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  1. #1
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    once again im thinking a buying a apt building

    to have more income im sure ill do better with my money in a building then in a bank but I do worry about bad tenants

  2. #2
    Animated Member ahsposo's Avatar
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    David Sedaris tells a story about tenants from hell. I'll research it and give you a link. Not something to do alone in my estimation. You need to be totally handy with home repair, a lawyer, not afraid of THE MOST SQUALID situation you could possibly imagine.

    Plus being a 'nice guy, really' is not a plus either.
    Quote Originally Posted by toddles View Post
    If I gotta look up words, it's not worth my time.

  3. #3
    Animated Member ahsposo's Avatar
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    Now, there are these investments that take equity in rentals, REETS, I think they are called. Office and warehouse stuff. Economy is going that way...
    Quote Originally Posted by toddles View Post
    If I gotta look up words, it's not worth my time.

  4. #4
    Animated Member ahsposo's Avatar
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    Oh, well no free link to the story but it's "Slumus Lordicus" - Sedaris' father's experiences as a landlord. From Dress Your Family in Corduroy and Denim - Wikipedia, the free encyclopedia

    A totally involving audiobook.
    Quote Originally Posted by toddles View Post
    If I gotta look up words, it's not worth my time.

  5. #5
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    Quote Originally Posted by ahsposo View Post
    Oh, well no free link to the story but it's "Slumus Lordicus" - Sedaris' father's experiences as a landlord. From Dress Your Family in Corduroy and Denim - Wikipedia, the free encyclopedia

    A totally involving audiobook.
    yeah I can imagine how bad some tenants can get.and for sure I couldn't throw out a mother with kids. think ill wait to silver is 18 bucks a ounce again it aint like I have lots of money I don't have a lot

  6. #6
    Super Moderator no1mad's Avatar
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    Quote Originally Posted by windhchaser View Post
    yeah I can imagine how bad some tenants can get.and for sure I couldn't throw out a mother with kids. think ill wait to silver is 18 bucks a ounce again it aint like I have lots of money I don't have a lot
    Insulate yourself from that by contracting with a property management firm- they can screen, they'll handle collections, they can arrange the handyman service(s)... it'll cost ya, but you can include their fee(s) into the rent you collect.
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  7. #7
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    Quote Originally Posted by ahsposo View Post


    Plus being a 'nice guy, really' is not a plus either.


    My brother-in-law owns an apartment complex. He makes a decent income from it. He's a nationally ranked butt hole.

  8. #8
    Senior Member GP's Avatar
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    Quote Originally Posted by ahsposo View Post
    Now, there are these investments that take equity in rentals, REETS, I think they are called. Office and warehouse stuff. Economy is going that way...
    reit

  9. #9
    Animated Member ahsposo's Avatar
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    Yeah, REITs, Thanks, I knew I had it not quite right...
    Quote Originally Posted by toddles View Post
    If I gotta look up words, it's not worth my time.

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    Senior Member bruce19's Avatar
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    Had an 1850's, two family house that I rented for 5 yrs. In the 6th year I got a single mom with 5 kids who was divorced. Turns out she wasn't divorced. Her husband was in prison for multiple DUI convictions. They ended up being squatters and cost me a year's worth of income on the house. CT laws are WAY unbalanced in favor of tenants. The bank (TD Bank) wouldn't work with me when I finally got them evicted. I ended up losing the house to the bank. Then the bank came after me for the mortgage "loss." Now I also have a judgement against me. Good luck being a landlord.

