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CrazyMotorcycleGuy
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Rental Properties
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  (#1)
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Rental Properties - April 30, 2012, 10:00 AM

Any of you peeps own rental properties. May be getting into this game slum lord style. Any info?
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↓ dn ʎɐʍ sıɥʇ ↓
 
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April 30, 2012, 10:10 AM

Hard to find any profitable properties around the Northern Virginia area, places that are better can be found around the Baltimore area (a friend owns 40+ rental homes up there that he purchased during the crash for $20k - $25k/ea).


-Ryan
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Mojito Anyone?
 
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April 30, 2012, 10:19 AM

wife and I are talkin bout buying some property in mehicooo to rent


ay ya yay
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  (#4)
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April 30, 2012, 10:31 AM

Nothing in NOVA. I was thinking within a 2hr radius. Your buddy in Baltimore, does he use a property manager or does he do it himself?
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April 30, 2012, 10:42 AM

Do yourself a favor and use a property manager.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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  (#6)
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April 30, 2012, 10:43 AM

Quote:
Originally Posted by Heist View Post
Do yourself a favor and use a property manager.
This.


ay ya yay
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April 30, 2012, 10:56 AM

Not that I advocate for tax evasion but, if you use a reputable property manager, you will get a 1099 each year and have to pay taxes on your rental income.

If you do it yourself, nothing gets claimed to the IRS.


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April 30, 2012, 11:13 AM

Quote:
Originally Posted by Heist View Post
Do yourself a favor and use a property manager.


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April 30, 2012, 11:14 AM

Quote:
Originally Posted by BigDaddyShoo View Post
Not that I advocate for tax evasion but, if you use a reputable property manager, you will get a 1099 each year and have to pay taxes on your rental income.

If you do it yourself, nothing gets claimed to the IRS.
The amount of taxes you pay will be far offset by the headaches encountered self-managing a property and dealing with tenants.

If it's your first go round in property management, unless the property is nearby (<20 minutes), do yourself a favor and get a property manager.

One bad tenant can make your life a living hell.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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April 30, 2012, 11:20 AM

Most folks should also be able to deduct interest expense as well as other expenses against the rental income they earn.


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April 30, 2012, 11:25 AM

What are property managers charging these days. 10%??? What do the managers do for me. Do they bring in tenants, hire contractors to fix things, inspect the properties. Bunch of questions about property mangers, I don't know where to start.
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↓ dn ʎɐʍ sıɥʇ ↓
 
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April 30, 2012, 11:25 AM

Quote:
Originally Posted by Jank View Post
Nothing in NOVA. I was thinking within a 2hr radius. Your buddy in Baltimore, does he use a property manager or does he do it himself?
Property manager. He barely has enough time to deal with the property managers let alone each home individually.


-Ryan
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April 30, 2012, 11:36 AM

Quote:
Originally Posted by Jank View Post
Any of you peeps own rental properties. May be getting into this game slum lord style. Any info?
I rent my house out in bristow, is that what you are looking for? I use a property manager, too, they don't do a ton, but what they do do -- saves me a lot of hassle.


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April 30, 2012, 11:40 AM

Quote:
Originally Posted by RileysDad View Post


Tell him all the pitfuls, CGC.

I self manage my personal properties because I've danced the dance many times and have had everything that could happen short of a fire, happen and have the contacts to fix or know the steps I need to take to remedy a problem.

If you want an example of how bad things can get, see the attached. A bought a cluster of homes in Capitol Heights at a foreclosure auction in 2005. Everything was no-frills. Contractor grade. Basic, simple sound housing at a fair price is what I offered.
One of the homes was rented to a family (Mother & learning disabled son). What could go wrong?

All went well for about 15 months, then the checks started coming in late - then missed altogether.

I stopped by one evening but the lights were off and no one answer - however I could smell urine and feces vapors wafting thru the door.

Long story short: 3 months after I rented to them the woman went batshit crazy. She stopped paying the water bill. They were living there for close to 2 years with NO WATER!

Moreover, she was raising dogs inside the home and let them run the house like a kennel. Feces, urine, roaches and dead flies were everywhere and ground into every surface. Trash and mold were strewn throughout.

Animal control had to remove the dogs who were put down. The county health officers declared it unfit for habitation and it was summarily condemned.

It made more financial sense to take the loss and short-sale the property than put money into renovations and bringing it back up to code.

Net loss: $55,000

Mind you she contested the eviction! I had to go through 2 months of court procedures and filings and then wait almost 3 months before the Sheriff came to serve the eviction. I had to pay the clean-out team to make the eviction legal and before I could have legal possession of my own shit fucked property. All the while, the loan payment continued to roll on - every month until they finally granted the short sale and I had a buyer at the table, which cost me $4,000 in closing & agent fees.
Attached Files
File Type: pdf Rush Collage.pdf (127.9 KB, 27 views)



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

- Nicolo Machiavelli 1469-1527


Last edited by Heist; April 30, 2012 at 11:53 AM..
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  (#15)
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April 30, 2012, 11:43 AM

No Quent. I'm talking about scooping up 2 or 3 ramshackle homes that's available in say Baltimore or Norfolk and renting them out. Not renting out my primary home.
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