Anyone considering landlording/buying rentals. DON'T, just don't

[TomcoPDR]

Some of these photos are going to be double posted later on, review of another Beyonder's business. But I think it's worth making 2 posts on the topic.

Some of you Beyonders are 22-37 yo, married, single, young kids, decent jobs. Ambitious about this landlording, owning rental property bullshit. DON'T, please just DON'T.








IMHO, if you're putting down less than 40-50% of property value, DON'T landlord. If you and/or spouse don't have cash flow (i.e. doing the whole HGTV, landlording everything yourself, work regular job during day time, fix and take care of the "income" rental at night/weekends); DON'T... If you don't have the cash flows for emergency contractors to do whatever it takes to keep rentals "running" (as a business machinery), DON'T. If you're not willing to deal with court related or just a shit load of paperwork, formalities; DON'T. If it's not part of your inherence, love your parents, hand-me-down properties from family tree, family line group of investments where it's mostly or completely paid off; DON'T. Don't go helping, splitting with aunts, uncles, cousins, friends without discussing a fair instant wage per job or land titled percentage of ownership. (example: like an uncle/aunt, cousin, friends keep asking you to help with their rentals, in exchange promise you a certain cut in "the end" profits once they sell or whatever bullshit... There is no end to this horrible industry; some people will just keep picking up properties on low downpayments and keep spreading themselves thin and keep asking "YOU" for favors, etc... hasn't happen to me, I know of cases people with rentals just keep calling in favors cause they legit don't have the cash flow on 5-10% downpayment and really need help fixing shit up)... DON'T, unless your name is signed, sealed, delivered under land title and you have an interest in dealing with it.



In conclusion, don't be a landlord.

[Pacman]

I'll subscribe to this one as it sounds interesting.

[TomcoPDR]

Originally posted by Pacman
I'll subscribe to this one as it sounds interesting.

Naw, not much to it. This is the entire post. Just don't landlord if you're first generation starting it. Different if it's parents/family tree, paid off property. ALL PART OF THE "BUSINESS"

[JustinMCS]

Looks interesting. Maybe location/finish of house will attract better renters?

[roopi]

Well what's the story behind the pictures? Renters evicted so they decided to trash the place?

[TomcoPDR]

Originally posted by JustinMCS
Looks interesting. Maybe location/finish of house will attract better renters?

No man, tenants are tenants. (not insulting friends who rent, Beyond friends who rent).

Parents have had brand new townhouse units as rentals, same shit,. This is worse in my career span of this shit hoe industry.

[TomcoPDR]

Originally posted by roopi
Well what's the story behind the pictures? Renters evicted so they decided to trash the place?

That's how they live. Actually 10 years, continuous tenants... not evicted (had enough, didn't renew full year, this is who they are, how they live; part of landlording business, place wasn't vandalize, just the way they live and left during lease ending). Just actually cheap rent, rent haven't kept up with current times.

[riander5]

Wouldnt doing yearly / semi yearly walkthroughs or something like that help the problem?

[max_boost]

Unfortunate situation. I haven't seen anything resembling that in my 15 years of collecting rent.

It's alright though Tomco $$$ >>> problems.

[max_boost]

Originally posted by riander5
Wouldnt doing yearly / semi yearly walkthroughs or something like that help the problem?

Yes.

IMO. Aggressive commitment and keep on top of things.

It's not rosy. ercchry position was strong on being a LL and he has gotten out of the game. Good luck to all you LL out there. Some tenants just don't give a shit.

[pheoxs]

There's a lot missing to this story.

Do you screen tenants? Rental history / Employment / Credit check / References?

Do you do semi-regularly check ups on the property? (As said above yearly or semi yearly walk-throughs) as well as visual drive by exterior inspections?

Most of that shit in the pictures would be easily visible driving by the house or down the back alley. This seems like a landlord that never paid any attention to a property and then complains when people wreck it.

