get an extended warranty if it's a concern.

You could actually spend less and get new ones years later, and the place will show better years later too.

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