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Rented out house five months ago. $9500 in the hole currently
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Date: August 5th, 2020 11:05 PM Author: Cream dead pit Was supposed to be making almost $1400 a month in profit. This month I was -$50 after it was all said and done. Shit keeps breaking in my house, and the tenants complain about everything. $150 Minimum every time there’s a service call. Property manager allowed over $2000 in expenses without informing me first as our agreement requires (but has a n emergency exception which they claim)
Ran the numbers today and I’m $9500 in the hole. This is on top of my dismal law practice performance due to COVID
TLDR: fuck my life and fuck taking chances. I was chilling before I did all of this |
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Date: August 5th, 2020 11:06 PM Author: spruce public bath Sorry to hear that. Hang in there (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713023) |
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Date: August 5th, 2020 11:08 PM Author: offensive foreskin therapy Good tax deduction (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713036) |
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Date: August 5th, 2020 11:23 PM Author: Crimson trip kitchen yes but also increases his chances of being audited (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713103) |
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Date: August 6th, 2020 12:34 AM Author: chartreuse vibrant nowag mexican Lol no (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713357) |
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Date: August 5th, 2020 11:11 PM Author: laughsome mad cow disease selfie DESCRIBE ur expenses (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713041) |
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Date: August 5th, 2020 11:14 PM Author: Cream dead pit Big ones were a 2/3 months rent placement fee Then a $1900 water remediation fee that I think was unnnecceary and I never approved it Then a $1300 fallen tree removal Then at least ten service calls for tenant complaints, some were not even justified, a couple of them cost $300-800 Mortgage cost every month |
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Date: August 6th, 2020 11:16 AM Author: Carmine cruel-hearted library aren't fallen trees covered by your homeowners ins? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714568) |
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Date: August 6th, 2020 11:37 AM Author: Cream dead pit didn't damage the structure so not really. They said I could make a claim but it would make my premiums go up, would be better to just get it done myself (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714660) |
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Date: August 6th, 2020 12:55 PM Author: Carmine cruel-hearted library if it was a live tree (not dead or diseased) that fell down from a storm then you should have filed a claim. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715012) |
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Date: August 7th, 2020 1:05 AM Author: Lascivious ebony whorehouse scourge upon the earth how big was that tree that removal cost that much? Rent a truck from home depot for $50 and go chainsaw that sucker and take the firewood back to your house. In for $200 tops. Couple hours truck rental plus a cheap chainsaw (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718517) |
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Date: August 5th, 2020 11:22 PM Author: Blathering high-end gunner mental disorder how much equity did you build in that timeframe? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713099) |
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Date: August 5th, 2020 11:57 PM Author: Cream dead pit 5 months worth of mortgage payments (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713261) |
Date: August 5th, 2020 11:07 PM Author: Ruby Den Dragon Own free and clear?
$1,400/mo FCF net of mortgage seems like a hyper aggressive bordering on fanciful projection, even from the time before time when the economy looked solid |
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Date: August 5th, 2020 11:09 PM Author: Cream dead pit No I have a mortgage.
My rent minus property manager fee is almost $1400 a month assuming no repairs.
But repairs have been out of control, and tenants request service calls constantly for stuff that ends up being almost nothing. |
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Date: August 6th, 2020 12:04 AM Author: Ruby Den Dragon Are you getting dinged for add’l $$$ every time there’s a service call, even when it’s “almost nothing” (which I assume means on those calls there’s no major hardware to buy or significant hours of labor)
How do property management fees work when renting out one SF unit? Is there a flat fee just to have them ‘on call’ at all and do they then get to ding you for more $$ if they do literally anything, even just snaking a drain or tightening a seal so a faucet stops leaking? |
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Date: August 6th, 2020 12:09 AM Author: Cream dead pit for the "almost nothing" ones they just go out and inspect whatever the issue is. Most of the time they do something minor to fix the issue. I still get a minimum $140-150 charge even if they stop in for 5 minutes to resolve the issue. Some of the issues required more work, and then they bill me hourly plus parts.
