you gotta be a bad ass tough guy to be a landlord.
i tried it once, with section 8 tenants, terrible experience--will NEVER try it again.
surf
Anybody own a house?
- Thread starter tradecrumbs
- Start date
you gotta be a bad ass tough guy to be a landlord.
i tried it once, with section 8 tenants, terrible experience--will NEVER try it again.
surf
i had this one tenant, who paid 20% of the rent and the govt paid 80%. however, if anything was wrong with the place there was verbage in the contract that they did not have to pay untill it was fixed. every month around rent time, i would get a call about a broken window or something, so they wouldn't have to pay. the worst part is, I was too nice to get agressive with them, fell for the sob stories.... bad asses do well in the landlord business, nice guys finish last. LOL!
If one can make it in this business, trading's got to be one of the easiest businesses for the fact that:
1. You never need to advertise
2. Office space is not required
3. No early morning / late night phone calls
4. Don't have to work over time
5. Low maintenance
6. No employees
7. No unhappy customers
8. Cant be sued
9. Vacation can be as long as you want
10. No Salary cap.
CM69
Quote from marketsurfer:
i had this one tenant, who paid 20% of the rent and the govt paid 80%. however, if anything was wrong with the place there was verbage in the contract that they did not have to pay untill it was fixed. every month around rent time, i would get a call about a broken window or something, so they wouldn't have to pay. the worst part is, I was too nice to get agressive with them, fell for the sob stories.... bad asses do well in the landlord business, nice guys finish last. LOL!
I own quite a few small rental properties, and have for years. I don't know about being a "bad ass", but I definitely think you have to be business like.
I have personally never rented to Section 8 tenants. I figured these were the least responsible people in the tenant pool, and when I drove around looking at Section 8 properties, I saw properties in a condition that I didn't want my properties to be in. The one plus to Section 8 is that your money is guaranteed by the government.
But what I mean by business like is that I screen my tenants hard so that I know what I'm getting into. You can check to see if a tenant has evictions in his background, pull credit report, check criminal history, check work history, check with prior landlords.
The goal here is to get people who have a history of paying and acting responsibly. I think this helps to get your money on a timely basis without having to be a bad ass.
When the day arrives when you have a non-payer...I am very business like in the sense that I start the eviction process as prescribed in my state. Doesn't require a bad ass, just a business man protecting his interests.
By the way, in my state, according to the landlord tenant law, tenants cannot simply withhold rent because of repairs. There's a process. Of course, the other side of landlording is to keep the property in good repair. I think this is businesslike as well. If you're going to have a long term investment it needs to be in good condition. So I'm prepared to respond quickly with qualified repairmen when a repair needs to be made. Likewise, I respond quickly when the tenant doesn't pay.
In short, it's all about management. Probably not for everyone. But rental properties have been a good investment for me. Not one with no problems at all, but one that was really pretty easy and straightforward while I traded. They've provided a stable source of income as a base for my trading. I don't trade for a "living" any more. I trade to build my assets. Big difference.
OldTrader
no issues there, oldtrader. unfortunately, i chose the "slum lord" route ( after watching a friend make a fortune) which was a mistake. good tenants and good properties are the key. my post should read --to be a slumlord one must be a bada**.
surf
I own my home.
I already paid off my mortgage.
I never wrote a book.
I live well within my means.
Every 2 years, you can sell your main residence TAX FREE up to $250,000 or half a million if you are married. That is why rich people own multiple homes. These loopholes are just free money in the bank.
I already paid off my mortgage.
I never wrote a book.
I live well within my means.
Every 2 years, you can sell your main residence TAX FREE up to $250,000 or half a million if you are married. That is why rich people own multiple homes. These loopholes are just free money in the bank.
I live in a cardboard box with internet access
yea..
yea..
dkw
Registered: Mar 2002
Posts: 17
starting your own business
You should try it first before judging. I'm not unhappy.
####################################
It is specific indoktrination ,no more
Based on your socialiastion (example -in child time you are dreamed to have a business.
But it is no any evidence ,that persons with this indoctrination
more happy as another.
Occassionaly some persons understand limitation
of this kind of doctrin .Dependence from Banks, Goverment &
Not best quality female(B.Gates have not best female and W.Buffet alsov not) ,house , service's ,eating (some of your friends have better) .Not best health .Not best respect from
society (president ,senator ,CIA chief are more respected ) &
Alsov as President of USA person is strong depend
from influence group of interess,opposition ,have not best children and ist not historicaly person (what he dreamed ) as
Thengiz-Khan ,Tamerlan,Napoleon .
They was alsov richer ,as each follover of plagiat of A.Smit,Lock ,B.Franklin &
Most business man's will not understand that and will life
in opiaten drug of different instrumental ideja .
Limited intelectual capability, and related limited composition of emotion .
Limitation of pleasure from life as exampe.
######################
For me, I can work with the capitalists during the day, and then party at night in Hollywood.
-------
They all are operated .not 100% natural female's in Holywood
Best adress in USA www.perfect10.com
They are natural(time from tme personality as Miss.U.K . present .Editor -Ex Professor of Stanford
Dr.Zade,Son of founder fuzzy logic .
Registered: Mar 2002
Posts: 17
starting your own business
You should try it first before judging. I'm not unhappy.
####################################
It is specific indoktrination ,no more
Based on your socialiastion (example -in child time you are dreamed to have a business.
But it is no any evidence ,that persons with this indoctrination
more happy as another.
Occassionaly some persons understand limitation
of this kind of doctrin .Dependence from Banks, Goverment &
Not best quality female(B.Gates have not best female and W.Buffet alsov not) ,house , service's ,eating (some of your friends have better) .Not best health .Not best respect from
society (president ,senator ,CIA chief are more respected ) &
Alsov as President of USA person is strong depend
from influence group of interess,opposition ,have not best children and ist not historicaly person (what he dreamed ) as
Thengiz-Khan ,Tamerlan,Napoleon .
They was alsov richer ,as each follover of plagiat of A.Smit,Lock ,B.Franklin &
Most business man's will not understand that and will life
in opiaten drug of different instrumental ideja .
Limited intelectual capability, and related limited composition of emotion .
Limitation of pleasure from life as exampe.
######################
For me, I can work with the capitalists during the day, and then party at night in Hollywood.
-------
They all are operated .not 100% natural female's in Holywood
Best adress in USA www.perfect10.com
They are natural(time from tme personality as Miss.U.K . present .Editor -Ex Professor of Stanford
Dr.Zade,Son of founder fuzzy logic .