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Forum » Landlord chads gtfih
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Thread: Landlord chads gtfih

post 1705211811 08-18-2024, 09:02 PM
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Landlord chads gtfih

Will be inheriting a two story rental building from my pops(majority owner). Can I get basic landlord tips? Not sure how much they are being rented out for atm but I know I want to raise it by a few hundred.
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post 1705212011 08-18-2024, 09:07 PM
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How many units

How old is the building

How big is the lot

Could you build something bigger?
post 1705212131 08-18-2024, 09:12 PM
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Originally Posted By r32gojirra⏩
How many units

How old is the building

How big is the lot

Could you build something bigger?
Two units I believe. A lower and top level.

Not sure how big the lot is but I'm guessing 2500 sqft(might be alot bigger).

Its as is, cannot build anything else. No capital. There is a small plot of next right next to it but not sure what to do about it.

Building is kinda old but it's had some renovations done to it.
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post 1705212651 08-18-2024, 09:27 PM
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You said your pops is the majority owner

Who owns the minority?
post 1705212931 08-18-2024, 09:41 PM
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Originally Posted By theory816⏩
Not sure how much they are being rented out for atm but I know I want to raise it by a few hundred.
Don't raise rents on good long term tenants "just because". If they pay rent on time and it's already at a good rate then don't touch it. Having good tenants is paramount to renting. Nightmare tenants have chased many out of the rental game entirely.

Use a third party credit screening company for every future applicant. If you're not willing to spend the $30 to double check your preferred tenants after the initial screening then you are begging to get bent over and get ****ed for thousands of dollars. Save $30 to lose $10,000? It sounds retarded because it is.
post 1705213581 08-18-2024, 10:04 PM
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Take advantage of every tax loophole you can, property investment is fuking epic for that
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post 1705213671 08-18-2024, 10:10 PM
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Originally Posted By LargePeter⏩
Take advantage of every tax loophole you can, property investment is fuking epic for that
I don’t think it’s as good in the US as it is here
post 1705214221 08-18-2024, 10:40 PM
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Sell it and give the money to charity. You didn’t earn that and don’t deserve it. Make it on your own!
post 1705214961 08-18-2024, 11:10 PM
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Originally Posted By r32gojirra⏩
You said your pops is the majority owner

Who owns the minority?
I mean majority owner out of all siblings.
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post 1705215031 08-18-2024, 11:13 PM
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Originally Posted By BigDeeps01⏩
Sell it and give the money to charity. You didn’t earn that and don’t deserve it. Make it on your own!
I agree I didn't earn it. But its an inheritance and I need it to get on my feet(dad left just enough to help). When I'm set financially, I'll give it to my nephews/nieces.

If anyone is to become successful monetarily, you'd want it to be me because I have the knowledge to invest in certain ideas that will really help whatever industry i'm in.
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post 1705215351 08-18-2024, 11:34 PM
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Originally Posted By theory816⏩
I agree I didn't earn it. But its an inheritance and I need it to get on my feet(dad left just enough to help). When I'm set financially, I'll give it to my nephews/nieces.

If anyone is to become successful monetarily, you'd want it to be me because I have the knowledge to invest in certain ideas that will really help whatever industry i'm in.
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post 1705216481 08-19-2024, 12:42 AM
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Originally Posted By r32gojirra⏩
I don’t think it’s as good in the US as it is here
Sucks for them then
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post 1705222181 08-19-2024, 06:57 AM
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Originally Posted By theory816⏩
I agree I didn't earn it. But its an inheritance and I need it to get on my feet(dad left just enough to help). When I'm set financially, I'll give it to my nephews/nieces.

If anyone is to become successful monetarily, you'd want it to be me because I have the knowledge to invest in certain ideas that will really help whatever industry i'm in.
Your siblings may complicate things. Are you all on the same page with renting it out?
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post 1705222761 08-19-2024, 07:22 AM
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Originally Posted By byzantine75⏩
Your siblings may complicate things. Are you all on the same page with renting it out?
I think so. But honestly I think the building should be liquidated. Because if any major maintenance occurs, it takes too long to recoup it back from rent. I believe the overall collected rent is only about 1800-2k/month. If the AC goes out, i'm out several months of rent.
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post 1705223031 08-19-2024, 07:31 AM
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Just based off how you talk about it I don't think you're ready. I would guess your personal finances aren't in order so I would tell you to sell it. Once you are ready to broaden your portfolio you will be in a better position in the future as compared to now.


Srs, vry srs.
post 1705223111 08-19-2024, 07:35 AM
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Originally Posted By r32gojirra⏩
I don’t think it’s as good in the US as it is here
Owning Investment property is highly advantaged in the US as well. You can deduct all of your expenses as well as Mortgage Interest for Commercial Property. So Oftentimes you'll have a property that you're earning $60k per year on while also building $30k equity per year and actually showing negative income.
post 1705223211 08-19-2024, 07:38 AM
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Originally Posted By tripod29⏩
Just based off how you talk about it I don't think you're ready. I would guess your personal finances aren't in order so I would tell you to sell it. Once you are ready to broaden your portfolio you will be in a better position in the future as compared to now.


Srs, vry srs.
Ready for what? Be a property manager? I can agree with that. But I mean, I've been taking care of my mom's house for a while now. Water line shut off and AC maintenance are really the two biggest concerns.
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post 1705230141 08-19-2024, 10:35 AM
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Bump
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post 1705230221 08-19-2024, 10:37 AM
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Originally Posted By theory816⏩
Will be inheriting a two story rental building from my pops(majority owner). Can I get basic landlord tips? Not sure how much they are being rented out for atm but I know I want to raise it by a few hundred.
Hire a property manager. **** everything else.
post 1705230591 08-19-2024, 10:45 AM
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Originally Posted By theory816⏩
I think so. But honestly I think the building should be liquidated. Because if any major maintenance occurs, it takes too long to recoup it back from rent. I believe the overall collected rent is only about 1800-2k/month. If the AC goes out, i'm out several months of rent.
Therein lies probably one of the most important things: having sufficient cash to deal with maintenance issues, lost rent, etc because chit happens.

If you have the cash and you buy a new AC unit, the money doesn’t disappear but merely changes from currency to an AC unit worth the equivalent currency.
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