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baquerd posted:Bit off track here. Plenty of relationships aren't business relationships, but landlord-tenant is definitely one of them. Sounds like you should be fired, then, since you provide no actual value to the relationship.
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Mar 30, 2019 17:03
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so your experience in rental property is buying it, handing it off to the property management company and that's it? how often is buying it down to the management company or another third-party? what's the biggest task you've handled?
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Mar 30, 2019 17:03
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So by your own admission you don't actually do any productive work yourself that the management company couldn't? Like if you just stopped making your "key decisions" tomorrow and pawned it all off on the management how would this meaningfully impact the lives of your tenants? You don't actually do productive things for society, you're not contributing anything, you're a loving leech with a magical piece of paper that says you're the one who gets to control other people's basic needs and use that to extort rent while generating no value for society. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 17:04
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Wiggly Wayne DDS posted:so your experience in rental property is buying it, handing it off to the property management company and that's it? how often is buying it down to the management company or another third-party? what's the biggest task you've handled? No, any decision over $200 impact is made by me, as well as any changes in tenancy, as again, if they gently caress I'm on the hook. Crazycryodude posted:So by your own admission you don't actually do any productive work yourself that the management company couldn't? Like if you just stopped making your "key decisions" tomorrow and pawned it all off on the management how would this meaningfully impact the material conditions of your tenants? You don't actually do productive things for society, you're not contributing anything, you're a loving leech with a magical piece of paper that says you're the one who gets to control other people's basic needs and use that to extract rent while doing no meaningful work. Well, until something went wrong, the tenants wouldn't be effected much. Once something happened, they would need to pony up somewhere between hundreds and tens of thousands of dollars in short notice or potentially die from exposure to cold or the elements. If they wanted to change that deal, they could of course buy their own property.
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Mar 30, 2019 17:14
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Alright, I tried. Going to have to handle this the way we handle derails that just keep coming up in another thread I'm not even mentioning so that it doesn't get ruined too. Discussion about the social impact or morality or whatever about renting gets its own thread, and this one is for, well, what it's always been- landlords and potential landlords asking questions, etc. Direct all your societal concerns to the other thread, and continuing to post about it in here or coming here from other subforums to troll will lead to probes. Probes for proles. Here, for your slapfights: https://forums.somethingawful.com/showthread.php?threadid=3885970 Moneyball fucked around with this message at 17:18 on Mar 30, 2019 |
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Mar 30, 2019 17:15
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Simpsons Reference posted:Alright, I tried. Going to have to handle this the way we handle derails that just keep coming up in another thread I'm not even mentioning so that it doesn't get ruined too.
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Mar 30, 2019 17:31
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TouchyMcFeely posted:I've kicked around the idea of purchasing a rental property on and off for a few years now. Financially, I'm getting close to the point where purchasing a rental property could be feasible.
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Mar 30, 2019 17:37
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It sounds like a whole lot of people should head on over to the home buying thread
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Mar 30, 2019 17:53
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Simpsons Reference posted:Alright, I tried. Going to have to handle this the way we handle derails that just keep coming up in another thread I'm not even mentioning so that it doesn't get ruined too. lol a bunch of parasites being called out on what they are or you know being at least asked to try to justify their poisonous actions isn't a slapfight, it cuts right to the core of the industry. gently caress safe spaces for landlords. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 17:53
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so discussing the state of the industry and driving forces behind it is off-topic at this stage? what are the whitelisted topics left?
