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Old 02-03-2020, 12:21 PM
AZ_HighCountry AZ_HighCountry is offline
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Based on what the OP has shared my original position stands: sell it. Also, look to a 1031 Exchange to keep the tax impact to a minimum.
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Old 02-03-2020, 12:34 PM
FalconsBravesHawks FalconsBravesHawks is offline
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Being a landlord was the biggest pain I can possibly imagine. After I gave my last renter the landlords 60 day notice to vacate, keeping her entire 1300.00 deposit, we still were out thousands due to her keeping all her trash in the garage for months, and then the rat INFESTATION that followed. I couldn't even imagine at the time the damage that was done that could not be seen. Luckily this house was in a very good area and school system. We ended up clearing 130k, but I put a ton of money and hours and burning time off in order to complete most of the repairs myself. Even with a management company you could still run into some of this stuff.
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Old 02-03-2020, 01:29 PM
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leadcounsel leadcounsel is offline
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^^^ This is the reality.

A landlord might make money for many years, but ONE bad renter can financially ruin you.

Imagine renting and breaking even for 29 years on a 30 year mortgage. Nearly clearing the payoff, and then your last renter turns it into a meth cook house, guts it, and it's condemned. You've now lost your entire asset and 3 decades of work and stress.
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Old 02-03-2020, 01:29 PM
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SgtBooker44 SgtBooker44 is offline
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I'm an owner. After working in the Sheriff's Civil Division I swore I would never be a landlord. During evictions I saw upwards of $70,000 in damage to rental properties done in the 6 days from when I posted the eviction notice to when I enforced the court ordered eviction. Holes in walls, torn out fixtures and even cement poured in sewer lines. No Thank You!
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Old 02-03-2020, 03:32 PM
PurpleKitty PurpleKitty is offline
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The lady next door has rented for over 10 years to a parade of various section 8 tenants. ALL of them had major issues and did serious property damage, one brought a rat infestation, the feces were inches deep in the cupboards, I could see it when they threw out the cabinets. Not worth it, the neighbors will hate you, the tenant will hate you and think you "owe" them freebies, complain constantly, then cheat you on the rent because you wouldn't "let" them do this or that... not worth it. Sell.

She ended up renting to her daughter when the daughter moved back into town. The daughter has been fine.
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Old 02-04-2020, 03:33 PM
Freethinkin'Man Freethinkin'Man is offline
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Quote:
Originally Posted by PurpleKitty View Post
section 8 tenants
*shudder...*
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Old 02-04-2020, 05:38 PM
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T.$.Racing T.$.Racing is offline
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Quote:
Originally Posted by leadcounsel View Post
This is HORRIBLE advice.

First, it ignores reality.

Secondly, it suggests illegal possible FELONY level extortion. It's going to be hard to manage your property if you're in jail for a felony, and hiring a lawyer to defend you.

Third, a home owner stands to lose a LOT MORE in value than a car window. You break their car window, a $200 value, you might find $30,000 in damages to your rental house...

Bad renters really have a home owner by the sack. They hold essentially all the cards. All the homeowner can do is threaten eviction which will damage their credit. And some people just don't care, particularly if they have unexpected bad life events.
My personal experience has shown me otherwise. Thankfully, I learned from those that did make similar mistakes. Those lessons, along with the vetting I mentioned in my first post are what it hasn't come to that. The market I am in is also vast, so that helps when you're going to be choosy....

On the other hand. You fight fire with fire. "Real recognize real" as they say in the hood.
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Old 02-16-2020, 08:53 PM
Curmugeon Curmugeon is offline
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I have owned 2 rentals for 15 years. Here is the suggestion from an actual landlord. ( DO NOT OWN A RENTAL ) The mood of this country is changing to socialism. Tenants hate your guts because you are the rich guy who is ripping them off by collecting rent. As an example, I rented to a family for 11 years. During that time, I raised the rent in two steps from $800 to $845 per month. The tenants were livid and accused me of trying to destroy them financially. The verbal abuse became so bad I ended their month to month lease. Better a vacancy than constant insults. As they were moving out, the tenants told me I was scum because all they could find for $845 a month was a 2 bedroom, rather than the 4 bedroom they had :-)
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