Being a landlord sucks

[markrowan]

@inutah Youre a leech on society

 

[joeforchrist]

@inutah Thank you. I cannot think of a more painful, exhausting gut wrenching asset class than property ownership.

My stocks don't need retiling. There's no noise complaints of police or court over disputes. Ick.

 

[inutah]

@joeforchrist Glad to know it’s not just me.. growing up, my parents glorified home ownership and how many houses our family friends equated to how successful they were. I guess it’s not for everyone

 

[candies]

@inutah Oh my...let me suffer this pain so you don't have to by donating all to me

 

[gintotski]

@inutah Imagine going to bed tonight in your tent because you literally cannot afford a roof over your head and this dumbass is wingeing cause he just realised he can't make more money because IPs require maintenance and aren't a risk free investment

 

[inutah]

@gintotski Reddit really doesn’t like people who do well in life huh

 

[jmiahman]

@inutah Australian tall poppy syndrome

 

[layton17]

@inutah Then.. sell them. Nobody forced you to buy three IPs.

What a thing to complain about.

 

[inutah]

@layton17 I probably shouldn’t complain about my yacht then

 

[godly_wife]

@inutah This is rage bait.

In case its not, suffer in your jocks

 

[resjudicata]

@inutah I had 1 IP but never got to the point of positive gearing though. I had real estate agency doing the property management. I get emails maybe once every 2-3 months with request and it’s usually a one liner reply something along the lines of Yes, please go ahead and do that, thanks. That was the extent of work. Perhaps it’s the area and tenant selection? The prices on your IPs indicate otherwise though.

 

[inutah]

@resjudicata Emails once every 2-3 months is ideal! Even monthly would be manageable. I think we have been unlucky with both tenant choices and property managers.

 

[lostchildinohio]

@inutah It is something you have to work through because it can be mentally exhausting.

What works for me is only checking emails once a fortnight/month, dependant on how your payments are set up. And that is all you really need to do. If it is an emergency, the agent will call you.

 

[resjudicata]

@inutah yep it's shit until you realise a capital gain of decent value

 

[iazlover]

@inutah Sell then. On paper you have about $2m equity minus whatever CGT is payable.

Go and enjoy life with the money left over.

 

[dubbz]

@inutah Owning property is easy when you know what you’re doing. This all sounds like peanuts. Sorry. Just change property manager or tenant to one you don’t hear from. As a “professional” you should have the brains ? I’ve been a Landlord for 20 years never had these problems.

 

[emeline]

@inutah Seems like you just have shit tennants.

 

[unenchantedlight]

@inutah I didn't feel it was that bad in my experience, the PM contacts you from time to time, something needs repairs and you get it fixed. Sometimes you get bad tennants, one of my IP in the UK was in a rough area, you accept that.

The reason why I sold my IPs is because I didn't want to deal with any drama at all when I was retired. I'd rather just have a share portfolio and my super, nice and easy, no one asking me for anything, don't have to deal with tennants or even worse, PMs.

 

[sallama]

@inutah There are three rules of being a rich and unstressed landlord:

- buy only for the land value and long term capital gains.

- buy dumps because wear and tear is inevitable and expensive. It only matters that it can be legally rented.

- do no more repairs than legally required.

Don't buy new high rise units or student accommodation. Rental guarantees are a total scam

Don't buy expensive houses in average areas. The poor returns and maintenance are killers.

Don't be tempted by the high returns from country towns. You won't get any capital gains.

 

[samofgerald]

@inutah Those investment properties sound like a terrible time for you, but luckily for you, I can take them off your hands for nothing.