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Mar 30, 2019 17:57
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TouchyMcFeely posted:I've kicked around the idea of purchasing a rental property on and off for a few years now. Financially, I'm getting close to the point where purchasing a rental property could be feasible. Hey, well the first thing to know is that you need to find a rental that makes sense to own. If a rental doesn't make a profit, there's generally no financial point in buying or owning one. How do you determine that? There are some different ways, but unless you just want to ballpark things, you need to understand the total cost of ownership. That cost is broken down into a few large areas: 1. Initial costs - this includes down payments (25% for residential real estate as for your first property you probably don't want to go over 4 units), closing costs, tax transfer stamps, paying setup costs for property management and ultilities, etc. This would also factor in big expenses revealed by your inspection (always get an inspection) 2. Ongoing maintenance costs - these are fairly regular expenses that occur in most months. Insurance, mortgage interest, property tax, utilities, property management if you elect for them, repairs, supplies, landscaping, snow removal, etc. 3. Irregular expenses - how long has it been since somewhat major things like roofs, HVAC, exterior paint, driveway repair, etc. have been handled? Most things have a typical lifespan and as you approach that lifespan you need to pay more attention to and weigh more heavily the expected costs into your calculations. That's a lot to take in, but some research and a few calls will figure out most of these things, at least in the general ballpark. Be pessimistic so as not to get a bad surprise down the line. You can also ask the seller for actual records (rent roll, utility bills, etc.), and they will certainly provide these once you've put in an offer. If you're not scared off yet, you need to then look at expected income. Pull demographics and understand the environment you're investing in. What sort of vacancy rate are you expecting, how much crime is in the area, is the area growing or shrinking in population, are there major law or tax changes on the horizon, are there big businesses expected to move in/out of the area, are there property management companies that can be trusted in the area, etc. Plan ahead and keep informed about changes in the community. Once you have a decent understanding of anticipated income and expenses, you can start to figure out if the risk/reward is suitable for you given the effort, work, and risk of your investment. I don't have a go-to for this stage of things, but this article seems pretty good: https://affordanything.com/income-property/
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Mar 30, 2019 18:00
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Go back about ten pages before CSPAM found this, see what things look like, pretty much that. We now have an anything goes thread, so feel free to bring up anything about the industry, guillotine crafting, etc Thanks bacquerd for the effort post reply to a six year old question
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Mar 30, 2019 18:02
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Simpsons Reference posted:
If you're just starting out you may "wish you had known from the beginning" that you're getting into a business that can get you killed. I found that helpful when I was thinking about becoming a landlord, and ultimately decided I wasn't really interested in killing or dying for profit. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 18:05
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Kobayashi posted:If you're just starting out you may "wish you had known from the beginning" that you're getting into a business that can get you killed. I found that helpful when I was thinking about becoming a landlord, and ultimately decided I wasn't really interested in killing or dying for profit. I hope you aren't any particular religion. Or atheist. Or believe in science, because history has some more bad news for you...
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Mar 30, 2019 18:07
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ThomasPaine posted:lol a bunch of parasites being called out on what they are or you know being at least asked to try to justify their poisonous actions isn't a slapfight, it cuts right to the core of the industry. gently caress safe spaces for landlords. The capitalist is the direct exploiter of the workers, not only the direct appropriator but the direct creator of surplus-labour. But since (for the industrial capitalist) this can only take place through and in the process of production, he is himself a functionary of this production, its director. The landlord, on the other hand, has a claim—through landed property (to absolute rent) and because of the physical differences of the various types of land (differential rent)-which enables him to pocket a part of this surplus-labour or surplus-value, to whose direction and creation he contributes nothing. Where there is a conflict, therefore, the capitalist regards him as a mere super-fetation, a Sybarite excrescence, a parasite on capitalist production, the louse that sits upon him. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 18:13
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Wiggly Wayne DDS posted:so discussing the state of the industry and driving forces behind it is off-topic at this stage? what are the whitelisted topics left? How much should I raise the rent on a family that's lived in the same place for 8 years? 100 or 300 per month? Keep in mind that I have never and will never meet them, as they live four states away. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 18:41
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does this thread include airbnb?
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Mar 30, 2019 18:46
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Speleothing posted:How much should I raise the rent on a family that's lived in the same place for 8 years? 100 or 300 per month? Keep in mind that I have never and will never meet them, as they live four states away. You want to extract enough that they're nearly starving, but not actually starving. If they're actually starving, they might choose to pay for food instead of rent, and then your returns will be sub-par. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 18:48
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Speleothing posted:How much should I raise the rent on a family that's lived in the same place for 8 years? 100 or 300 per month? Keep in mind that I have never and will never meet them, as they live four states away. is there an equivalent to an energy performance certificate anywhere in the US? it's a pretty useful consumer look at how much money they're losing a month over building issues that the landlord should improve. the carbon sections are in need of improvement tbf e: well it looks like this thread isn't intended for any landlord discussion at all. until the moderation policy changes i'll be keeping my knowledge away from here
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Mar 30, 2019 18:57
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Ruzihm posted:does this thread include airbnb? I would be really interested in learning more about airbnb rentals. I'm concerned about the additional risks though I've heard it can be incredibly lucrative.