So yeah, the more they call in complaints, the more I get dinged. I had a talk with my property manager about this the week before last, and she even said that she thought their complaints were excessive and she would charge at least one of last month's service calls back to the Tenant, but I didn't see that reflected in the July accounting statement they send me. |
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Date: August 6th, 2020 12:43 AM Author: Ruby Den Dragon that does sound pretty shitty. what $ amt do you think has been legit deferred maintenance that realistically you'd have probably had to address at some point anyway, even if your current tenant is hypersensitive and what amt of $$ do you think has literally just been pissed away on tickytack shit?
it sounds like you don't have much law work coming in atm. is there a reason you can't just drop the property manager and do the calls yourself until things pick up? a fair number of turdskin families I've known who started trying to break into RE with just 1-2 properties would bootstrap shit the first few years. knock off their day job for 45 min if a drain needed snaking or a high ceiling lightbulb needed changing or whatever, or have one of the kids run and do it. go contract directly as needed with a plumber or electrician if something legitimately had to be fixed that was outside the scope of just being 'handy' but it seriously sounds like your having your misery compounded paying overhead just to have it be someone else's problem whenever a house call is needed. |
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Date: August 6th, 2020 1:12 AM Author: Cream dead pit some. There is a leak in the upstairs tub, but I've now spent over $3000 on it in the past 5 months (they keep sending out a plumber who can't figure it out, and the $1900 in water remediation that I never approved, which was fucking obscene), now he tells me I need to replace the entire tub.
The AC is old but works, and I was planning to replace it once I had a few months of cash flow.
I'm contractually bound to this property manager - I hired them thinking they would take some of the headache away (which in some ways, they are, apparently these tenants call them all the time), and they offered me a low management fee of like 6% (although I had to pay 2/3 of a month rental amount for them to market and screen the tenant). I thought that within a few months of moving out I would be busy with my solo firm and wouldn't want to bother with this, and the 6% was low, and they were able to get me a higher monthly rental rate than I was expecting. So it seemed like a good setup. |
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Date: August 6th, 2020 1:45 AM Author: Ruby Den Dragon yeah that kinda blows dude. still, you're just a few months away from getting back to even if things start breaking right. obviously 'even' wasn't your goal, but even just a year of passive equity appreciation with someone else paying the mortgage, or at least most of the mortgage, isn't something to turn your nose up at. esp. if the experience you gain positions you to where you have the knowledge to make it cash flowing next year.
I have no personal wisdom to impart but the few bros and families I've talked to who've maed it doing the small biz style hustle have all taken a decidedly austere turdskin attitude towards everything. bootstrap as much as possible, cut expenses to the bone. drop the prop manager next year (or as soon as you can contractually). hopefully your firm will be doing more business and making actual money by the time you're on your second set of tenants, but even if it is, force yourself to get over there at 5:30 from the office to see what the service call is about, force yourself to learn what basic repair and maintenance work you can do yourself rather than pissing money up the wall outsourcing 'for convenience.' assume that humans will respond to incentives and gin up additional fees wherever they think they can get away with it rather than just 'taking' the stream of payments you're budgeting in your head, assuming minimal variance. assume property managers will collude with HVAC techs and plumbers to authorize the highest possible repair fees that won't quite set off your fraud alarm, even if a job can reasonably be done for less, and split the excess between them.
turd small biz owners/burgeoning rental property imperialists I've known basically live their business lives by the uncle's speech to Tom Cruise in Cocktail, except with a lot more overt racism towards jews and blacks than was acceptable in a studio picture, even in the 1980s. |
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Date: August 7th, 2020 1:09 AM Author: Lascivious ebony whorehouse scourge upon the earth >the 6% was low, and they were able to get me a higher monthly rental rate than I was expecting
That's actually surprising they were able to get a higher rate. Because if their draw is 6% of the rent, they have no incentive whatsoever to hold out for someone willing to pay a higher rent versus signing someone right now who will pay a lower rent.
