- Results 1 to 20 of 20
Thread: Landlord chads gtfih
08-18-2024, 08:02 PM
#1
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.
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-18-2024, 08:07 PM
#2
How many units
How old is the building
How big is the lot
Could you build something bigger?
How old is the building
How big is the lot
Could you build something bigger?
By reading this post you acknowledge r32gojirra is an online persona and all posts by r32gojirra are satirical in nature. Comments by r32gojirra shall not reflect on the integrity and morals of the author portraying the online character nor any professional or contractual affiliates of the author.
AP4C
HTC
Repped by kimm into 200kcrew crew
- r32gojirra
- Brootal
- r32gojirra
- Brootal
- Join Date: Feb 2013
- Location: East Coast, Australia
- Posts: 22,766
- Rep Power: 453,881
-
08-18-2024, 08:12 PM
#3
Originally Posted By r32gojirra⏩
Two units I believe. A lower and top level.
How many units
How old is the building
How big is the lot
Could you build something bigger?
How old is the building
How big is the lot
Could you build something bigger?
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.
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-18-2024, 08:27 PM
#4
You said your pops is the majority owner
Who owns the minority?
Who owns the minority?
By reading this post you acknowledge r32gojirra is an online persona and all posts by r32gojirra are satirical in nature. Comments by r32gojirra shall not reflect on the integrity and morals of the author portraying the online character nor any professional or contractual affiliates of the author.
AP4C
HTC
Repped by kimm into 200kcrew crew
- r32gojirra
- Brootal
- r32gojirra
- Brootal
- Join Date: Feb 2013
- Location: East Coast, Australia
- Posts: 22,766
- Rep Power: 453,881
-
08-18-2024, 08:41 PM
#5
Originally Posted By theory816⏩
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.
Not sure how much they are being rented out for atm but I know I want to raise it by a few hundred.
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.
- lebowski951
- Registered User
- lebowski951
- Registered User
- Join Date: Feb 2012
- Location: alberta, Canada
- Age: 34
- Posts: 2,027
- Rep Power: 23,118
-
08-18-2024, 09:04 PM
#6
Take advantage of every tax loophole you can, property investment is fuking epic for that
- LargePeter
- Fuk off, Lahey!
- LargePeter
- Fuk off, Lahey!
- Join Date: Aug 2011
- Location: Kuntstralia, Australia
- Posts: 30,786
- Rep Power: 449,513
-
08-18-2024, 09:10 PM
#7
Originally Posted By LargePeter⏩
I don’t think it’s as good in the US as it is here
Take advantage of every tax loophole you can, property investment is fuking epic for that
By reading this post you acknowledge r32gojirra is an online persona and all posts by r32gojirra are satirical in nature. Comments by r32gojirra shall not reflect on the integrity and morals of the author portraying the online character nor any professional or contractual affiliates of the author.
AP4C
HTC
Repped by kimm into 200kcrew crew
- r32gojirra
- Brootal
- r32gojirra
- Brootal
- Join Date: Feb 2013
- Location: East Coast, Australia
- Posts: 22,766
- Rep Power: 453,881
-
08-18-2024, 09:40 PM
#8
Sell it and give the money to charity. You didn’t earn that and don’t deserve it. Make it on your own!
- BigDeeps01
- Registered User
- BigDeeps01
- Registered User
- Join Date: Sep 2019
- Age: 54
- Posts: 18,422
- Rep Power: 168,890
-
08-18-2024, 10:10 PM
#9
Originally Posted By r32gojirra⏩
I mean majority owner out of all siblings.
You said your pops is the majority owner
Who owns the minority?
Who owns the minority?
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-18-2024, 10:13 PM
#10
Originally Posted By BigDeeps01⏩
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.
Sell it and give the money to charity. You didn’t earn that and don’t deserve it. Make it on your own!
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.
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-18-2024, 10:34 PM
#11
Originally Posted By theory816⏩
5'5 110lb(MIL Spec) Asian Master Race Crew
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.
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.
- BigDeeps01
- Registered User
- BigDeeps01
- Registered User
- Join Date: Sep 2019
- Age: 54
- Posts: 18,422
- Rep Power: 168,890
-
08-18-2024, 11:42 PM
#12
Originally Posted By r32gojirra⏩
Sucks for them then
I don’t think it’s as good in the US as it is here
- LargePeter
- Fuk off, Lahey!
- LargePeter
- Fuk off, Lahey!
- Join Date: Aug 2011
- Location: Kuntstralia, Australia
- Posts: 30,786
- Rep Power: 449,513
-
08-19-2024, 05:57 AM
#13
Originally Posted By theory816⏩
Your siblings may complicate things. Are you all on the same page with renting it out?
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.
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.
Judo crew
Kyokushin crew
Pyrogen is gonna be my best man at my 5th wedding crew
- byzantine75
- 柔靓家
- byzantine75
- 柔靓家
- Join Date: Dec 2014
- Location: Perth, Australia
- Posts: 3,876
- Rep Power: 99,573
-
08-19-2024, 06:22 AM
#14
Originally Posted By byzantine75⏩
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.
Your siblings may complicate things. Are you all on the same page with renting it out?
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-19-2024, 06:31 AM
#15
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.
Srs, vry srs.
08-19-2024, 06:35 AM
#16
Originally Posted By r32gojirra⏩
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.
I don’t think it’s as good in the US as it is here
- OliverHeldens
- Registered User
- OliverHeldens
- Registered User
- Join Date: Oct 2014
- Age: 31
- Posts: 23,019
- Rep Power: 110,630
-
08-19-2024, 06:38 AM
#17
Originally Posted By tripod29⏩
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.
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.
Srs, vry srs.
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-19-2024, 09:35 AM
#18
Bump
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Cleanliness is next to Godliness
Watashi Wa Stah
08-19-2024, 09:37 AM
#19
Originally Posted By theory816⏩
Hire a property manager. **** everything else.
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.
08-19-2024, 09:45 AM
#20
Originally Posted By theory816⏩
Therein lies probably one of the most important things: having sufficient cash to deal with maintenance issues, lost rent, etc because chit happens.
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.
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.
Bookmarks
- Digg
- del.icio.us
- StumbleUpon
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts