- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: I need some OT advice
Posted on 1/6/25 at 11:41 am to fareplay
Posted on 1/6/25 at 11:41 am to fareplay
quote:
It’s likely the land that’s of value and not the shitty house. In your situation I’d just sell then since the house is more headache than it’s worth. Someone will come demolish it and build a nicer one
The house is nice and in decent condition it’s honestly just the area. Full of renters and section 8 folks who don’t care about their community.
1
Posted on 1/6/25 at 11:44 am to RaoulDuke504
Well you hinted that the area is being gentrified. You control who rents the property so if you’re ok with vacancy till it slowly improves or till you find the right tenant, I’m still pro keeping. Btw where is this area again? Is it up and coming or do you have cloudy glasses because you own the home
Todays you will like the $, future you probably want a rental
Todays you will like the $, future you probably want a rental
This post was edited on 1/6/25 at 11:45 am
Posted on 1/6/25 at 11:45 am to RaoulDuke504
quote:
Many people are telling me keep the home and rent it out but the money I’ll make is barely worth it maybe at best an extra $600 a month. I also don’t want to deal with the hassle of a tenant while living 1000 miles away. My thinking is even though I love the actual house I hate the neighborhood even though I see it starting to get better with more new homes being built nearby by.
I owned a duplex in Lakeview I purchased when I was 25. I lived in one side and rented out the other side. It started out good because my first tenant was a medical student. He was very easy to manage. After the medical student the other side was rented out to a thirty something couple. They were very cool but the woman kept flushing tampons down the toilet even after I told her not to. I had to have the sewer lateral from the house to the street snaked each time. After they left another couple moved in. Everything was going fine until they stopped paying rent. They were very overweight and in fact so fat they broke some floor tiles in the kitchen. I don't know how that happened. By that time I decided I was sick of dealing with tenants and repairs and put the place up for sale. I sold it with a nice profit.
I was thinking about buying more rental properties and eventually getting a property management firm to manage things after I had enough rental units to justify hiring a property management firm. But my career desires drove me in a different path.
This post was edited on 1/6/25 at 12:44 pm
Posted on 1/6/25 at 11:47 am to fareplay
quote:
Well you hinted that the area is being gentrified. You control who rents the property so if you’re ok with vacancy till it slowly improves or till you find the right tenant, I’m still pro keeping. Btw where is this area again? Is it up and coming or do you have cloudy glasses because you own the home
I don’t want to say all of that but I say it’s up and coming because they’ve built 8 new homes within the past year.
Posted on 1/6/25 at 11:48 am to RaoulDuke504
quote::PrayersSent:
I need some OT advice
Posted on 1/6/25 at 11:51 am to RaoulDuke504
If I could sell and walk away with 100k and not have to worry about a house 1000 miles away the for sale sign would be in the yard already. With the additional monthly savings from insurance and utilities it's a no-brainer.
Posted on 1/6/25 at 11:51 am to RaoulDuke504
quote:
Many people are telling me keep the home and rent it out
Because you have all of these financial "gurus" (like Grant Cardone) telling every Tom, Dick, and Harry on TikTok (and other social media) that they need to buy a house, then use the rental revenue from the first house to fund a second, etc.
The reality is that being a landlord isn't for everyone, just like being an accountant isn't for everyone.
You sound like someone who already doesn't want to be a landlord, before you've ever started, so any option other than selling the house would be nuts IMO, especially with the troubles and trials of being a landlord being further exaggerated by the fact that the home is in a rough neighborhood.
Sell it, baw.
Posted on 1/6/25 at 11:54 am to RaoulDuke504
quote:
wasn’t in the best neighborhood
quote:
terrible neighborhood
quote:
hate the neighborhood
quote:
I would never want to raise a family in this area or this city
In No uncertain terms....SELL IT
Posted on 1/6/25 at 11:54 am to RaoulDuke504
This post was edited on 1/7/25 at 6:48 am
Posted on 1/6/25 at 11:57 am to sidewalkside
quote:
In No uncertain terms....SELL IT
This is the most convincing point, threw my own words in my face.