It's like RE agents. They'll try to convince you not to hardball bc it barely affects their commission but it delays them getting it. |
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Date: August 5th, 2020 11:08 PM Author: Insane lay 9500? what broke (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713028) |
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Date: August 5th, 2020 11:11 PM Author: Cream dead pit That number includes a 2/3 month tenant placement fee (marketing and putting tenant in) and an unapproved $1900 five day “water remediation” treatment for a tiny leak from the bathroom (they never told me about it until I got my monthly statement, then they justified it as an emergency repair)
I forgot to even include a cost of $1300 when a tree randomly fell in my backyard after a storm, onto my tenants car |
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Date: August 5th, 2020 11:14 PM Author: Arousing roast beef laser beams Water/mold remediation companies are one of the best rackets going right now
People are horrified of mold even though in most cases there won’t be mold, or if there is, it’d be so minor as to be harmless. You can just cut the drywall and rent an industrial fan from Home Depot for $30/day for 4 days and save thousand$$$ |
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Date: August 5th, 2020 11:16 PM Author: Cream dead pit No joke. And the leak was a small Limited trickle after a few showers.
And five days Of that treatment is simply overkill.
Was irate over that one. |
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Date: August 5th, 2020 11:14 PM Author: sepia lodge mad-dog skullcap You have one property? Ditch the fucking management company and find a guy named Roberto.
Put a provision in your lease that requires tenant pay the first $100 in any repair. Watch the maintenance requests disappear (but you will need to do inspections once or twice a year).
Just list it yourself and work from the house for two weeks. |
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Date: August 7th, 2020 12:24 AM Author: Excitant garrison voyeur (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718407) |
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Date: August 7th, 2020 12:28 AM Author: aromatic friendly grandma this is the kind of friend a good goy needs (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718420) |
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Date: August 5th, 2020 11:16 PM Author: Curious striped hyena address Lmao could have just bought VTI!!! (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713061) |
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Date: August 5th, 2020 11:17 PM Author: sepia lodge mad-dog skullcap Do you not require your tenants to have renter's insurance? Why would you pay $1300 for a loss that should have been insured by tenant twice? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713064) |
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Date: August 5th, 2020 11:17 PM Author: Cream dead pit That was to remove the tree. I didn’t have to pay for their car damage (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713072) |
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Date: August 5th, 2020 11:20 PM Author: sepia lodge mad-dog skullcap You paid $1300 for tree removal for a tree that fell down already?
You need to learn Spanish ASAP. I got my entire yard, front and back, including some large ass branches trimmed for $900 by Jose when he showed up randomly one day and offered his services. He had a flyer and a dirty, but not rundown truck. Did an amazing job with two guys working under him.
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Date: August 5th, 2020 11:29 PM Author: Cream dead pit It was a huge tree that fell on and covered the driveway. Had no choice and $1300 was cheap compared to the other quotes I got (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713140) |
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Date: August 6th, 2020 12:07 AM Author: Comical rehab This is why you're in the hole. Jose could've done it for 30% of what some white guy will charge you. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713304) |
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Date: August 7th, 2020 12:29 AM Author: aromatic friendly grandma you should not be doing this. go into teaching. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718427) |
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Date: August 6th, 2020 12:31 AM Author: laughsome mad cow disease selfie How big and what kind of trees? How long did it take the dude to do? I think I paid like $150 last time. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713354) |
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Date: August 6th, 2020 1:13 AM Author: Cream dead pit it was a big one, covered the backyard and back driveway when it fell. Also had them grind the stump, which was like 5 feet across. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713437) |
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Date: August 6th, 2020 9:49 AM Author: sepia lodge mad-dog skullcap It took them a full day to do. Trimmed two giant branches 30 feet up in the front yard, removed a dead tree, some limbs, and cleared out tons of brush in the backyard. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714166) |
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Date: August 5th, 2020 11:13 PM Author: magical telephone Do you have multiple properties? If not, get rid of the property manager and just take care of it yourself. Don't respond to the tenant's every little demand unless they're essential (AC, water, etc.). Or at the very least don't respond to them immediately. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713046) |
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Date: August 5th, 2020 11:17 PM Author: Cream dead pit Every issue is related to either AC or to the above mentioned shower leak which has now cost me $3000 and I’m about to have to replace the entire tub. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713066) |
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Date: August 5th, 2020 11:21 PM Author: magical telephone 1) buy a home warranty. you'll only have a $100 deductible when shit goes bad. costs like $400-500 a year typically
2) because you're doing #1, get rid of the property manager.
