Being a landlord. best job evar?

[naughtyneighbor]

hey, I was thinking a landlord would be the best job ever. All you do is sit around all day long, and do whatever you want (smoke weed?) while people pay you lots of money per month. As long as you own like 8-15 houses/condos thats enough money right there i think. sure, maybe you have to do some paperwork when you get new ppl, but like the rest of the time you have nothing else to do.

for instance, my brother rented a condo from this one guy and he said that he was so bored and had so much money that he opened his own chocolate candy factory in the bottom level of his house, and he gives away everything FOR FREE! it was awesome when I visited there cuz the guy put like $50 of chocolate in my hands and told me to enjoy my day haha, we had a chill chat too

dunno, just thought about it haha

[Meachumz]

dude thats fuckin toight

[O.C. Fader]

yeah that would be chill...

one question though, where would you get the money to buy 15 houses/condos?

but its not like you just sit around either, you gotta maintain the places. keep up with repairs, cleaning and shit. etc. shouldnt be much work though

[antwanp]

My father owns close to 10 rental homes in the Dallas area. I bought my first rental property last year. While the money and lifestyle is great, it's a lot of work. You have to deal with late payments, repairs, and other bullcrap. My dad really has to bend over backwards for this one bitch at the house in Highland Park. It's a high fee rental, so it's harder to fill the vacancy (a little over $3300 per month...). It can be a pain in the ass, but it's all worth it in the end.

Just a note though, you won't get rich fast. Don't expect to. When you're first starting out, just use the extra income (rentals) as a supplement to your day job. Only when you have a few houses under your belt, stable renters, and a decent rental market economy (depends on the city) can you quit your dayjob.

-Antwan L.

[Still Smokin]

Yea, being a lanlord is not a very reasonable career....def not an entry level position. You need the money first of all to acquire these properties...so unless you inherit a large sum of money or win the lottery its not a very reasonable career. Most landlords I've had are older dudes who were retired and used their saved money to buy some house and rent em out for some extra cash...or they were rich dudes who's daddy handed them houses to rent and make $$

[briangumble]

I want to get into real estate too. But you could always get a loan, buy a house, rent it out, use the rent to pay the mortgage(sp), and do that over and over again till you have a bunch of houses. Then somewhere down the line you can sell some of the houses and use the profits to pay off the other houses so in the end you'll have a few houses that are all paid off and generating profits every month from rent. That's a theory I thought of, I don't know if it's really feasible though.

[Le Grenouille]

Originally Posted by naughtyneighbor

hey, I was thinking a landlord would be the best job ever. All you do is sit around all day long, and do whatever you want (smoke weed?) while people pay you lots of money per month. As long as you own like 8-15 houses/condos thats enough money right there i think. sure, maybe you have to do some paperwork when you get new ppl, but like the rest of the time you have nothing else to do.

Nothing else? Apart from the maintenance, repairs, sorting out any probs with tenants and neighbours, upkeep on the properties even when they're empty....

You need capital and a good business head to succeed in property.

[ledfut]

Originally Posted by briangumble

I want to get into real estate too. But you could always get a loan, buy a house, rent it out, use the rent to pay the mortgage(sp), and do that over and over again till you have a bunch of houses. Then somewhere down the line you can sell some of the houses and use the profits to pay off the other houses so in the end you'll have a few houses that are all paid off and generating profits every month from rent. That's a theory I thought of, I don't know if it's really feasible though.

that's what my boss does, but he's also my boss. so it's not like he's only getting money from that.

[Rasta_Man]

Originally Posted by Le Grenouille

Nothing else? Apart from the maintenance, repairs, sorting out any probs with tenants and neighbours, upkeep on the properties even when they're empty....

You need capital and a good business head to succeed in property.

exactly.

Plunging toilets and fixing dripping sinks can get old.

[thegreenfairy]

the ppl who sit around all day prob own tons of places and hire a rental management company to deal with tenents/repairs. or - they just have awesome tenants. i would assume place and tenants would make the difference

[stickyone13]

Originally Posted by briangumble

I want to get into real estate too. But you could always get a loan, buy a house, rent it out, use the rent to pay the mortgage(sp), and do that over and over again till you have a bunch of houses. Then somewhere down the line you can sell some of the houses and use the profits to pay off the other houses so in the end you'll have a few houses that are all paid off and generating profits every month from rent. That's a theory I thought of, I don't know if it's really feasible though.

terrible idea. You only want about 20% equity in each of your rental homes, for legal reasons. You don't want some tenant falling through the attic and suing you for the house. If you still "owe" 80k on the house, it's not so tempting for people to try to take.

Originally Posted by Still Smokin

Yea, being a lanlord is not a very reasonable career....def not an entry level position. You need the money first of all to acquire these properties...so unless you inherit a large sum of money or win the lottery its not a very reasonable career. Most landlords I've had are older dudes who were retired and used their saved money to buy some house and rent em out for some extra cash...or they were rich dudes who's daddy handed them houses to rent and make $$

I once found a perfect rent house for sale by owner, and through talking with the family that was selling, I'd arranged to purchase the house for a mere 5k down. 5k can be arranged with little problems if you go through the right channels, even with shady credit. These particular people were selling the house for about 20k less than it was really worth, so I just found someone else who wanted to buy the house, and sold them my contract for 3k. do that a few times, and you can definitely buy one for yourself. Not to mention foreclosures at the courthouse. the banks just want their money back, so you can litterally get 200,000 dollar houses for less than 50 on occasion. It can be done, even with little startup capital. Just takes work.

Originally Posted by Rasta_Man

exactly.

Plunging toilets and fixing dripping sinks can get old.

for 5-10% of the rent you charge, you can hire a management company to do everything for you. then you literally just pick up checks. they have their own handymen.

[antwanp]

Foreclosures in Dallas and other large cities aren't too good anymore. The banks finally started to realize that they could make a profit, even on foreclosures. The last list I got from Dallas county, the average foreclosure price in the suburbs was something like $250,000-$400,000. Not too much of a deal there. If you go into the ghetto and shit maybe you can catch a $25,000 house. Good luck renting it out though... even through Section 8.

Management companies aren't cost effective unless you own an apartment complex or more than 20 homes. If you have below that it's much cheaper to just pay for the repairs. On better built homes, it's rare that you have any major/expensive repairs that the people renting aren't responsible for (that they have to pay for)

[stickyone13]

yeah antwan, it's really better to catch the house before it's foreclosed on. I've got a buddy that all he does is pre-foreclosures. He basically gets the house for whatever back payments they have, plus whatever they need to get into a new house. He then files a quit claim deed, rents it out, and just cashflows the bitch. dude's 23 and loaded like a motherfucker.

[briangumble]

Originally Posted by stickyone13

yeah antwan, it's really better to catch the house before it's foreclosed on. I've got a buddy that all he does is pre-foreclosures. He basically gets the house for whatever back payments they have, plus whatever they need to get into a new house. He then files a quit claim deed, rents it out, and just cashflows the bitch. dude's 23 and loaded like a motherfucker.

How do you find pre-foreclosures?

[stickyone13]

there are lots of ways. probably the easiest is to place an ad in the paper and let them call you. Just something simple like, "pending foreclosure? I can help. (insert phone number here)"