Quote:
Originally Posted by pwd72s
When emailing a friend, I *****ed a bit about the low interest paid on a CD Cindy & I bought. He wrote back, suggesting we buy a rental house, "buy some dirt".
I answered by saying I'd rather be eaten by a goat and crapped over a cliff than ever be a landlord again.
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Paul,
Managing property isn't the job for everyone. It takes a special person that can take a lot of crap from dead beats, stupid folks and are willing to drive out to the property and solve issues. I have a friend who inherited a bunch of apartment buildings from her folks and grand parents. Parents set it up with the management company for her before they passed. She dealt with it for a couple of years and ended up selling all of it only because she can't handle the stress of dealing with the management co. and everything associated with the rentals. The tax she had to pay on it boggles my mind. She's happy as a make up artist for the studios and spends that money like if there's no tomorrow (millions).
At the end of the day, its a job just like any other but the flexibility of this job is pretty darn good compare to many others. Its a simple way to build wealth.
I enjoy it. We try and fix problems before they arise and screen and weed out the bad apples. I have been sue by one of the tenant at the end of his term. It was no fun, but I paid him off so he left. He came with the building so due to rent control, I couldn't get him out. He threaten me with letter from his lawyer stating that the grass was not cut to his satisfaction, an 1" too long. He back charged me for all the years he lived there since the building changed hands. It came out to be 6500 dollars he wanted. I can fight and win in court, I think? My wife was pissed. Me, I was very happy to pay him so he goes away. He stiffed me my last month's rent of 850 bucks. As soon as he left, we gutted the place, remodeled it and rented it out to a couple of USC law students from Brazil for market rate at 2400.00. they have been wonderful for the past two years. No drama. Thank goodness, so we really take care of them.