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re: Suggestions on a basics/for dummies/intro book on rental properties
Posted on 2/8/25 at 7:48 am to WG_Dawg
Posted on 2/8/25 at 7:48 am to WG_Dawg
I’m not a fan of the books. You’ll learn more the first 180 days owning one than any book will teach ya. And like the other poster said, they go on about the 1% rule which I’ve found not to be possible outside of some absurdly good deal.
0
Posted on 2/8/25 at 8:31 am to WG_Dawg
Ive heard good things about the storage unit rental business.
One owner said he expected to pay off the construction costs in 3 years.
ETA: He likely purchased the land and completed construction before the rate hikes but not 100% sure.
One owner said he expected to pay off the construction costs in 3 years.
ETA: He likely purchased the land and completed construction before the rate hikes but not 100% sure.
This post was edited on 2/8/25 at 8:35 am
Posted on 2/8/25 at 1:17 pm to WG_Dawg
Rich Dad Poor Dad is a good read.
Posted on 2/9/25 at 10:36 am to ItzMe1972
quote:
Rich Dad Poor Dad is a good read
It'll just make you wish you did this 15 years ago. It's really not a feasible investment in today's market unfortunately. Maybe there's some locations in the Midwest but that's about it
This post was edited on 2/9/25 at 10:37 am
Posted on 2/9/25 at 11:12 am to Yeti_Chaser
Where in the Midwest?
Posted on 2/9/25 at 9:16 pm to Paul Allen
My stepson got into rent houses some years ago before interest rates got high..1st was house he lived in and kept it and rented it out.He bought 2 more fixer uppers and did a lot of the work himself.
He was bugging me to get into rent houses,it was the path to riches etc.I’m not handy with fixing stuff,bigger issue is I absolutely do not have the temperant to deal with renters,leaking faucets,broken appliances and issues that come up.
Now he only has 1 rent house with a good tenant that is very elderly.After
a pipe froze and burst and he crawled under the house with about 12 inches of space to work in wet cold mud to fix it he’s decided he’s going to sell it when his tenant passes or goes to nursing home.
He found out it wasn’t as easy as he thought.
I’m more of a stock,mutual fund person.Not near as much stress and I’ve done pretty well at that.
He was bugging me to get into rent houses,it was the path to riches etc.I’m not handy with fixing stuff,bigger issue is I absolutely do not have the temperant to deal with renters,leaking faucets,broken appliances and issues that come up.
Now he only has 1 rent house with a good tenant that is very elderly.After
a pipe froze and burst and he crawled under the house with about 12 inches of space to work in wet cold mud to fix it he’s decided he’s going to sell it when his tenant passes or goes to nursing home.
He found out it wasn’t as easy as he thought.
I’m more of a stock,mutual fund person.Not near as much stress and I’ve done pretty well at that.
Posted on 2/10/25 at 5:26 am to TheOcean
quote:
How handy are you? The only real value now is with older properties that need a lot of work. You really increase your ROI/equity when you can do a lot of the work yourself.
You also have to decide how much your time is worth.
How much time will it realistically take to keep up with small repairs and annoyances of rentals.
Posted on 2/12/25 at 12:30 pm to Billy Blanks
quote:
I've yet to turn a profit in 3ish years on them. It's a tax shelter for me right now more than anything.
I think you're doing it wrong..
Posted on 2/12/25 at 1:34 pm to b-rab2
quote:
I've yet to turn a profit in 3ish years on them. It's a tax shelter for me right now more than anything.
I think you're doing it wrong..
Naw, just big ticket items going out. Will be solid from here on out. Nothing old in them now.
I have 6 of them. So a lot of maintenance starting out.
In the OP's case, 1 place barely cash flowing at all isn't worth doing it at these rates and prices.
This post was edited on 2/12/25 at 1:36 pm
Posted on 2/12/25 at 1:38 pm to Billy Blanks
quote:
In the OP's case, 1 place barely cash flowing at all isn't worth doing it at these rates and prices.
I agree.. buttttt if you wanting to get into the space, get you a few and not just 1.
FYI: insurance rates have gone ballistic recently.
Posted on 2/12/25 at 1:44 pm to b-rab2
quote:
I agree.. buttttt if you wanting to get into the space, get you a few and not just 1.
Right, he's not that spot and viewing it as side income which it would hardly be that.
Mine will cash flow nicely going forward.
quote:
FYI: insurance rates have gone ballistic recently.
You aint lying. I had drastic increases as well.
Posted on 2/12/25 at 1:47 pm to WG_Dawg
quote:
nothing really cash flows. And if it does, it's peanuts.
What's peanuts to some may be just fine to me.
I think his point was the effort does not justify the "profit". Juice not worth the squeeze.
If you want to have a serious discussion about the type of people that rent we can do that...lets just say they clog the toilets more than homeowners...
Posted on 2/12/25 at 1:56 pm to Lakeboy7
you know, something I really need to do going forward which I havent done, I need to do home inspections twice a year. I had a tenant move out and she never called me for a leaking pee trap under the kitchen sink. It has rottened out the cabinets, floor and subfloor..
Posted on 2/12/25 at 2:04 pm to b-rab2
quote:
I need to do home inspections twice a year. I had a tenant move out and she never called me for a leaking pee trap under the kitchen sink. It has rottened out the cabinets, floor and subfloor..
Look I dont want to hurt anybody's feelings that rents, I rented in college and grad school.
But mother of fricking Christ the people that rented from me (I had a home and a condo) were fricking trash. Seemed ok on the surface but just wore me (and the property) out.
Have a STR for the last decade and a completely different cut of people, some leave it better than they found it, not kidding. About 60% of the STR people have stayed multiple times, like they have an ownership in the place.
Posted on 2/12/25 at 2:15 pm to Lakeboy7
quote:
Have a STR for the last decade and a completely different cut of people, some leave it better than they found it, not kidding. About 60% of the STR people have stayed multiple times, like they have an ownership in the place.
Same. I have two, but currently EXTREMELY slow..
quote:
(I had a home and a condo)
Now imagine having 16 more...
Posted on 2/12/25 at 2:20 pm to b-rab2
quote:
Now imagine having 16 more...
Nope nope nope.
I have a friend that has over 100, real estate broker but still
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