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Mar 30, 2019 18:59
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Ruzihm posted:does this thread include airbnb? It should. Same type of problems/issues except with a lot more variability and shorter tenant duration. I'm a huge fan of AirBNBs in random american cities, like in Pittsburgh where you get a 3 floor townhome for next to nothing. Having spoken to a lot of folks who go out on a limb with airbnb, their goals, with various degrees of sophistication, seems to be keeping it simple. Lots of basic home automation to make the house as close to idiot proof as possible. As an engineer I have seen some real clever poo poo as far good looking durable finishes and architecture is concerned. osker fucked around with this message at 19:07 on Mar 30, 2019 |
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Mar 30, 2019 18:59
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Wiggly Wayne DDS posted:is there an equivalent to an energy performance certificate anywhere in the US? it's a pretty useful consumer look at how much money they're losing a month over building issues that the landlord should improve. the carbon sections are in need of improvement tbf This is definitely an interesting and relevant question for landlords. My utility company (same for my residence as my rentals) sends me graphs showing relative energy usage compared to the neighborhood, and you can request free energy audits that are actually pretty neat and even give you free LED bulbs in some cases. I've never heard of energy audits that actually predict how much you would save outside the individual appliance level though. In my places, tenants only pay water so there's no need to inform them regardless.
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Mar 30, 2019 19:07
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Wiggly Wayne DDS posted:is there an equivalent to an energy performance certificate anywhere in the US? it's a pretty useful consumer look at how much money they're losing a month over building issues that the landlord should improve. the carbon sections are in need of improvement tbf You can get a mechanical/energy engineer to do an audit, and on the back of that do retro-commissioning to optimize your mechanical/electrical systems. In my experience it isn't worth getting an engineer involved for anything less than a 50,000 sq ft property because you can probably read-up and make your own decisions on how to save energy on the property. I have worked on several projects where the developer/landlord opted to go all electric for heating/cooling and also provided huge windows which made the apartments seem loving awesome until the tenant got an electric bill. EDIT:^^^^ ASHRAE level 2 & 3 reports normally will give you a monthly dollar savings and energy conservation measure simple payback time period since those reports consider your historical energy costs. osker fucked around with this message at 19:23 on Mar 30, 2019 |
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Mar 30, 2019 19:20
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That reminds me of projects in North Dakota built in the last oil boom by developers from the sunbelt, literally blocks from a plant that processes natural gas for distribution, and they used electric baseboard heat...
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Mar 30, 2019 19:30
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crazypeltast52 posted:That reminds me of projects in North Dakota built in the last oil boom by developers from the sunbelt, literally blocks from a plant that processes natural gas for distribution, and they used electric baseboard heat... The messed up thing is that fly-by-night-boom-bust developer/insurance/financing outfits essentially love these systems because they get better insurance rates if the tenants have no gas appliances, better financing because you're pushing maintenance and utility billing to the tenant. With that money the developer makes a skin-deep beautiful thing that only has to last until they sell some number of condo/coop units before saddling the condo/coop board with a dog of a building (energy-wise). I no longer engineer condo buildings because the insurance premiums for me taking on the work is dumb as hell. My broker quotes me on the basis that there will be an almost guaranteed contractor/engineer/coop-board/developer circular firing squad
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Mar 30, 2019 19:43
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They were all rental buildings, so thankfully that wasn’t a factor. When Baker Hughes/GE/Halliburton/Schlumberger show up and want to lease entire buildings for their workers, there isn’t much in the way of caring about views or anything like that, more how fast can you build this thing, oil is $100 a barrel and they need bodies to get it out of the ground.
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Mar 30, 2019 19:47
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Sup gents, a bunch of my renters seem to be getting together to form some kind of "tenants union" which, given all the other bad stuff with the word "union" in it (e.g., labor unions, the Soviet Union, the Union in the Civil War), has me a little spooked. What should I do when they inevitably demand I "turn the heat on for more than two months" or "address the fact that the water smells weird"? If I can identify the ringleaders, will evicting them put the fear of God into the rest? Thanks in advance.  (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 19:50
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GunnerJ posted:Sup gents, a bunch of my renters seem to be getting together to form some kind of "tenants union" which, given all the other bad stuff with the word "union" in it (e.g., labor unions, the Soviet Union, the Union in the Civil War), has me a little spooked. What should I do when they inevitably demand I "turn the heat on for more than two months" or "address the fact that the water smells weird"? If I can identify the ringleaders, will evicting them put the fear of God into the rest? Thanks in advance. You must be trolling, but most municipalities have two conditions for heating, one is a heating season with a start and end date, the other is temperatures dipping below 55f indoors regardless of date. With respect to stankwater, if you're pumping it out of a well, there are water quality/treatment requirements. If youre getting it from your municipality and they aren't meeting the standards than ya'll can unionize and sue that authority together.