  11. #11
    Trek 500 Kid Zinger's Avatar
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    As someone who has run a couple of downtown hotels back in another life, I'd say you might be letting yourself in on more trouble and work that you might well realize......until it's too late with you being the responsible owner and all.

    nsfw


    It's why Kathleen Freeman is my heroine.
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    ya I value all post above I changed my mind I sure don't want any more drama

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    Quote Originally Posted by bruce19 View Post
    Had an 1850's, two family house that I rented for 5 yrs. In the 6th year I got a single mom with 5 kids who was divorced. Turns out she wasn't divorced. Her husband was in prison for multiple DUI convictions. They ended up being squatters and cost me a year's worth of income on the house. CT laws are WAY unbalanced in favor of tenants. The bank (TD Bank) wouldn't work with me when I finally got them evicted. I ended up losing the house to the bank. Then the bank came after me for the mortgage "loss." Now I also have a judgement against me. Good luck being a landlord.
    I know many people telling similar stories all over the place. It seems courts don't want to throw people out on the streets. They side with them rather than owners who they feel can give tenants a chance to catch up.
    You're just trying to start an argument to show how smart you are.

  14. #14
    Senior Member bruce19's Avatar
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    Quote Originally Posted by StanSeven View Post
    I know many people telling similar stories all over the place. It seems courts don't want to throw people out on the streets. They side with them rather than owners who they feel can give tenants a chance to catch up.
    FWIW these tenants gave me phony references. It turns out they had been evicted from every place they'd lived for the past decade.

  15. #15
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    Buying at the right price and tenant screening are the keys to this, but don't be put off, start small with a few doubles, a triplex or something like that, but for sure get started. Find a similarly minded partner for the first one, but with different strengths so as to better manage your risk and decision making (for example, if you are great with people and can screen tenants, then find someone good on the financial side, or vice versa). If you are based in or near central Indiana, after meeting you IRL, I would consider partnering 50-50 with you while you get your feet wet.
    Longbikes Slipstream

  16. #16
    Senior Member trackhub's Avatar
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    I worked with a fellow some years back, who took this plunge and regretted it. No matter how carefully he screened prospective tenants, he wound up
    with some very nasty people, including a couple that literally did a "midnight move" on him, owing him several months back rent. They also left the unit
    (two family house) in a very nasty state. And yet, they presented as a nice, professional couple. Looks can be deceiving. In MA, it takes a lot
    to evict someone, once they are in. Don't know the how the laws are in your particular locale, but in MA, they are definitely skewed toward the tenant.

    Just what I'm thinking. I would look at other investments first.
    "The People will believe what the Media tells them they believe". George Orwell.

  17. #17
    Trek 500 Kid Zinger's Avatar
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    Quote Originally Posted by trackhub View Post
    I worked with a fellow some years back, who took this plunge and regretted it. No matter how carefully he screened prospective tenants, he wound up
    with some very nasty people, including a couple that literally did a "midnight move" on him, owing him several months back rent. They also left the unit
    (two family house) in a very nasty state. And yet, they presented as a nice, professional couple. Looks can be deceiving. In MA, it takes a lot
    to evict someone, once they are in. Don't know the how the laws are in your particular locale, but in MA, they are definitely skewed toward the tenant.

    Just what I'm thinking. I would look at other investments first.
    I have sooo many stories I could relate to from when I was running downtown hotels. One Jamaican immigrant showed up in painters whites.....with paint on them no less. Well a working man was always a priority applicant for me. That day he applied was the last day I saw those painters whites, lol. Of course he turned out to be a drug dealer masquerading as a painter (and not the only one in downtown San Diego). Actually he was the only drug dealer I had who was smart enough to keep a low profile enough to keep his apartment and stay out of trouble there while I was there.

    Illegal evictions were the order of the day in the downtown hotel business. I did pretty good at that (with team help) to stay off the street myself back then. If they were knowledgeable enough to call the police and make me let them back into their room they didn't stay long thereafter because there were other kinds of pressure applied to get them to leave.....some of these guys had friends that local detectives had an interest in for instance.
    "I never lost a race because my bike was too heavy".......George Mount

  18. #18
    Grumpy Member trsidn's Avatar
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    Quote Originally Posted by ahsposo View Post
    Oh, well no free link to the story but it's "Slumus Lordicus" - Sedaris' father's experiences as a landlord. From Dress Your Family in Corduroy and Denim - Wikipedia, the free encyclopedia

    A totally involving audiobook.
    Anything by Sedaris is hilarious anyway....


