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08-18-2024, 08:02 PM
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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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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?
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08-18-2024, 08:12 PM
#3
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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08-18-2024, 08:27 PM
#4
You said your pops is the majority owner

Who owns the minority?
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08-18-2024, 08:41 PM
#5
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.
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08-18-2024, 09:04 PM
#6
Take advantage of every tax loophole you can, property investment is fuking epic for that
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08-18-2024, 09:10 PM
#7
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
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08-18-2024, 09:40 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!
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08-18-2024, 10:10 PM
#9
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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08-18-2024, 10:13 PM
#10
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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08-18-2024, 10:34 PM
#11
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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08-18-2024, 11:42 PM
#12
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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08-19-2024, 05:57 AM
#13
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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08-19-2024, 06:22 AM
#14
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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08-19-2024, 06:31 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.


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08-19-2024, 06:35 AM
#16
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.
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08-19-2024, 06:38 AM
#17
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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08-19-2024, 09:35 AM
#18
Bump
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08-19-2024, 09:37 AM
#19
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.
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08-19-2024, 09:45 AM
#20
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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