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Started By
Message
School me on becoming a landlord
Posted on 6/17/26 at 3:50 pm
Posted on 6/17/26 at 3:50 pm
Just leased a condo I own. Cash flow is 15% over mortgage, insurances, taxes etc. I understand the financial part of this, more on day to day operations or things you wished you would have known when you started out with rental properties.
You never know, but I was selective with my tenant and feel pretty good there.
You never know, but I was selective with my tenant and feel pretty good there.
18
Posted on 6/17/26 at 3:53 pm to CPA Yung Boi
Understand that they will not treat your property as if it was theirs
Posted on 6/17/26 at 4:46 pm to CPA Yung Boi
If you give them an inch they will take a mile.
Really depends on the economic class that will be renting. The lower the rent the lower rent problems you have. Expect pets to be a problem when they leave. And charge enough of a deposit that it hurts if they leave the place unsanitary.
Really depends on the economic class that will be renting. The lower the rent the lower rent problems you have. Expect pets to be a problem when they leave. And charge enough of a deposit that it hurts if they leave the place unsanitary.
Posted on 6/17/26 at 4:50 pm to CPA Yung Boi
quote:
You never know, but I was selective with my tenant and feel pretty good there.
This is a good start. BE SELECTIVE
Posted on 6/17/26 at 6:05 pm to CPA Yung Boi
quote:
things you wished you would have known when you started out with rental properties.
The air conditioner is gonna go out.
They’re gonna flush stuff down the toilet that they shouldn’t.
The 15% you think you’re gonna make can turn into 2% pretty quickly.
This post was edited on 6/17/26 at 6:08 pm
Posted on 6/17/26 at 6:20 pm to Tyga Woods
Condos aren’t traditionally friendly to rental conversions. Worst case is the tenant gets sideways with the HOA and he can’t legally get him out, while at the same time the HOA relentlessly hits him with violation assessments.
Posted on 6/17/26 at 6:44 pm to CPA Yung Boi
I was selective with my tenant
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That's a very good start!
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That's a very good start!
Posted on 6/17/26 at 7:18 pm to CPA Yung Boi
Be ready to head excuses about not able to pay rent. Lots of it.
Posted on 6/17/26 at 7:33 pm to PeteRose
In Alabama, all of the laws favor the deadbeat renter. You can’t use old school tactics like turning off the power and water. I was an accidental landlord for a time. It’s not for me.
Posted on 6/17/26 at 8:48 pm to CPA Yung Boi
Our neighbors used to have 3 or 4 rentals years past. They told us 1 thing they would do as far far as back round search. Said it wasn't perfect but usually was spot on. When the couple showed up to check out the house, the wife would excuse he. She would go outside and look at their car, especially the interior. Inside of the car looked like trash, probably best to pass.
Posted on 6/17/26 at 10:00 pm to CPA Yung Boi
Dont rent to a friend. Also dont do it at all. Its a constant headache and theres not enough profit in it.
Posted on 6/17/26 at 10:25 pm to CPA Yung Boi
Rent to the applicant with the best grammar.
Posted on 6/17/26 at 10:33 pm to tigeralum06
I have owned rental homes for 40 years and I could write a book on "Why I can't pay my rent on time and you should be OK with it".
If you let late fees slide once you are cooked. Non-refundable pet deposits are a must.
If you let late fees slide once you are cooked. Non-refundable pet deposits are a must.
Posted on 6/17/26 at 11:32 pm to CPA Yung Boi
It will start with not changing batteries in smoke alarm. Never knew people could live with that constant chirp until I rented out a home. Then clogged sinks or toilets. Stained carpets and wall damage won’t be too far away.
That 15% can get single digit pretty fast.
That 15% can get single digit pretty fast.
Posted on 6/18/26 at 12:20 pm to CPA Yung Boi
Let me azk you this question?
At what point does it not become worth it?
Considering Equity you gain by renting?
And you just cover your bills?
At what point does it not become worth it?
Considering Equity you gain by renting?
And you just cover your bills?
Posted on 6/18/26 at 12:29 pm to CPA Yung Boi
WALK THROUGH AND INSPECT THE PROPERTY REGULARLY!!!!!!!!!!
Just because they pay on time, it doesn't mean they aren't trashing the place. I had a rental house with what I thought were good renters, older guy with VA benefits along with wife and kid. They didn't call with complaints/repairs and paid on time, so I didn't go in the house for over a year. They moved out suddenly and the house was totally trashed. I mean the kind of trashed you see on TV shows about hoarders. Holes in the wall, graffiti, roaches everywhere, garbage hip deep in some places. Place had clearly been used as drug den with bedrooms rented out to transients. It cost multiple thousands to clean and repair all the damage. Needed to call in dumpsters just for the accumulated garbage. Their deposit didn't cover squat and they had no money of their own to sue them for. I will never do long-term rental again - I'm all about short-term vacation properties.
Just because they pay on time, it doesn't mean they aren't trashing the place. I had a rental house with what I thought were good renters, older guy with VA benefits along with wife and kid. They didn't call with complaints/repairs and paid on time, so I didn't go in the house for over a year. They moved out suddenly and the house was totally trashed. I mean the kind of trashed you see on TV shows about hoarders. Holes in the wall, graffiti, roaches everywhere, garbage hip deep in some places. Place had clearly been used as drug den with bedrooms rented out to transients. It cost multiple thousands to clean and repair all the damage. Needed to call in dumpsters just for the accumulated garbage. Their deposit didn't cover squat and they had no money of their own to sue them for. I will never do long-term rental again - I'm all about short-term vacation properties.
Posted on 6/18/26 at 12:49 pm to CPA Yung Boi
quote:
things you wished you would have known when you started out with rental properties.
Best advice I ever got: "Don't rent to someone you wouldn't have over for dinner".
Others:
Keep your personal and business finances separate.
You have to "pay the piper" eventually. Depreciation recapture. Capital gains. IRMMA impact. Can take a big chunk of the profits. Until then, look into 1031 exchanges for deferring capital gains when selling and buying “like-kind” property (meet timelines and rules precisely).
LLCs:
Consider LLCs for liability protection — keep separate accounts. Maintain adequate landlord liability insurance in the LLC’s name; consider umbrella liability for extra protection.
Separate bank accounts and bookkeeping: each LLC should have its own bank account, credit card, and accounting ledger.
Posted on 6/18/26 at 12:55 pm to Sunnyvale
quote:
At what point does it not become worth it? Considering Equity you gain by renting? And you just cover your bills?
If all goes well, he’ll eventually own a property that other people paid for. Even if it’s 20-30 years from now. If you can deal with the headache and not lose money, it’s definitely worth it.
Posted on 6/18/26 at 1:02 pm to Nole Man
quote:
LLCs:
Consider LLCs for liability protection — keep separate accounts. Maintain adequate landlord liability insurance in the LLC’s name; consider umbrella liability for extra protection.
Separate bank accounts and bookkeeping: each LLC should have its own bank account, credit card, and accounting ledger.
I did this when I rented out a condo by LSU.. and was very selective with the tenants and showed up in person to get rent from time to time so that I could inspect the place.
Onf of the two tenants was great and ended up becoming a friend.
Posted on 6/18/26 at 1:07 pm to CPA Yung Boi
Boomers will be dying off while the birthrate is plummeting. With AI, immigration for labor will never return to the levels we had for the last 20 years. I believe land and residential housing has a massive correction coming unless wages dramatically increase.
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