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Mar 30, 2019 20:09
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osker posted:You must be trolling, but most municipalities have two conditions for heating, one is a heating season with a start and end date, the other is temperatures dipping below 55f indoors regardless of date. With respect to stankwater, if you're pumping it out of a well, there are water quality/treatment requirements. If youre getting it from your municipality and they aren't meeting the standards than ya'll can unionize and sue that authority together. Oh I've never worried too much about what the city says I should be doing, because the city doesn't seem to care about the... type of people who rent from me. It's been a good arrangement so far! (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 20:13
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Yeah you’re a troll, but for anyone else reading: not playing by the city’s rules is a great way to have your rental licenses revoked, your insurance voided when your building burns down from space heaters in the units, your contracts cancelled when someone from the public housing authority wants to inspect the units you are taking Section 8 vouchers on, and you want to refinance your mortgage with anyone except a loan shark. Implied warranty of habitability applies in most states, so if you actually are turning off their heat in the winter, they can withhold rent until you fix it and you’re going to have the sheriff dragging their feet if you are filing evictions against people who don’t have heat in the winter. Searching your state’s apartment trade organization should be able to point you to actual laws on what your rights and responsibilities are as a landlord and let you find a form lease that has had lawyers review it at any time since the 1870s.
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Mar 30, 2019 20:57
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Wow, the sheriffs dragging their feet on evictions sounds like a nightmare, I'd want to speak to the police manager in that case for sure!
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Mar 30, 2019 21:02
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You can always hire out private to get the message across, anyhow. Don't let the tax-sponging leeches at the police department stop you from enforcing your rights as a property owner (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 21:04
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Okay, now this is interesting. What are we talking about here, private security firms? Something a little less, eh, "official" maybe?
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Mar 30, 2019 21:08
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GunnerJ posted:Okay, now this is interesting. What are we talking about here, private security firms? Something a little less, eh, "official" maybe? I know a guy at Pinkerton's I can hook you up (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 21:20
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Simpsons Reference posted:Here, for your slapfights: https://forums.somethingawful.com/showthread.php?threadid=3885970 You should charge the posters in this thread a monthly fee for this safe space. (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 30, 2019 22:32
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osker posted:You must be trolling, but most municipalities have two conditions for heating, one is a heating season with a start and end date, the other is temperatures dipping below 55f indoors regardless of date. With respect to stankwater, if you're pumping it out of a well, there are water quality/treatment requirements. If youre getting it from your municipality and they aren't meeting the standards than ya'll can unionize and sue that authority together. It's nice to know there is a "heating season" that can be worked around. Thanks, friend.
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Mar 31, 2019 00:25
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Big Coffin Hunter posted:It's nice to know there is a "heating season" that can be worked around. Thanks, friend. what if temperatures become increasingly unseasonable for reasons
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Mar 31, 2019 00:36
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Ramc posted:what if temperatures become increasingly unseasonable for reasons I misspoke earlier about what the lower temperature bound was for the indoors. If you live in a semi-functional state/municipality you'll have something like this: quote:Hot water must be provided 365 days per year at a constant minimum temperature of 120 degrees Fahrenheit. Of course, the concept of heating season gets defined by your climate zone and engineering guidelines so it isn't a number that just gets pulled out of a politician's rear end unless you live in the south or some sort of republican Galt's Gulch poo poo.
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Mar 31, 2019 00:42
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osker posted:Of course, the concept of heating season gets defined by your climate zone and engineering guidelines so it isn't a number that just gets pulled out of a politician's rear end unless you live in the south or some sort of republican Galt's Gulch poo poo. ok what if you don't live in a state where science determines that
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Mar 31, 2019 01:11
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baquerd posted:I would be really interested in learning more about airbnb rentals. I'm concerned about the additional risks though I've heard it can be incredibly lucrative. Removing long-term rental units from the market in favor of high-profit hotelling is actually worse, for the community, than 'just' being a rent-seeker. The fact that you're considering it proves that you have no interest in ethics. Speleothing fucked around with this message at 03:16 on Mar 31, 2019 |
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Mar 31, 2019 03:09
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