#1 isn't a great idea if you are handy yourself but it sounds like either you're not or the issues are more involved than simply taking a trip to home depot |
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Date: August 7th, 2020 1:12 AM Author: Lascivious ebony whorehouse scourge upon the earth home warranties are fucking scams, their whole business model is to send out someone SPS to do the bare minimum and that person who goes out's business model is to upsell the owner on more shit so they can get more $$$
if it's a rental, only the absolute shittiest companies will do the service call and when they do, they'll often deprioritize the call and not show up and piss your tenants off even more |
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Date: August 5th, 2020 11:16 PM Author: Racy beta candlestick maker where do you live now? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713063) |
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Date: August 5th, 2020 11:22 PM Author: sepia lodge mad-dog skullcap Only six months behind on a new property with a new tenant isn't that bad really. You need to find a young family expecting a newborn next time. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713096) |
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Date: August 5th, 2020 11:30 PM Author: Cream dead pit Yeah it’s four 24-year old girls. Complaining that they can’t keep the upstairs 68 degrees in a 90 year old house
I won’t allow four people next time. |
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Date: August 5th, 2020 11:31 PM Author: Racy beta candlestick maker dude you buried the fucking lede here. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713152) |
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Date: August 5th, 2020 11:48 PM Author: mustard hateful coffee pot boiling water no shit
*unzips go on |
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Date: August 6th, 2020 1:21 AM Author: Kink-friendly parlour (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713450) |
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Date: August 6th, 2020 9:50 AM Author: sepia lodge mad-dog skullcap (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714172) |
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Date: August 7th, 2020 12:26 AM Author: Excitant garrison voyeur (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718412) |
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Date: August 6th, 2020 12:08 AM Author: Comical rehab I think I saw this vid the other day. They're late on rent and offer an alternative arrangement? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713306) |
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Date: August 6th, 2020 10:05 AM Author: coral boyish wrinkle i thought this was the one where it was so sweltering hot upstairs that they got a great idea--maybe we take of our pants tehee oh and our shirts teehee oops still too hot ... gotta take off those lacy thongs to get maximum cool-down effect teehee
hey ladies let's all jump in the shower together to stay cool |
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Date: August 6th, 2020 2:03 AM Author: Anal rusted locus Never, and I mean, NEVER, rent to 20-something females. ESPECIALLY a group of them. This is even more important if their rent is being paid by daddy. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713550) |
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Date: August 6th, 2020 9:51 AM Author: sepia lodge mad-dog skullcap LMAO, terrible tenant decision.