    (But I would NEVER want to be a landlord)
    Quote Originally Posted by Mariah View Post
    Transcendental enumeration.

  19. #19
    Lost Again gitarzan's Avatar
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    A friend of mine has a couple apartments. He's had appliances stolen, plumbing stolen, one time someone moved out and took all the doors.


    he does not lease, he rents month to month. He can tell them the rent is due on the first and toss them out on the second for non payment. In ohio, a lessee can not pay for three months and it's another three months in courts before you put their stuff on the sidewalk.

    he's had to go out after midnight to rout toilets and clean up the mess after the tenant stopped it up with a diaper or articles of feminine hygiene, then took a dump and kept flushing.

    It's still his dream
    Quote Originally Posted by Jseis View Post
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  20. #20
    surly old man jgedwa's Avatar
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    I have had a rental house for about a decade now. With a good tenants it is great. With bad tenants it is the worst thing in the world. Sadly, I bat about .333. I think the more responsible and decent you are, the more it tears you up inside to deal with irresponsible and horrible people. Ugh. I hate it.

    In an unrelated note, does anyone want to buy a small starter house? Fresh paint, and brand new interior doors throughout.

    Jim
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  21. #21
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    I changed my mind for sure now I hate drama

  22. #22
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    A good friend from childhood spent his life in the business. Decided to invest in property rather than college. Started with a few small places in lower income sections and now owns multiple buildings in trendy areas. But it's a full time, 24 hour a day job for him. Rarely takes vacations. Does most everything himself and has a few well trusted contractors for the rest. Back when we were kids, he also had a few very large individuals he hired to collect rents. And handle evictions. The laws favored tenants then too, but I think it was easier to get people to 'cooperate' with sufficient muscle.

    He says he would never advise anyone to invest in rental property. It worked for him because he's a very bright guy and very hard worker and he was determined to succeed. And he did everything himself. He says the margin just isn't there otherwise as there are always more costs and more losses than one would project on paper.

    But as we're both now in our fifties, I look nervously at my retirement accounts and he's sitting on millions in real estate that he now owns outright. His kids have gone into other professions, so he'll just sell it all in a few years and retire in style.

  23. #23
    Grumpy Member trsidn's Avatar
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    Quote Originally Posted by gitarzan View Post
    A friend of mine has a couple apartments. He's had appliances stolen, plumbing stolen, one time someone moved out and took all the doors.

    While in college, I did a couple of summers doing maintenance for apartment complexes. It was largely low income tenants. We had people report A/C problems, which, upon investigation showed that much of the units had been stolen for scrap. There was no way of knowing whether it was the tenant or someone else.
    Quote Originally Posted by Mariah View Post
    Transcendental enumeration.

  24. #24
    Senior Member trackhub's Avatar
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    I'm surprised no one has mentioned "Pacific Heights" yet. Fiction, but a warning to all prospective landlords.

    "The People will believe what the Media tells them they believe". George Orwell.

  25. #25
    Senior Member Keith99's Avatar
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    Quote Originally Posted by Wilbur Bud View Post
    Buying at the right price and tenant screening are the keys to this, but don't be put off, start small with a few doubles, a triplex or something like that, but for sure get started. Find a similarly minded partner for the first one, but with different strengths so as to better manage your risk and decision making (for example, if you are great with people and can screen tenants, then find someone good on the financial side, or vice versa). If you are based in or near central Indiana, after meeting you IRL, I would consider partnering 50-50 with you while you get your feet wet.
    Some states the laws are different for small complexes. Also again in some states there are laws for such that allow evection it either you of kin want to move in.

    From family experience I'd say one needs to be ready on both ends. Careful screening and being ready to evict a problem tenant.

    I've heard some great success stories from landlords who did screen carefully. BUT remember if you start that path do not get greedy. Going from a triplex to a 20 unit building is going to mean you can't screen as carefully and that could turn a success story into a horror story.
    Perish any man who suspects that these men either did or suffered anything unseemly.

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