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How is owning and renting out property any better than wagecucking
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Date: July 16th, 2018 12:18 PM Author: Chartreuse Useless Brakes Boltzmann It’s still work, you have to maintain the properties and deal with the tenants. Sure you’re somewhat independent but it’s still the worst kind of drudgery. lol at anyone who has this as some kind of goal. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436762) |
Date: July 16th, 2018 12:19 PM Author: Drunken cobalt tanning salon volcanic crater who wants to sit in a herman miller chair all day and talk with bankers when you could be scooping out shit some prole left in your toilet? #selfemployed (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436775) |
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Date: July 16th, 2018 12:21 PM Author: Chartreuse Useless Brakes Boltzmann (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436800) |
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Date: July 16th, 2018 12:23 PM Author: Stubborn Slippery Codepig (guy who will never own his own home) (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436816) |
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Date: July 16th, 2018 12:25 PM Author: Chartreuse Useless Brakes Boltzmann I stand to inherit one and will likely sell it immediately (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436831) |
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Date: July 16th, 2018 12:29 PM Author: Cerise athletic conference dilemma "I stand to inherit one" jfc what a loser lol (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436877) |
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Date: July 16th, 2018 12:31 PM Author: Stubborn Slippery Codepig lol he's going to sell it immediately cause he has to split it with his brother
unless his dad disinherited his brother
people need to quit sharing their info on here it's all going into my spreadsheet
you should see the file I have on board Indians
I almost have Spaceporn identified |
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Date: July 16th, 2018 12:35 PM Author: Chartreuse Useless Brakes Boltzmann wtf (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436932) |
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Date: July 16th, 2018 12:32 PM Author: Chartreuse Useless Brakes Boltzmann You seem upset (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436902) |
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Date: July 16th, 2018 12:30 PM Author: Stubborn Slippery Codepig why would you do that
land is the basis of all wealth
that's why they call it 'real' estate |
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Date: July 16th, 2018 12:33 PM Author: Chartreuse Useless Brakes Boltzmann It’s not somewhere I’d want to live so I’m better off just taking the money. Would never even consider renting it out and dealing with all the tedium that involves. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436918) |
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Date: July 16th, 2018 12:34 PM Author: Stubborn Slippery Codepig i'm done paying rent, going to live in a motorhome (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436926) |
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Date: July 16th, 2018 12:31 PM Author: excitant indirect expression (rich boi) (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436897) |
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Date: July 16th, 2018 12:29 PM Author: Cerise athletic conference dilemma lol @ thinking the owner scrapes the shit
You make a killing renting and pay plumbers, maintenance and property managers to deal with shit. |
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Date: July 16th, 2018 12:35 PM Author: Drunken cobalt tanning salon volcanic crater (guy with tenants' hep-c shit underneath his fingernails while i sip free coconut water and type on my ergonomic keyboard) (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436930) |
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Date: July 16th, 2018 12:41 PM Author: Cerise athletic conference dilemma "slavery is fun, hehe" (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437002) |
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Date: July 16th, 2018 12:46 PM Author: Drunken cobalt tanning salon volcanic crater (guy sweating in cramped crawlspace while i order seamless and check up on the day's business news on my FIRM-PROVIDED smartphone) (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437061) |
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Date: July 16th, 2018 4:11 PM Author: French mental disorder gay wizard No one wants to talk to bankers. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36438873) |
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Date: July 16th, 2018 12:21 PM Author: bat-shit-crazy temple Wagecucking + rental property as passive income = 180! (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436795) |
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Date: July 16th, 2018 12:21 PM Author: Stubborn Slippery Codepig not passive income (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436803) |
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Date: July 16th, 2018 12:23 PM Author: 180 flatulent halford (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436813) |
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Date: July 16th, 2018 12:21 PM Author: Stubborn Slippery Codepig i think landlord is overrated
especially when compared to easier paths to self employment
but being self employed is not about working less. however now with overpopulation wagecucks work just as much |
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Date: July 16th, 2018 12:22 PM Author: Elite Mint Pozpig Parlour I'd way rather show up twice a month at my properties to fix a toilet (or better yet, just send out a handyman to do service work) and go fishing the rest of the month every day.
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Date: July 16th, 2018 12:27 PM Author: Drunken cobalt tanning salon volcanic crater tbf it's more like the toilet today, and next week it's the hvac (but for some reason when you show up there's a whole in the damn wall), and also by the way grayson has to go to washington d.c. with his class next month so rent will be late, and on and on and on. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436863) |
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Date: July 16th, 2018 12:33 PM Author: comical gunner shrine fuck dc throw his shit out in the snow if rent isnt timely direct deposited in your account. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436916) |
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Date: July 16th, 2018 12:28 PM Author: Stubborn Slippery Codepig lol not even close
my ex-gf inherited a bunch of overvalued NY real estate
issues she deals with
1.) renters keep calling the city to make repairs, city bills outrageous rate, she finds out about it from the tax lien, now she will evict them (they will not pay rent or leave in the next year if they play their cards right)
2.) about 10% of renters need to be harangued for their check every month
3.) renter of a commercial property was putting illegal immigrants or something in a storage space above the building that didn't have a kitchen/bathroom/etc.
