@fantomas318 True but I never intend to sell them. I'll hold on pretty much forever. People will always be renting especially on the area I'm in.
Today at 34 years, 1 month and 2 days old - I hit 100k in my 401k (with company 4 years), and 1M net worth
- Thread starter bargeld
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comingfrom
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ladyapostolic
New member
@comingfrom I can’t be the only one who has a dark and ironic sense of humor that thinks this hilarious in this context
michaellovelett
New member
@resjudicata This plus the judgment over what other people are spending their money on, all pretty gross.
resjudicata
New member
@michaellovelett Agreed. Especially this.
Sounded pretty judgy/ out of touch with the struggles of many.
Sounded pretty judgy/ out of touch with the struggles of many.
@resjudicata Do you honestly expect better from someone who is proud that they earned income by filling out forms then doing some math to make sure they come out ahead when they rent it?
Sure, it takes some shopping and financial skills to be a landlord, but let's not pretend it's hard, honest work. If they are moving into blighted neighborhoods and turning a dump into a nice home, sure, that's a good thing since it adds good housing to the area. But chances are they are just painting some walls and taking good homes off the market for other buyers.
Sure, it takes some shopping and financial skills to be a landlord, but let's not pretend it's hard, honest work. If they are moving into blighted neighborhoods and turning a dump into a nice home, sure, that's a good thing since it adds good housing to the area. But chances are they are just painting some walls and taking good homes off the market for other buyers.
@resjudicata Yeah didn't mean it like this. As mentioned below, just want houses to come on the market and for houses to not be as expensive as they are right now.
resjudicata
New member
@bargeld I get what you’re saying. It makes sense. It just reminded me of this scene. It’s ok as long as you don’t dance 
.
.@resjudicata Thank you. It's such a shame this is not the top comment. This person sounds like a greedy sociopath. Nothing to congratulate here.
bdaroowala
New member
@bdaroowala You realize there is a huge demographic of people who DON’T want to own a house. Who don’t want to mow a lawn. Who don’t want to fix an AC. Who don’t want to pay for a new roof. Who don’t want to update a bathroom. Who leave town and don’t want to worry about their home sitting empty.
Renting is exactly for them. And it can’t be done if their aren’t people who own property to rent them out.
Renting is exactly for them. And it can’t be done if their aren’t people who own property to rent them out.
lasturianu
New member
@kc316 I’ve been renting and would have bought already if home prices wouldn’t have nearly tripled in the last 6-8 years. Tons of people buying up just to rent has put home purchases out of touch for a lot of people. Compound that with people buying just to rent out via short term rentals and it makes the housing shortage even worse and renting longer to save for a down payment far longer.
resjudicata
New member
@resjudicata So. I have a rental property. Small two bed one bath single family home.
My mortgage including taxes and insurance is $575 a month.
My renter pays $875 a month. So I should profit $300 a month.
$3600 a year profit you say.
Here is how this year has gone.
Neighbors house caught on my fire. The fire department responded when my renter noticed the fire. The fire department cut down my 6’ privacy fence to fight the fire. It cost me $2000 to replace.
Now my profit is $1600 for the year.
Then the city marked my sidewalk and driveway saying they needed to be replaced due to cracks. Hire a guy to remove and replace. $2500 dollars.
Now my “profit” is -$900.
Then the AC stopped working. It was 90 degrees outside. Was going to take 3 days to come check out the unit. In the meantime I purchased a portable AC unit. $400.
Now my profit is -$1300.
The AC service call to replace the unit was $324 and it needed a new thermostat which cost $40.
Now my profit is -$1664.
Then the oven stopped working in the range. Needed a new oven. Found a nice one on craiglist for $150. Dropped it off and replaced the unit.
Now my profit is -$1814.
It’s only July. How much more money might I lose on this property? Who knows.
So please. Tell me about my profit this year? Obviously I won’t need new sidewalks next year. Hopefully the property next door doesn’t catch fire and cause me to lose the fence again. Hopefully the AC continues to work. Hopefully the fridge doesn’t go out. But who knows.
What the tenant knows though is her house is well taken care of. Her landlord is responsible and responsive and takes care of any and all issues to insure her and her family are comfortable.
This is the risk we take being landlords. Houses require upkeep and stuff breaks. It’s my job to make sure they get fixed. It’s the tenants job to pay their rent.
My mortgage including taxes and insurance is $575 a month.
My renter pays $875 a month. So I should profit $300 a month.
$3600 a year profit you say.
Here is how this year has gone.
Neighbors house caught on my fire. The fire department responded when my renter noticed the fire. The fire department cut down my 6’ privacy fence to fight the fire. It cost me $2000 to replace.
Now my profit is $1600 for the year.
Then the city marked my sidewalk and driveway saying they needed to be replaced due to cracks. Hire a guy to remove and replace. $2500 dollars.
Now my “profit” is -$900.
Then the AC stopped working. It was 90 degrees outside. Was going to take 3 days to come check out the unit. In the meantime I purchased a portable AC unit. $400.
Now my profit is -$1300.
The AC service call to replace the unit was $324 and it needed a new thermostat which cost $40.
Now my profit is -$1664.
Then the oven stopped working in the range. Needed a new oven. Found a nice one on craiglist for $150. Dropped it off and replaced the unit.
Now my profit is -$1814.
It’s only July. How much more money might I lose on this property? Who knows.
So please. Tell me about my profit this year? Obviously I won’t need new sidewalks next year. Hopefully the property next door doesn’t catch fire and cause me to lose the fence again. Hopefully the AC continues to work. Hopefully the fridge doesn’t go out. But who knows.
What the tenant knows though is her house is well taken care of. Her landlord is responsible and responsive and takes care of any and all issues to insure her and her family are comfortable.
This is the risk we take being landlords. Houses require upkeep and stuff breaks. It’s my job to make sure they get fixed. It’s the tenants job to pay their rent.
lasturianu
New member
@lasturianu And that’s probably true.
Then there is also the cost of turnover to factor in. Every time a tenant switched the home has to be gone through. Luckily not something we’ve had to deal with but we already know all the walls will need to be repainted.
I imagine it’ll be another year or two before we start to make a profit.
Then there is also the cost of turnover to factor in. Every time a tenant switched the home has to be gone through. Luckily not something we’ve had to deal with but we already know all the walls will need to be repainted.
I imagine it’ll be another year or two before we start to make a profit.
lasturianu
New member
@lasturianu The house is worth 105k. If I’m lucky it’ll be worth 105k in 30 years. It’s in a very small part of town.
My primary home might be worth 300k in 30 years. But definitely not my rental. It’s a 2 bed 1 bath 864 sq ft house.
My primary home might be worth 300k in 30 years. But definitely not my rental. It’s a 2 bed 1 bath 864 sq ft house.
resjudicata
New member
@kc316 Yes, you took on the risk, but the tenant is still unable to put away an extra $3600 a year due to paying more than a mortgage. This year is a bad year, but as a landlord I hope some of those issues were covered by insurance and you have an emergency fund reserved for these situations. My mom landlorded for many years, there's good years and there's bad years, but you put extra away in the good years to cover the bad. That's the right way to do it. Overall, it is a net profit when looked at over the years. Once you're at break even in terms of expenses for this bad year are you going to reduce the rent? Or will you continue to do rent raises each year? The mortgage stays stable but the rent will continue to inch up.