Pros: Can always go to daddy for the rent Cons: You have a $10k plumbing bill in your future |
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Date: August 6th, 2020 12:06 PM Author: titillating faggot firefighter (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714776) |
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Date: August 6th, 2020 10:33 PM Author: Mind-boggling puce crotch (James Joyce TP) (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40717914) |
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Date: August 5th, 2020 11:59 PM Author: Silver Crusty Ratface oy vey (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713276) |
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Date: August 6th, 2020 12:03 AM Author: domesticated shrine Lol @ renting to non personal friends (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713295) |
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Date: August 6th, 2020 12:49 AM Author: ivory theatre dumb op does dumb things (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713373) |
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Date: August 6th, 2020 3:35 AM Author: henna turdskin house I'm starting to think doodikoff isnt jewish after all (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713676) |
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Date: August 6th, 2020 8:00 AM Author: Supple gaped cumskin (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713909) |
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Date: August 6th, 2020 9:52 AM Author: sepia lodge mad-dog skullcap (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714178) |
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Date: August 6th, 2020 11:22 AM Author: aromatic friendly grandma (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714597) |
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Date: August 6th, 2020 11:22 AM Author: Brass appetizing cruise ship old irish cottage (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714600) |
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Date: August 6th, 2020 12:07 PM Author: Bisexual drab point coldplay fan (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714778) |
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Date: August 6th, 2020 12:38 PM Author: Opaque medicated indian lodge (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714922) |
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Date: August 6th, 2020 3:43 PM Author: Silver Crusty Ratface (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715894) |
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Date: August 7th, 2020 12:27 AM Author: Excitant garrison voyeur (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718414) |
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Date: August 6th, 2020 3:54 AM Author: Free-loading jewess lol @ this poast. you rented to 4 mid 20's women and you wonder why the bathroom is leaking? they're pissing/shitting/showering 24/7. ljljljlj (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713709) |
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Date: August 6th, 2020 5:01 AM Author: coral boyish wrinkle DAT | PASSIVE | INCOME | STREAM (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713754) |
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Date: August 6th, 2020 7:46 AM Author: fishy dashing property Are you still receiving rent? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713897) |
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Date: August 6th, 2020 8:31 AM Author: Cream dead pit yeah. This month I got about $1300 less than I would under "optimal" conditions. About $50 less than my monthly mortgage payment. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713965) |
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Date: August 6th, 2020 4:05 PM Author: fishy dashing property So they're not playing that game of not paying rent due to COVID? lot of landlords getting wiped out due to this. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716026) |
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Date: August 6th, 2020 10:35 PM Author: Mind-boggling puce crotch Bro you are being a little bitch. Breaking even on cash flow is fine for a rental property. Especially during the pandemic. But never rent to women that age. They will just let problems fester and never report them. They have no idea how to take care of a house or spot issues before they become catastrophic. They are dirty, filthy animals. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40717926) |
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Date: August 6th, 2020 8:33 AM Author: wild temple I love you doodikoff. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40713969) |
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Date: August 6th, 2020 12:00 PM Author: obsidian elite locale (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714759) |
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Date: August 6th, 2020 12:09 PM Author: Motley national security agency bawdyhouse (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714784) |
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Date: August 6th, 2020 9:54 AM Author: soul-stirring narrow-minded school cafeteria Are there hidden cameras in the house? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714191) |
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Date: August 6th, 2020 9:55 AM Author: Carmine cruel-hearted library Skip the property manager. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714195) |
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Date: August 6th, 2020 11:21 AM Author: impressive sapphire spot corn cake Bingo. You need to let tenants know that these calls will eventually cost them. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714592) |
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Date: August 6th, 2020 11:22 AM Author: Brass appetizing cruise ship old irish cottage (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714602) |
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Date: August 6th, 2020 10:13 AM Author: Bronze Massive Depressive Principal's Office I guess girls in their 20s is ... Okay ... they tend to flake. You could opt for a family instead, but they are often WORSE than a four-pack of girls.
