All good advice. You're dealing with people and their problems. Also a few years from now you wouldn't be able to sell and not pay capital gains tax. As it would no longer be your primary residence
-
If you are having trouble changng your password please click here for help.
Thoughts on being a landlord
- Thread starter spencer60
- Start date
It sucks to loose a great interest rate but I've found a few things ring true as I've been a landlord since 2012 when I bought my first rental.
If you are going to rent, either have one paid off property or 5 to 10 properties with mortgages.
The more properties you have, the more passive the income is.
BUT one great tenant with only 1 good property will work great for all but 1 bad tenant and only 1 rental and it can be a nightmare.
It took me almost 60 days in 2022 to evict someone in Cherokee county. And let me say that again, it took almost 60 days for the sheriff's office to serve the eviction. The tenant moved out, luckily for me, they didn't trash the place, because I would have moved forward with the eviction and prevented them from living in decent places for a while.
I've had tenant leave the property better then when they moved in.
I've had tenants completely trash the place.
Most are in the middle.
Heck, I even had one tenant not tell me about a leaking kitchen faucet until a did my yearly inspection upon lease renewal. I still don't know why they didn't.
I have 1 rental left, but it's on a property that is paid off.
I help large investors with rentals, and it only works on scale.
If you are going to rent, either have one paid off property or 5 to 10 properties with mortgages.
The more properties you have, the more passive the income is.
BUT one great tenant with only 1 good property will work great for all but 1 bad tenant and only 1 rental and it can be a nightmare.
It took me almost 60 days in 2022 to evict someone in Cherokee county. And let me say that again, it took almost 60 days for the sheriff's office to serve the eviction. The tenant moved out, luckily for me, they didn't trash the place, because I would have moved forward with the eviction and prevented them from living in decent places for a while.
I've had tenant leave the property better then when they moved in.
I've had tenants completely trash the place.
Most are in the middle.
Heck, I even had one tenant not tell me about a leaking kitchen faucet until a did my yearly inspection upon lease renewal. I still don't know why they didn't.
I have 1 rental left, but it's on a property that is paid off.
I help large investors with rentals, and it only works on scale.
If you decide to keep and rent, place it with a good management company. Paying the commission may save you from a stroke or stress heart attack down the road.
I've had the best of tenants and the worst of tenants.
The selection process is key and I've had better luck with females renting than males.
If you can mentally deal with the situation, go for it. There is no better investment if you can make it work. If you were to sell and invest the money you will never have the same monthly income that the rental affords.
Now, if you get the wrong renter the story can be completely different.
Good luck whichever course you take!
The selection process is key and I've had better luck with females renting than males.
If you can mentally deal with the situation, go for it. There is no better investment if you can make it work. If you were to sell and invest the money you will never have the same monthly income that the rental affords.
Now, if you get the wrong renter the story can be completely different.
Good luck whichever course you take!
The tenants are the key! Short story, mother has several rental properties! I got a call that there’s a water leak. I’ll pull up to the house. Water is running out the front door. The toilet was overflowing. They had raised the furniture upon blocks and we’re walking around barefoot inside the house with water covering every square inch of the house.
Ditto… again
I completely respect and understand your decision, every situation is different. You are not making a bad decision to sell. It does suck to give up a low interest rate, but invest the profits and make the best of it. Good luck, always here to advise if needed.
Respectfully,
The outhouse advisor.
It really just depends on your personal ability to deal with the stress that it will cause at times. I had a few for several years. When it is good it’s great, when it’s bad it’s not. I in time owner financed mine and it has been fine.
