No longer a landlord!

[Wolf359]

I’m a landlord, I own a single family home that I’ve rented out for 13 years now. Three bedroom 2,000 sf home. I’ve had three different families in it over the duration, with the latest destroying the house on a daily basis. They are always a day or two late on the rent, and my wife is the one who reaches out. They get aggravated and ask for something in return...the latest being doors (that they destroyed). We reached out over the summer to replace the doors. They never responded. And now in the middle of winter they want them. Yeah, I don’t think so. We have not gone up on the rent since they moved in. And they’ve destroyed doors, carpet, fridge, some walls, paint.

I’m tired of doing this, it’s something that keeps me up nights BUT I enjoy the income. House is paid for and it nets me $24,000 a year, but taxes/expenses probably total $6,000/$7,000 every year. And there’s always the chance of something big needing repair (furnace, roof, siding). the interior is very dated. It needs probably $60,000 grand in improvements/renovations. And I’ll never recoup that in rental fees. But yet I don’t want to sell because it keeps going up in value and of the yearly income. But I HATE BEING A LANDLORD. I REALLY DO.

It's time to raise the rent, shouldn't let it go that long without doing so. What's the market rent now? I'd start with either a $50-$100 monthly increase and then increase it again next year til it hits market.

For me it’s too risky to put your financial success in the hands of total strangers.

Why take on all the debt, taxes, liabilities and deal with the stress and aggravation if you have a bad tenant ?

Not to mention rent moratoriums that killed lots of mom & pop landlords.

Stock market has risks too, the last week or two it's been up and down so much I easily lost 5 figures in one day several times but it's mostly back now although not quite there yet. Landlording is basically a small part time job. I think my rents might be too low although I just raised them, haven't had turnover lately so haven't had to spend much on maintenance lately. Most landlords I know didn't get suck with a deadbeat and if you do, that can happen at anytime.

 

[Andrew1972]

My first home was actually a three family house I really regret selling. I paid around $120k age 21 on advice of a really attractive young real estate agent I knew. It turned out to have 2 renters not exactly employed paying already $1000/each. They were okay however she who I was really enamored by said raise the rent to $1600. I spent $2000 on paint and new appliance and raised rent to $1600/month and got professional state and federal workers as it was close to their jobs (eg reliable income). I was pulling in $3200/month and paying a $120k mortage(I put 3% down) and living there.

 

[N3OO]

I sold ( at a give away price ) my two homes that I rented for over 30 plus years. NO MORE HEADACHES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[Dave Hess]

I have a friend wanting to have Airbnb rentals here in Florida near the beach.

I said it can be profitable and it could also be a headache.

 

[wpod]

I think you may be right, the next time I'm open for tenants I'm going up in rent...high enough where instead of getting 50 applicants, I'm getting 15-20. And I'm getting enough rent where I won't care about upgrading things and improving the home. Because right now I do...I worry they are just going to destroy it, or that my profits won't be high enough to make this worth while. Taxes keep going up, water bill, insurance.

Costs are skyrocketing. At the last Apartment owners meeting I went to the people were smiling at the rent increases and I had to explain to them the profit and loss percentages are probably worst even with the rent increases. The bigger numbers are fun though.

 

[Wolf359]

Costs are skyrocketing. At the last Apartment owners meeting I went to the people were smiling at the rent increases and I had to explain to them the profit and loss percentages are probably worst even with the rent increases. The bigger numbers are fun though.

The mortgages have stayed the same. Actually they went down for me as I refinanced the properties. Water, insurance and taxes have gone up a little bit, but it's not like the doubled or tripled, more 10-20% over the years. My rent increases have more than offset that. Those are basically a tad over 10% of the costs each month. So if those costs go up by 10-20%, monthly expenses only increase by 1-2%.

 

[Stonemason Jason]

As of today both of my class D rentals are vacant and will be sold! One is in OK shape, the other is trashed beyond all belief

Either way, I am out of the rental business FOREVER. The area has had two drug murders since May. Time to sell while the properties are still worth something.

I have a heck of a job cleaning and fixing up. The good news is I only have to do it one more time. Please join me in hoisting your beverage of choice to toast my retirement from landlording.

Honestly it's a good time to get out of the Landlord business anyway, it won't be long before the government tries to aquire all property in an illicit manner, all over the nation corporations are buying up trailer parks using government backed funds only to raise rent & force tenants onto the streets, America has taken a turn for the worst, I'm seeing QR codes on every piece of merchandise in stores & also on every piece of mail, I know it is a devil's move for complete control of the people, you can tell America has dramatically shifted into a satanic nation, I'm not saying the people living under the cruel conditions are satanic, but the leaders are, the world health organisation is making an illicit grab for power, what do friends of Jeffery Epstein like Bill Gates need power for to corrupt the people further? This country is set up for destruction, I could predict that 10 years from now America won't exist, but I don't want to give people false hope that there is 10 years left, personally I'm waiting to see the Lord in the sky & hoping he will accept a man who is wretched as me, for the toast I lift my Dr pepper to you man.

 

[Dave Hess]

Honestly it's a good time to get out of the Landlord business anyway, it won't be long before the government tries to aquire all property in an illicit manner, all over the nation corporations are buying up trailer parks using government backed funds only to raise rent & force tenants onto the streets, America has taken a turn for the worst, I'm seeing QR codes on every piece of merchandise in stores & also on every piece of mail, I know it is a devil's move for complete control of the people, you can tell America has dramatically shifted into a satanic nation, I'm not saying the people living under the cruel conditions are satanic, but the leaders are, the world health organisation is making an illicit grab for power, what do friends of Jeffery Epstein like Bill Gates need power for to corrupt the people further? This country is set up for destruction, I could predict that 10 years from now America won't exist, but I don't want to give people false hope that there is 10 years left, personally I'm waiting to see the Lord in the sky & hoping he will accept a man who is wretched as me, for the toast I lift my Dr pepper to you man.

Unfortunately you are 100% correct.


”Under the new rules, landlords will not be able to evict low-income tenants hurt by COVID-19 over non-payment of rent until at least 2023. However, the approved plan will begin to gradually phase out other renter protections later this year.”

LA County Extends Eviction Protections. Here’s What It Means For Local Renters

We break down the next phases of renter protections in Los Angeles County.

laist.com

 

[Chris142]

As of today both of my class D rentals are vacant and will be sold! One is in OK shape, the other is trashed beyond all belief

Either way, I am out of the rental business FOREVER. The area has had two drug murders since May. Time to sell while the properties are still worth something.

I have a heck of a job cleaning and fixing up. The good news is I only have to do it one more time. Please join me in hoisting your beverage of choice to toast my retirement from landlording.

Sounds like you need to screen the renters better.

 

[Dave Hess]

Costs are skyrocketing. At the last Apartment owners meeting I went to the people were smiling at the rent increases and I had to explain to them the profit and loss percentages are probably worst even with the rent increases. The bigger numbers are fun though.

How many rental units do you have / own ?

 

[wpod]

How many rental units do you have / own ?

2, 4 plexes and 7 houses.

 

[64bawagon]

My Dad owned a few rentals back in the late 70's early 80's. Never had a single one that the tenants didnt trash.
People complain they dont have anyplace decent to live thats affordable and then proceed to destroy anything decent. Screen all you want, the Govt makes it too hard to weed out the bad ones.