The big thing is--why did you start out so ambitiously? It's a whole house. If you want to be a LL just start w a little shitbox apartment. There's only so much that can get fucked up there. |
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Date: August 6th, 2020 10:55 AM Author: sepia lodge mad-dog skullcap Plus you can get the building to do most of the maintenance. But he's in the South, so no one stays in apartments for very long. You can often rent houses cheaper, but if he's expecting to net $1400/month then it's probably a small single family in a nicer neighborhood. He should really want a family expecting a child. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714457) |
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Date: August 6th, 2020 11:19 AM Author: soul-stirring narrow-minded school cafeteria Remarkable how much xo flame doodikoff fell for. Just do go solo. Just do be a landlord. Guessing he'll get a sales job next and complain that he's not making decent commissions. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714585) |
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Date: August 6th, 2020 11:21 AM Author: aromatic friendly grandma "I spent 9 months learning JavaScript and i keep getting dinged in interview by Hardeep the bar raiser" (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714594) |
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Date: August 6th, 2020 11:46 AM Author: slap-happy balding sound barrier market the secret to being successful landlord is, 1) getting people you trust to recommend friend of friend as tenants and, 2) be able to do minor repairs and by minor i mean replace a toilet (not hard), repair or install a light fixture (not hard), repair mud and paint drywall (my kid can do this), and fix a tap leak (my houseplant can do this). Also, check with health and safety inspector dept about mold remediation - often they dont require professional fixers if the moldy area is less that x-square feet, so if its just a patch in a closet in the basement, you can do that yourself and save $5000. And never rent to 4x20 year old girls. hth (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714704) |
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Date: August 6th, 2020 11:50 AM Author: charismatic tanning salon Welcome to 2020. Literally every middleman outside of undocumented hispanic dudes is trying to make 250k a year off you. If you don’t have any sort of connection you should be doing all this stuff yourself (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714720) |
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Date: August 6th, 2020 12:08 PM Author: swashbuckling senate digit ratio do landlords have an obligation to ensure adequate A/C and shit like that?
some kind of implicit thing since it was installed?
seems like a non-A/C house is still habitable |
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Date: August 6th, 2020 12:15 PM Author: snowy space Nowadays in most cities it’s now a requirement for habitability. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714808) |
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Date: August 6th, 2020 12:52 PM Author: Avocado heaven cuckoldry yeah back in 2012 or so during the long hot NYC summer the NYTimes was asking Houston landlord masterman how they deal with heat x humidity and the Houston landlord masterman's reply was he wasn't sure there was a market for rentals without central AC (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715003) |
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Date: August 6th, 2020 12:10 PM Author: Motley national security agency bawdyhouse I thought this was copy&paste flame from reddit/landlords until I saw who OP was (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40714786) |
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Date: August 6th, 2020 12:54 PM Author: Scarlet Rigor Pistol Where do you live now? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715008) |
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Date: August 6th, 2020 1:00 PM Author: Cream dead pit Update- just got a quote from the "plumber" that my PM set me up with, who has already charged over $1000 in trying to fix this tiny leak from around a bathtub. Apparently after he did two fixes already (that I paid for, plus the $1900 in water remediation that I got raped on by my PM), he has now discovered a hairline crack in the back of the tub, recommends replacing the entire bathtub now. $1870 quote. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715046) |
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Date: August 6th, 2020 1:22 PM Author: ivory theatre are u gonna pay it ? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715153) |
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Date: August 6th, 2020 1:19 PM Author: sinister pontificating casino party of the first part before you get into real estate, you should try to become very proficient in general home repair so you can reasonably determine how much a repair should cost
then u need to find a reliable set of contractors/handymen to go fix problems for u (not a property management company, at least not yet)
as it stands, u can kill two birds with one stone: find a reliable (preferably Hispanic) handyman, and offer to trade him legal services for discounted rates. then have him refer his construction buddies to u for mechanic lien and other legal work. |
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Date: August 6th, 2020 1:24 PM Author: Brass appetizing cruise ship old irish cottage This is really a good idea. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715178) |
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Date: August 6th, 2020 1:22 PM Author: gay rigpig NEVER RENT TO POORS. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715162) |
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Date: August 6th, 2020 1:26 PM Author: ivory theatre that's not true.
u make a shitload renting to poors.
