Rental properties

[upser4ever]

I was thinking about buying rental properties as a way to boost retirement income. I am at least 20 years from retirement but would love to retire as soon as possible and not have to work till I am 70. I was just wanting to hear from anyone who has rental properties and what their advice is. Did you have to put 20-25 percent down? Is it a huge pain dealing with keeping rented and evictions and damages? Any info or feedback is appreciated

 

[IVE GOTTA PACKAGE 4U]

Put your money I'm the 401k and pay your debts off

 

[Returntosender]

Management company to manage the property and tenant.

Second home on the property and you manage the tenant yourself.

Buy an apartment near the University and rent that out to students.

 

[rod]

Pros and cons both ways. Bad renters can drive you broke. Around here it is against the law to evict anyone or shut their heat off from Nov. 1 to Mar. 31--------------------and the Obama crowd knows it.

 

[moreluck]

Owning rentals is for young folks. We owned 13 at one time and we were able to manage them ourselves......very profitable, but flipping when they doubled in price was where the money was made.....I had my realtor's license, so absorbed much of the cost of buying and selling. We still have our first 4-plex in Idaho Falls and it's a little income each month. We pay a management company 10% to manage it.

Owning rentals is hard work!!!
We've been stiffed in the past by squatters.....got judgements against those kinds of people.....they eventually regretted their actions when their lives came to a standstill because of an existing judgement. Judgements eventally stop them from getting any kind of credit and eventually they grow up and want to buy a home....guess who they had to visit first??

 

[moreluck]

With renters, it's like Roseanne Rosanadana would say......"It's always something."

 

[UpstateNYUPSer(Ret)]

Owning rentals is for young folks. We owned 13 at one time and we were able to manage them ourselves......very profitable, but flipping when they doubled in price was where the money was made.....I had my realtor's license, so absorbed much of the cost of buying and selling. We still have our first 4-plex in Idaho Falls and it's a little income each month. We pay a management company 10% to manage it.

Owning rentals is hard work!!!
We've been stiffed in the past by squatters.....got judgements against those kinds of people.....they eventually regretted their actions when their lives came to a standstill because of an existing judgement. Judgements eventally stop them from getting any kind of credit and eventually they grow up and want to buy a home....guess who they had to visit first??

I would think that their lives would have already come to a standstill if their only option was to live in a home illegally.

Securing a judgement against a squatter would be the living definition of trying to squeeze blood from a turnip.

 

[moreluck]

By squatter I mean someone who pays the fees to move in, but never pays any further rent.....the law is mostly on their side and they can probably keep things going for 6 months or more while you lose money by not being able to rent the place.
There's a bunch of bad renters out there and sifting through their "crap" is not easy.....especially back when we had no
internet

 

[UpstateNYUPSer(Ret)]

By squatter I mean someone who pays the fees to move in, but never pays any further rent.....the law is mostly on their side and they can probably keep things going for 6 months or more while you lose money by not being able to rent the place.
There's a bunch of bad renters out there and sifting through their "crap" is not easy.....especially back when we had no
internet

One of our feeder drivers has some rental properties. One day I was driving on the main road near one of his properties and noticed a large pile of personal belongings on the front lawn. He had evicted the residents and the sheriff stood by as he put all their stuff outside.

One of the options I have to ponder when I retire is whether I want to keep my condo and rent it out. This is probably the least favorable choice as I know that I would never find someone as meticulous as me to rent to.

 

[rod]

By squatter I mean someone who pays the fees to move in, but never pays any further rent.....the law is mostly on their side and they can probably keep things going for 6 months or more while you lose money by not being able to rent the place.
There's a bunch of bad renters out there and sifting through their "crap" is not easy.....especially back when we had no
internet

the rest of the world knew what you meant

 

[UpstateNYUPSer(Ret)]

1. 
   Squatting is an action of occupying an abandoned or unoccupied area of land or a building – usually residential – that the squatter does not own, rent or otherwise have lawful permission to use.
   

 

[rod]

I thought squatting was what women did (oh I could have been SO mean with that comment).

 

[clean hairy]

What would concern me, is if a renter had to be evicted, having to repair massive damage they may have left behind.

 

[brownmonster]

One of our feeder drivers has some rental properties. One day I was driving on the main road near one of his properties and noticed a large pile of personal belongings on the front lawn. He had evicted the residents and the sheriff stood by as he put all their stuff outside.

One of the options I have to ponder when I retire is whether I want to keep my condo and rent it out. This is probably the least favorable choice as I know that I would never find someone as meticulous as me to rent to.

Do the doilies come with the rent?