Being a landlord, tips?

Spunky Porkstacker

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one was a no brainer- bought one next door because I hated the renters and my mom needed a place to live.

The ones I have for income I have been pretty close to the rental price (gross) X 72 = amount I will spend on the place (purchase and rehab)
I have a good handle on the going rental market the area I live and buy in, so it works out pretty well. I price my places 50 bucks lower than average and pick up the water and garbage bill out of my pocket.

I do all the work myself, so that saves a ton of money- I wont buy anything that needs more than I can handle.

..to add to it- I doubt I would buy in a subdivision with a strict association. my area is very rural so work trucks and boats and whatnot are just fine. I am fully unprepared to buy in an area with a thousand rules on what can and cannot be in the driveway.
Had a buddy who's car got towed out of his driveway in a townhome he rented- the reason...He had a snowboard rack on his suv.
No ladder racks or any other racks allowed, under penalty of tow. **** that.

That rule is such bullshit for me. Are people so bothered by a sports rack?
 

BNB

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3-Don't collect the rent in any fancy vehicle. If you have an older vehicle, let them see that one. If they are late tell them the bank is on you're ass and you need the money. A friend has about twenty rentals in Gallup, NM and he says it works out pretty good for him.

TIP: Don't pick up the rent to begin with. Have them pay online. Safer/easier.
 

Tater

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It is where there are neighborhood/condo associations involved. Some are stricter than others.


Our association has a guy with a camera walk though at least once a week looking for "issues". Our garden hose was in back (unhooked from the faucet). It is coiled up neatly in a hose caddie with wheels. We got a letter with a picture of it saying it was a violation. He also took a pic of a 1½" hole in our screen door and we got another picture in the mail from them. I want out so bad... Plus, I'm now out to get this weaselly guy with the camera.
 

airtime143

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Our association has a guy with a camera walk though at least once a week looking for "issues". Our garden hose was in back (unhooked from the faucet). It is coiled up neatly in a hose caddie with wheels. We got a letter with a picture of it saying it was a violation. He also took a pic of a 1½" hole in our screen door and we got another picture in the mail from them. I want out so bad... Plus, I'm now out to get this weaselly guy with the camera.

What kind of asshole spends his time doing shit like that?!?

I feel for you man- My job brings me in contact with associations frequently and there are some power-tripping assholes out there that get a thrill out of being that way.
 

gpphat

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TIP: Don't pick up the rent to begin with. Have them pay online. Safer/easier.

all of my tenants pay me through paypal or zelle
 

Burque

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Our association has a guy with a camera walk though at least once a week looking for "issues". Our garden hose was in back (unhooked from the faucet). It is coiled up neatly in a hose caddie with wheels. We got a letter with a picture of it saying it was a violation. He also took a pic of a 1½" hole in our screen door and we got another picture in the mail from them. I want out so bad... Plus, I'm now out to get this weaselly guy with the camera.

We had a Nazi association when we lived in Mesa, AZ. They are common in AZ. I parked my truck with my tire 1/2" off the edge of the driveway (on the rocks), so most of the tire on the driveway with a bit hanging off and we got a 27$ fine for it.
 

Ares

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Damn.... these nazi associations...

I been in mine for like 4 years now.

Only had 2 issues...

1. I had my heavy bag mounted to a common wall and the neighbor could hear it so they sent in a noise complaint... I got a letter from the management company which was annoyingly vague about the noise complaint and I had to call to get it explained. Once I knew the issue I moved it off the common wall and it was not a problem.

2. New management company took over last year and started doing walk-thrus and wrote me a letter because I had a garbage can on my patio.... it had been there unnoticed for 2.5 years and no one cared, but it is against the rules so I moved it inside.

None of my neighbors give me any trouble.
 

Guess Who

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My association is pretty cool. They even let me keep my Trump signs up well after the election.
 

remydat

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1. I know people like the background checks but I find getting a letter and recommendations from their employer, employment history, as well as bank information to be more reliable. It provides a much more accurate picture regarding how stable their job is and how much money they have. Credit history is all good and well but people can acquire bad credit or maintain good credit as a result of circumstance so the key is making sure the person has the funds and lives in a way that they can weather the occasional setback.

2. If you have a mortgage, try and pay it off as soon as possible or use cash to purchase if you can. It is tough making profits when your rent has to cover both the HoA and the Mortgage. It also helps if you have any lag between tenants as you are only paying out of pocket for the HoA.

3. Get on the board or be active in the HoA. Makes it a lot easier to protect your investment when you have some pull. Even if you aren't on the Board, getting to know the people on the Board and becoming friends helps if issues arise as well as ensures you are up to date on any assessments or other things the Board is contemplating.

4. Put in the contract, your ability to inspect the condo at a time arranged with the tenant. I then would inspect it every 3 to 6 months depending on your read of the tenant just to make sure they are maintaining the place decently. If they are untidy or if there is damage to the place they haven't made you aware of, you can then fix or have them fix it before it becomes a bigger issue as well as start planning to replace them if you don't like how they are maintaining the property.
 

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