but u gotta be cutthroat and do 0 repairs. give them nothing. threaten lawsuits all the time. yell at them and make them feel like shit so they feel happy to be able to live there. you can rent to poor minorities and threaten them with ICE. also, u don't do this with $1mm properties. u buy shitty $150k properties and do $0 work and charge $600 to $800 a month in rent. ask for 2 months up front and evict immediately when they miss a payment.
my buddy does this with 20 properties in texas and he's KILLING IT, literally raking in $$$$$$$$$$$$$$. it's like loan sharking if u do it right, just with property. he has a maintenance guy on his payroll for $50k a year and that saves him a lot of money never having to do shit across his portfolio. |
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Date: August 6th, 2020 2:30 PM Author: sepia lodge mad-dog skullcap cr, poors are way profitable
kushner knows this, they used to just go shake the poor tenants when they needed more money |
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Date: August 6th, 2020 2:59 PM Author: ivory theatre (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715698) |
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Date: August 6th, 2020 2:42 PM Author: gay rigpig Try this in a shitlib city/state and see what happens. The only way to make money is section 8. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715594) |
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Date: August 6th, 2020 2:54 PM Author: ivory theatre i'm sure u can make $$$ anywhere just read the rules and be familiar with the law. put a lot of shit in your application like being able to walk in anytime without warning. and that u will change the locks every few months for security reasons (wink wink).
i'm giving u free $$$ tips right herr. but sure you can stick to red states only.
best part is all the perks. for his best tenant outcomes, he is able to keep their security deposit almost all the time since they don't understand laws and he can always make some shit up and gets his maintenance employee to write up shit like "huge mold damage, thousands of dollars. termite damage".
i remember a few years ago he kept some tenant's security deposit after they moved out, and changed the locks. they asked for some shit back in their apartment and he lied and said he threw it out already and had to pay $1,000 to clean the entire space (lol was only $80 cleaning fee to some spic). HOWEVER, he found jewelry and some antique valuables in their leftover boxes. hocked it to some antique owner who gave him over $8,000 for it. that was 10 months worth of extra rent, 11 months if u count the free security deposit he kept. |
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Date: August 6th, 2020 4:04 PM Author: Geriatric crackhouse famous landscape painting Lol jfc (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716024) |
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Date: August 6th, 2020 4:10 PM Author: Claret filthy hall marketing idea (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716046) |
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Date: August 6th, 2020 4:13 PM Author: ivory theatre understandable
just letting u know what's possible. i mean the guy works 5 hours a month on average. sending emails and doing a few calls. he's jewish and only 35 years old if that helps. absolutely crushing it money wise $$$$$$$$$$$$$$$$ |
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Date: August 6th, 2020 4:19 PM Author: Free-loading jewess so your friend is a thief? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716095) |
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Date: August 6th, 2020 4:27 PM Author: ivory theatre yes he's a 35 year old jew who lives in texas
i remember this story vividly because he missed our mutual friend's bday party and then later bragged about it to us.
ending the convo with "u understand right? anyways here's ur present". |
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Date: August 6th, 2020 4:29 PM Author: bossy electric hospital police squad Sounds like another similarly aged jew we know here (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716147) |
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Date: August 6th, 2020 4:32 PM Author: Yellow Macaca your buddy should be hanged (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716164) |
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Date: August 6th, 2020 4:40 PM Author: gay rigpig This is some Asian pumo who make up shit. He doesn’t have any friends, let alone successful ones. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716211) |
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Date: August 6th, 2020 4:42 PM Author: ivory theatre u've been really angry since unemployment was cancelled.
