Rent houses

[n423]

Talking to my neighbor and he had 3 rent houses. Now he has 5. Just curious about your experiences, good or bad as a (slumlord) landlord.
You would have to be a handyman or have a crew of maintenance people. My ex SIL husband had about 25 + and would buy houses.

Just curious because the last several houses in my family were sold to out-of-state investors or locals.

.

 

[Snattlerake]

@swampratt

 

[OneMoreEvan]

Average person under 30: "Gee I wish I could one day buy a house for a reasonable amount of money."

Landlords owning 5 houses: Bonjour

Blackrock owning 28572095 houses: Bonjour mi amour

New construction homes made of particle board and wood glue being listed at $428,000: oh hon hon croissant

I HATE LANDLORDS I HATE LANDLORDS

 

[TANSTAAFL]

I have a friend around 60 years old, his take on rentals is good income, however he hates the work he ends up putting into them and sometimes wakes up sore, and he is in great shape and works out. Unless you have decent contractors who will do the work cheap he wouldn't recommend it. He owns about 5 or so rentals quads and duplexes, many of his tenants pay cash, and are pretty good tenants. He collects his rent in a 2003 Kia Soul, or an old beat up chevy pickup to look broke. Things that scare me off from it is the current administration. You are one pandemic away from tenants not paying or with the new tenant rights laws the administration wants I think it may present a buying opportunity, however may be problematic for one to buy and rent property.

 

[swampratt]

I have 3 and all are paid for.
Knock on wood they are pretty reliable houses.
BUT----- I change all the faucets and put 1/4 turn shut off on them all and change all toilets to new ones and 1/4 turn shut off on those.
I do all my own work and have good renters.
During the Covid no rent pay deal I had one tenant ask me if I was going to make him pay rent.

I said if you wish to not pay rent I have 100 people lined up to rent this house and pay me money.
He said OH I am going to pay I was just curious.

My friend Joe moved in with his girlfriend and told me he was going to sell his paid for home he was living in.
Very nice house in Moore.
I told him rent it and keep it.
He did not want to deal with renters.
I told him that house will bring 850 easy This was 10 years ago or more.

He said one of our buddies wanted to rent it and he was worried about that and making an enemy out of him if he did not pay rent.

I said tell him this is business me renting my house to you and is not to be confused with friendship.
I will kick you out.

It worked out and he now has maybe 5 or 6 rentals and loves it.
He borrows against his 401K to purchase the houses and pays himself back.

I will get more if the right deal pops up.
I am thrifty and can turn used fence panels into trim and flooring and can use that wood on ceilings and walls.

Lots of craigslist shopping for me when I get a basket case house.

 

[n423]

I have 3 and all are paid for.
Knock on wood they are pretty reliable houses.
BUT----- I change all the faucets and put 1/4 turn shut off on them all and change all toilets to new ones and 1/4 turn shut off on those.
I do all my own work and have good renters.
During the Covid no rent pay deal I had one tenant ask me if I was going to make him pay rent.

I said if you wish to not pay rent I have 100 people lined up to rent this house and pay me money.
He said OH I am going to pay I was just curious.

My friend Joe moved in with his girlfriend and told me he was going to sell his paid for home he was living in.
Very nice house in Moore.
I told him rent it and keep it.
He did not want to deal with renters.
I told him that house will bring 850 easy This was 10 years ago or more.

He said one of our buddies wanted to rent it and he was worried about that and making an enemy out of him if he did not pay rent.

I said tell him this is business me renting my house to you and is not to be confused with friendship.
I will kick you out.

It worked out and he now has maybe 5 or 6 rentals and loves it.
He borrows against his 401K to purchase the houses and pays himself back.

I will get more if the right deal pops up.
I am thrifty and can turn used fence panels into trim and flooring and can use that wood on ceilings and walls.

Lots of craigslist shopping for me when I get a basket case house.

I knew you had some rentals and can fix about anything. Guy across the street said he can fix minor stuff, he is about 35 yrs old..

 

[swampratt]

I knew you had some rentals and can fix about anything. Guy across the street said he can fix minor stuff, he is about 35 yrs old..

There are books out there that explain how to do about anything you need done


I am 55 and fix anything that is busted except bones in my body, teeth or eyeballs.
Got to pay the guy for fixing those things.

Plumbing, electrical, roofing, siding, construction, drywall, paint.
It is time consuming but not something I will pay to have done.. but i am self employed and it is not smart for me to hire stuff out.

When i let the insurance company pay me money and I get lazy i have paid for siding and roofing.
Both times it bit me in the arse with leaky roof and i had to fix the issue myself.

Most people are idiots.
Why they do what they do on a job is mind blowing.

Just paid for the first time in my life to have a mattress delivered.
60 bucks and they haul the old one off.
Up the stairs in my house you must fold the mattress into a taco shape to get it to go.

Fools showed up and I told them this.
One guy smelled like pot.
I had to help them unstuck the new mattress because Taco is not in their vocabulary.
I got this is in their vocabulary.

Idiots.
Knocked the cover off the thermostat and door bell and i vacuumed up ceiling popcorn that they sanded off with the new mattress.
At least it was in a heavy plastic cover.

I should have kept my $60 and delivered it myself.
Live and learn.

 

[skyhawk1]

I have 4, only one bought as a rental. the other 3 were houses we lived in and then moved up. Last couple years has been a pain. Had to file for eviction on one and go to court where she settled before it got to judge. Had another "single" mom that was always late with rent, was about to evict her but she decided to move owing me several thousand for rent, clean up, fix up etc. etc. Used to have a really good guy doing maintenance that was affordable and reliable. He got hooked up with a gal, got her pregnant and not he doesn't want to do anything. now having to hire whom ever to do things. I just can't get around like I used to.

 

[swampratt]

I have a guy in Moore in a house and he is behind 2 months on rent.
He got really sick and could not work and called me and told me.
He keeps the house spotless. Never a dirty floor or dish in the house and house smells good and yard is kept prefect.
Good guy so i work with that.
He is getting social security and income tax soon so he will catch up.

I am not really too worried as he is honest and takes care of the place.
Just down on his luck.
He has worked at the same place for many years.
He takes care of his ailing mother here in Yukon also.

I am not a bad landlord but i trust most people until they give me a reason not to.
Don't ghost me just tell me what is going on and lets see if we can come up with a solution.

 

[dlbleak]

I’ve passed on a couple houses that I should have bought. Should have kept my last two as rentals. Question for you guys. If a guy has say 1-3 vs 5-10, would it be easier to have a property management group handle the houses? Can they get a higher rent price off-setting the percentage they take? It seems the background checks and credit checks they do would be a big benefit.
I think @Johnjennings has 8 the last time we talked. He said three of them got hit in the Shawnee tornado. He didn’t even know which ones and he didn’t worry about it. The PM company took care of everything.