Posted on 1/6/25 at 11:59 am to GumboPot
quote:
I owned a duplex in Lakeview I purchased when I was 25. I live in one side and rented out the other side. It started out good because my first tenant was a medial student. He was very easy to manage. After the medical student the other side was rented out to a thirty something couple. They were very cool but the woman kept flushing tampons down the toilet even after I told her not to. I had to have the sewer lateral from the house to the street snaked each time. After they left another couple moved in. Everything was going fine until they stopped paying rent. They were very overweight and in fact so fat they broke some floor tiles in the kitchen. I don't know how that happened. By that time I decided I was sick of dealing with tenants and repairs and put the place up for sale. I sold it with a nice profit. I was thinking about buying more rental properties and eventually getting a property management firm to manage things after I had enough rental units to justify hiring a property management firm. But my career desires drove me in a different path.
Right I have a double too and my current tenant is awesome. I have never raised his rent because of that but i know I won’t be so lucky next time.
Posted on 1/6/25 at 11:59 am to RaoulDuke504
I’m selling it, thanks OT.
These people guilt tripping me into keeping it are fools.
These people guilt tripping me into keeping it are fools.
Posted on 1/6/25 at 12:04 pm to RaoulDuke504
quote:
I need some OT advice
I tried being a landlord once. It didn't work out.
If you are going to do it, you need to remain close to where your properties are located, and you need more than one to make it worthwhile. The people who are successful at it own 10+ places, and they work hard at it.
Posted on 1/6/25 at 12:06 pm to RaoulDuke504
Take the money and run, baw.
Posted on 1/6/25 at 12:07 pm to RaoulDuke504
Keep in mind a few things:
1. Schools - are they getting better worse etc
2. Who is buying these new homes? Are they well educated makes decent living etc
3. Business/ economy. Is it thriving or surviving?
Decided to sell, gl. Just reinvest it into a nicer area for you to raise a fam
1. Schools - are they getting better worse etc
2. Who is buying these new homes? Are they well educated makes decent living etc
3. Business/ economy. Is it thriving or surviving?
Decided to sell, gl. Just reinvest it into a nicer area for you to raise a fam
This post was edited on 1/6/25 at 12:09 pm
Posted on 1/6/25 at 12:08 pm to RaoulDuke504
Sell it.
If tenants damage the interior/exterior, the rent you make will be chump change compared to the $$$ it will cost to fix, replace appliances, keep up the furnace, air conditioning, landscaping, mowing, tax, etc.
If tenants damage the interior/exterior, the rent you make will be chump change compared to the $$$ it will cost to fix, replace appliances, keep up the furnace, air conditioning, landscaping, mowing, tax, etc.
Posted on 1/6/25 at 12:08 pm to RaoulDuke504
Sell while it has value. New opportunities will come along
Posted on 1/6/25 at 12:11 pm to RaoulDuke504
Sell. Renting is a pain in the arse.
Posted on 1/6/25 at 12:13 pm to RaoulDuke504
As someone who owns and rents out a home in one state and has recently moved to another state, I will say this:
Sell it.
Yeah, I make about $1200/month over my mortgage on the home in SLC, but I find myself wanting the equity more.
Home prices have risen sharply across the USA. I could make about $400K selling the house in SLC as opposed to the $1200/month. That big chunk now sure would help more in purchasing a new home, in my new state, than the money I get from rent.
Plus managing a rental from more than 1000 miles away is hard. I was back in the SLC area for the holidays and paid a visit to the house. I was not happy at all with the way the tenants were keeping up the yard and such. Street value means something.
Luckily I think I found a buyer while there. A friend of mine expressed regret at me not selling. We are negotiating now.
Sell it.
Yeah, I make about $1200/month over my mortgage on the home in SLC, but I find myself wanting the equity more.
Home prices have risen sharply across the USA. I could make about $400K selling the house in SLC as opposed to the $1200/month. That big chunk now sure would help more in purchasing a new home, in my new state, than the money I get from rent.
Plus managing a rental from more than 1000 miles away is hard. I was back in the SLC area for the holidays and paid a visit to the house. I was not happy at all with the way the tenants were keeping up the yard and such. Street value means something.
Luckily I think I found a buyer while there. A friend of mine expressed regret at me not selling. We are negotiating now.
Posted on 1/6/25 at 12:13 pm to RaoulDuke504
quote:
These people guilt tripping me into keeping it are fools.
They're just ignorant. Everyone wants "passive income" these days because they see someone on social media harping about it and they view having rental property as being "passive income." But it isn't. As others have said, you have to have multiples and you have to do a lot of the maintenance yourself, otherwise the numbers don't make sense. Thus, it becomes your job.
You have to be a specific type of person in a specific type of situation to make it work successfully and to really make money at it.
Otherwise, you end up breaking even or maybe even losing money just to have an additional liability.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News