when do you think you'll be able to calm down? |
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Date: August 6th, 2020 4:45 PM Author: gay rigpig (Another nowag making up stories on the internet)
And before you claim to not be Asian, just know it’s even more pathetic for you to be who you are if you had the advantages of being white. |
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Date: August 6th, 2020 4:48 PM Author: ivory theatre i'm happy enough knowing how miserable and triggered u are LOL (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716254) |
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Date: August 6th, 2020 4:50 PM Author: gay rigpig Keep up the boating you prestigious internet man (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716264) |
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Date: August 6th, 2020 4:52 PM Author: ivory theatre (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716268) |
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Date: August 6th, 2020 5:38 PM Author: useless business firm background story (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716558) |
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Date: August 6th, 2020 8:39 PM Author: sepia lodge mad-dog skullcap Well those are crimes. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40717344) |
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Date: August 6th, 2020 2:56 PM Author: sepia lodge mad-dog skullcap Wrong. Slumlords are still some of the richest guys on the DL in every city. You just have to do it by the book, and the book is horribly biased in favor of landlords.
There was a recent book on the topic and the author showed pretty clearly that renting to poors was BY FAR the most profitable.
https://www.amazon.com/Evicted-Poverty-Profit-American-City/dp/0553447459
Edit: the book won a Pulitzer |
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Date: August 6th, 2020 4:43 PM Author: gay rigpig Slumlords are a whole different story. They are politically connected. Cops will actually help them evict and look the other way when they have to get roughy with a tenant. Average Joe gets his ass raped when he tried to rent to poors in a shitlib city (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716233) |
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Date: August 6th, 2020 2:50 PM Author: snowy space Lol I remember dealing w those jackleg "maintenance" guys (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715651) |
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Date: August 6th, 2020 2:58 PM Author: honey-headed corner yarmulke not really in the hole if they are equity building repairs (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715694) |
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Date: August 6th, 2020 3:52 PM Author: Scarlet Rigor Pistol Good goy. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715972) |
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Date: August 6th, 2020 3:39 PM Author: Free-loading jewess great thread (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40715880) |
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Date: August 6th, 2020 7:08 PM Author: splenetic multi-colored legend True. Real estate is a shady investment. OP bought a 90yo house in some college town where he overcharges college dimwits for shitty property. So they make demands like it's a new house. The person who wins is the property manager or plumber. But if u buy a luxury apt, even more problems. Hoa may require $2000 application/movein fee. Then they raise HOA each year. And then it still breaks down after a few years and needs repairs or new ac just like a house (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40716956) |
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Date: August 6th, 2020 8:04 PM Author: green french chef location fire the PM. flat out tell him costs are too high. start doing the repairs on your own and just rehire one when it gets unmanagleable
i wouldn't be surprised if he was a) receiving kickbacks from the subcontractors b) exageratting the number of calls (girls call and say XYZ is broken and he breaks it into separate calls and finds ABC broken as well) c) outright frauding you on shit that never broke or was repaired d) banging one of the girls or e) all of the above
the ATL rental market and it's players are extremely shady, and things have gotten exponentially worse since airbnb |
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Date: August 7th, 2020 12:18 AM Author: Burgundy Boltzmann Station why are you using a property manager? are you retarded? (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718387) |
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Date: August 7th, 2020 12:20 AM Author: offensive foreskin therapy Property managers are basically flame (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718391) |
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Date: August 7th, 2020 12:24 AM Author: Burgundy Boltzmann Station they are ALWAYS going to try to rob you and they are ALWAYS going to send someone out the second a tenant calls complaining about nothing instead of 90% of the time resolving the "problem" with a few follow up questions. they'd send someone out to change the fucking AC filter if the tenant asked and theres no accountability. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718403) |
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Date: August 7th, 2020 9:14 AM Author: offensive foreskin therapy Correct they are so bad that I ended up self managing. Truly the adage if you want to do something correct do it yourself. (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40719179) |
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Date: August 7th, 2020 12:25 AM Author: Excitant garrison voyeur This thread convinced me to never buy a house (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40718410) |
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Date: August 7th, 2020 11:17 AM Author: sepia lodge mad-dog skullcap (doodikoff) (http://www.autoadmit.com/thread.php?thread_id=4598455&forum_id=2#40719620) |