Yes it happens but "No man, tenants are tenants." is bullshit.

Originally posted by TomcoPDR


That's how they live. Actually 10 years, continuous tenants... not evicted (had enough, didn't renew full year, this is who they are, how they live; part of landlording business, place wasn't vandalize, just the way they live and left during lease ending). Just actually cheap rent, rent haven't kept up with current times.

So you put up with this for a decade, didn't bother to raise rent along with the market, and kept renewing their lease despite how they lived?

No offense but this seems just as much of a landlord problem as a renter problem man. They treat the place like shit AND pay less rent than they should...

[roll_over]

Two questoins wagon in first picture for sale? And what's in the jar on the stove?

[suntan]

This is simply a trick to keep other potential landlords from taking properties he wants.

[CanmoreOrLess]

I'd cry were I the owner. Lawyer up, unfortunate events for sure but poor landlords attract bad tenants. At least a poor landlord with terrible management skills should have a top lawyer to fall back on. I saw the same scenario develop down the street, I knew right away that within six months they'd be needing to evict and take months to rebuild the interior. And right I was. Landlords need to look beyond getting a greedy monthly cheque and complaining when it all goes to crap.

I'd not be a good landlord, my standards are too high and people are fucking idiots. No offence to the fine people on Beyond. Well most of you, but for sure the rest of society are idiots. Get off my lawn!

[max_boost]

Originally posted by CanmoreOrLess


I'd not be a good landlord, my standards are too high and people are fucking idiots. No offence to the fine people on Beyond. Well most of you, but for sure the rest of society are idiots. Get off my lawn!

Yup. I'm done dealing with people.

[TomcoPDR]

Originally posted by pheoxs
There's a lot missing to this story.

Do you screen tenants? Rental history / Employment / Credit check / References?

Do you do semi-regularly check ups on the property? (As said above yearly or semi yearly walk-throughs) as well as visual drive by exterior inspections?

Most of that shit in the pictures would be easily visible driving by the house or down the back alley. This seems like a landlord that never paid any attention to a property and then complains when people wreck it.

Yes it happens but "No man, tenants are tenants." is bullshit.



So you put up with this for a decade, didn't bother to raise rent along with the market, and kept renewing their lease despite how they lived?

No offense but this seems just as much of a landlord problem as a renter problem man. They treat the place like shit AND pay less rent than they should...

Full service property management on unit. lol, of course there's screening/checks, etc... That's all part of the lie/game, the interview.

Never know how people are going to turn out... usually "great/good" first few years... then it goes downhill.

You get ok tenants, you get bad tenants. That's how it goes.

[max_boost]

You don't know people's true colors until the end. Ask ercchry. Tenants left him a hefty $25K reno bill. They "appeared" to be good tenants. Cash, pay on time, etc etc. He was the biggest proponent on buying rentals, free house in 15 years etc.etc. Now he's PFY fuck this shit.

[heavyfuel]

Shit, here I am considering saving up for a 2nd condo and turning this one into a rental...

[max_boost]

You might as well blame that couple in the NW who air B&B their home to a massive orgy party. Seriously. Fuck people sometimes. haha

[heavyfuel]

Originally posted by pheoxs
There's a lot missing to this story.

Do you screen tenants? Rental history / Employment / Credit check / References?

Do you do semi-regularly check ups on the property? (As said above yearly or semi yearly walk-throughs) as well as visual drive by exterior inspections?

Most of that shit in the pictures would be easily visible driving by the house or down the back alley. This seems like a landlord that never paid any attention to a property and then complains when people wreck it.

Yes it happens but "No man, tenants are tenants." is bullshit.



So you put up with this for a decade, didn't bother to raise rent along with the market, and kept renewing their lease despite how they lived?

No offense but this seems just as much of a landlord problem as a renter problem man. They treat the place like shit AND pay less rent than they should...

Sounds like you should start up your own property management company lol