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Bloodnose posted:Am I a weirdly easy tenant? Are there that many people out there who make trouble for property owners and cost them crazy amounts of money and make renting unprofitable? Is it because I rent in newer buildings that don't require expensive upkeep? Yes, basically you're a model tenant in a nice building. I worked for a local If you want to find out for yourself, it's not hard to become a landlord. Read the fatwallet thread or any of the other RE investing forums out there to get a feel for it.
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May 13, 2013 09:23
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Bloodnose posted:Yeah, my area (Hong Kong) is in the midst of a ridiculous property bubble that when it finally bursts will make for some great real estate investment opportunities. And I've always been a more conservative investor in that I'd probably prefer long-term renting over short-term speculating. Yeah, people think it's really easy until they do it. Done right, mind you, it's not hard, but it does take effort, especially to set up everything to do it right (eg: have to have someone to handle all sorts of emergencies, must "train" your tenants to pay on time and not gently caress up the place too badly, have to screen tenants, and navigate the local courts when it all goes wrong). For example on costs: the lady with the dog mentioned before ended up costing ~$3500 in damages along with $900 in unpaid rent when she left. She left a $900 security deposit behind. $3500 is about a year's worth of profit on that house, in addition to the month it was off the market for repair (another $900), and having to find a new tenant in the off season. A bad tenant can easily kill several years profit. My old landlord ended up $20k in the hole after one of his rentals went south on him (OTOH, that was largely his fault for renting section 8 without understanding the program properly, then being a dick when he got called on it by the Housing Authority).
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May 13, 2013 16:14
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Has anyone owned rental property in the DC area? Wondering how bad DC landlord-tenant laws are and how expensive it ends up being to keep the place up.
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May 16, 2013 10:34
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TheLizard posted:MD, DC or VA? All three. I'm in VA, but looking at jobs on the MD side as well, and a few in the city proper. I'd prefer VA, since I know the law on this side of the river, but there's not too good rental property in the suburban sprawl that makes up this side of the Potomac.
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May 16, 2013 16:38
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Tony Montana posted:Generally, renting the place with furnishing like a washer or a fridge for the increased rent, or having the place completely bare and the tenants supply their own poo poo (to break).. which makes more sense from the cash flow perspective? That heavily depends on your local market. EG: Here in the DC area, there are very few rentals (at least in the <$2500/mo markets) that don't provide most appliances. Higher end places are always down to what you work out with the tenant, but IME, most tenants expect a fridge, stove, washer and dryer (if the unit has hookups for one) or laundry in basement, etc.
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Oct 19, 2013 15:21
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DNova posted:Does anyone in this thread own commercial property? Man, it seems so enticing to lease out a property on triple net terms, but in my area it seems like you either have tenants permanently or a constant flux of tenants going out of business rapidly and leaving you vacant more than not. Sounds like you want a http://en.wikipedia.org/wiki/Credit_tenant_lease. Hope you've got *deep* pockets.
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Oct 30, 2013 20:22
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Yeah, you only get a CTL if the lease is long, with a nationally known tenant, triple-net or bondable, and the property is typically brand new. Mixed use properties (commercial + residential) would not qualify. CTLs are typically single-tenant new buildings (eg: 7-11s, CVS, Dollar General are all common names). Multi-tenant retail, particularly strip malls, has been hti really hard lately; banks are getting a bit shy on lending without solid numbers, experienced ownership and long leases from good tenants.
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Oct 31, 2013 19:27
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Bloody Queef posted:Can anyone speak to the unique differences between managing a multi family property versus a SFH? It's mostly that you'll have more turnover (people see apartments as a place to live, where a house is "home"), and possible tenant conflicts (though I've found those are pretty rare). A lot of 2/3/4 unit properties in older areas are shoddy conversions from single family houses, and that can cause some major issues WRT permits and construction quality when you go to fix something. That said, 3-4%/month!? Where is this place?
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Apr 29, 2014 16:15
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Bloody Queef posted:I posted this when I was looking at just numbers, but just the purchase price and rental income don't tell the story. I actually did a walk through and found out the previous owner was a straight up slum lord. Roaches everywhere, holes big enough to fall through in the floor/ceiling between units, water damage everywhere. I like the location, but I don't have the cash to gut it and fix it, and I'm not going to keep the current situation as is and just rake in the cash. That's a ridiculously good price:rent ratio, even if the condition is crappy. I couldn't buy the land for a building like that at that price here (DC area), much less a building. Even the crack-den slumlord specials here are more like 2%, and that's with all utilities paid by the landlord.
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Apr 30, 2014 13:46
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