basically your tenants are always trying to fuck you, if you have enough you can make real money you have a few that do nothing but fuck with you. about 80% pay on time and don't cause problems |
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Date: July 16th, 2018 12:36 PM Author: bat-shit-crazy temple Sounds fun actually (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436943) |
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Date: July 16th, 2018 12:47 PM Author: curious senate accurate (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437078) |
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Date: July 16th, 2018 12:32 PM Author: excitant indirect expression Buy ethereum, hold for 10 months, cash out and retire (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436905) |
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Date: July 16th, 2018 12:34 PM Author: Chartreuse Useless Brakes Boltzmann I have ETH and shitcoins, not much faith in it though (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436922) |
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Date: July 16th, 2018 12:42 PM Author: excitant indirect expression Eth will gain 80-90% by year end (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437014) |
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Date: July 16th, 2018 12:35 PM Author: Plum electric electric furnace plaza Buy single-family homes and rent out to young couples or professionals who will want to live in the same house for at least 2-3 years. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36436935) |
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Date: July 16th, 2018 12:49 PM Author: very tactful chad And then you rent BACK the front yard at cost and park 50 cars in it with valet during football gameday at $100 per car and make $30,000+ every fall (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437116) |
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Date: July 16th, 2018 12:43 PM Author: tripping windowlicker wrinkle Uhh youre not commuting to some shitoffice where you sit on display in a glass box for faggots to gawk at you while they walk by? (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437022) |
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Date: July 16th, 2018 12:45 PM Author: very tactful chad You don't work that's the point. You slumlord and get renters stuck in the property. They put down months of security deposit and don't know what nice things are. House gets no upkeep, ever. Doll it up every 2 years using security deposit proceeds. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437044) |
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Date: July 16th, 2018 12:50 PM Author: aphrodisiac circlehead (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437137) |
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Date: July 16th, 2018 12:46 PM Author: Pungent mahogany hall pervert Dat Schedule D ftw? (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437063) |
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Date: July 16th, 2018 12:48 PM Author: Walnut sweet tailpipe yarmulke If you don't underwrite such that you're including a margin for management, you're doing it wrong.
Whether you choose to self-manage or not, you shouldn't have a property in your portfolio that wouldn't still cashflow even after paying a manager, typically 10% of gross rent.
Day-to-day management of a property is typically much, much less work than a "real job". Yes, it's work to rehab and get in shape to rent (if you've been smart and bought a fixer-upper) but that should only have to be done once, or in any event very, very rarely. |
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Date: July 16th, 2018 12:50 PM Author: very tactful chad Very few properties make sense with this built in it is very hard (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437134) |
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Date: July 16th, 2018 4:10 PM Author: Walnut sweet tailpipe yarmulke I haven't bought any that don't cash flow at least a little with management fees included. (I own three rentals and self-manage only the one that is nearest to me geographically.)
Yeah, it takes sifting through a lot of deals that don't work to find one that does, but on the other hand, how many houses do you buy in a year anyway? |
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Date: July 16th, 2018 1:02 PM Author: lavender cowardly ratface kitchen Had 3 rental properties, now down to two, one is overseas.
Overseas property is rented to a German company, prepays the entire lease upfront, tenants are high level execs who don't trash the place. They just re-upped.
The other two are / were in the Bay Area, one a SFH the other a townhome. The SFH we still have is rented out to a mixed/AA couple who pay rent on time, take care of the place, and never caused issue. The other before it was sold was rented out to a Merc-dealership mechanic / nurse wife (HHI just under $300k) who literally left the place better than when we rented it to them (he cleaned and repainted walls himself).
They key is renting properties that are going to be on the higher end of the spectrum + screen your tenants. For our US properties, we just hold a Saturday open house where we see all the possible applicants in person, can talk to them, and observe how they act. No doubt XO racists would have ding'd the AA applicant couple but they were 1. The first to arrive in the morning of the open house 2. came prepared with the application filled out entirely 3. did a solid handshake and eye contact, which still means something 4. weren't the richest but weren't the poorest either, very likely residents who would make this their permanent home versus leaving in a year or two. The other couple was a no-brainer, mechanic (so you know he will DIY repairs) whose dealership was a 5 minute drive from the property and whose wife also worked within 10 minutes; again, solid couple that likely won't move (and didn't for over 4 years until they bought a place w/ a 1hr commute).
What this means for our upcoming retirement is that post-IPO I can take $1.1 mil of the proceeds and pay off all our mortgages. With our two Bay Area properties we could rent them out and after taxes and insurance are paid collect $90k/year of income. If we move to a lower COL area and buy a nice home outright ($500k-$1mm) then we wake up January first of each year w/ no montage, no car payments, and $90k to live on as a base that naturally adjusts to inflation and an underlying asset that appreciates conservatively 3-5% a year. |
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Date: July 16th, 2018 1:04 PM Author: Chartreuse Useless Brakes Boltzmann Just do buy Bay Area properties, thank (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437308) |
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Date: July 16th, 2018 1:05 PM Author: lavender cowardly ratface kitchen Pretty easy to do if you lay off the avocado toast.
http://time.com/money/4778942/avocados-millennials-home-buying/ |
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Date: July 16th, 2018 1:07 PM Author: Chartreuse Useless Brakes Boltzmann (cue Steely Dan intro) (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437336) |
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Date: July 16th, 2018 1:14 PM Author: lavender cowardly ratface kitchen It does make me feel a bit like a boomer, perhaps because timing wise I'll be retiring around the same time most of them.
Also, bootstraps! |
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Date: July 16th, 2018 1:05 PM Author: excitant indirect expression (rich boi) (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437323) |
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Date: July 16th, 2018 1:06 PM Author: lavender cowardly ratface kitchen Moved out at 18 and never took a dime from my parents after that, not even for school. (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437335) |
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Date: July 16th, 2018 9:37 PM Author: Vibrant Pisswyrm Mood When did you buy the properties? The math never quite works out for me. Would you recommend buying even in today's environment? (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36441003) |
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Date: July 16th, 2018 1:41 PM Author: Glassy Histrionic Rigpig (http://www.autoadmit.com/thread.php?thread_id=4027241&forum_id=2#36437642) |