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Thread: Rental property questions
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07-16-2019, 09:37 AM #51
Getting ready to turn my rental over to a new tenant, who happens to be an ex-gf. Reserving a spot in the thread for questions related to inappropriate landlord/tenant relationships, retaliatory damage to property, eviction notices, etc.
Wasn't there a popcorn emoji?
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07-16-2019, 09:40 AM #52
Dear lord man, that seems like an extra terrible idea. You already know this, but it bears repeating.
Live Free or Die
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07-16-2019, 11:08 AM #53www.dpsskis.com
www.point6.com
formerly an ambassador for a few others, but the ski industry is... interesting.
Fukt: a very small amount of snow.
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07-16-2019, 12:16 PM #54“When you see something that is not right, not just, not fair, you have a moral obligation to say something. To do something." Rep. John Lewis
Kindness is a bridge between all people
Dunkin’ Donuts Worker Dances With Customer Who Has Autism
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07-16-2019, 12:46 PM #55
Well, we've gotten to a handshake on a beach property on an Island you'd recognize the name of in the southeast. Still some hurdles but it's looking pretty good. closing 9/3. All Shortterm Air B&B etc. This is somewhat of a greenfield as it was used as a 2nd residence and not rented previously. ALL the modeling I've done, these things are cash flow negative out of the gate. I don't see it possible to make it positive given the economics here. Whether -5k or -15k, seems to be in that range. Few rows back, 1/4 mile to the sand. I've been building a monthly model for now through 12/2020 then yearly after that. so, Gas? Electric? Cable TV? WiFi? Replacing shit that breaks? Maitence of HVAC systems? Insurance? Property tax? I've built a "suspense" line in my models for $250 monthly. Will that be the HVAC system failing? Painting? etc.
so how hard is it working Air B&B / VRBO?"Can't you see..."
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07-16-2019, 02:46 PM #56
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07-16-2019, 03:08 PM #57
I would go the Air B&B route, as I think the platform costs you less and has a very good insurance policy for you if the people trash the place. Also, you can see reviews on previous units rented by the owners. Our reviews must be good, as people have let us bring our dogs because our other reviews said how good the dogs and we were.
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07-21-2019, 05:42 AM #58
Last edited by Bobby Stainless; 07-21-2019 at 06:23 AM.
"I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road
Brain dead and made of money.
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07-21-2019, 10:52 AM #59Banned
- Join Date
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Not sure the layout of the lot, but would it be possible to build a one story 2 or 3 bedroom main house and a studio cottage? You'd still have two rental units (also,large families would be psyched to rent both). More room for vehicles than two duplexes. No need to go two stories and ruin the view. And your wife could do yoga or whatever in the studio cottage when it's not rented.
I used to work in Georgetown with juvenile delinquents a long time ago. They were pretty good tenants.
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08-29-2019, 11:44 AM #60
Update - ex GF got cold feet and backed out last minute. Kinda screwed me since the unit sat empty for a month. Kinda screwed all of you since I'm sure it would have blown up epically at some point. Anyway there's pretty short payback on the lost funds since I'll be getting market rent vs. the sweetheart deal I had offered her.
My interest rate is in the mid 4's but I'm thinking about refinancing the place to lower the monthly nut. Will I end up paying higher rates due to the property being a rental vs. primary residence?
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08-29-2019, 12:20 PM #61
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08-29-2019, 03:33 PM #62
What makes short-term tenants easier than long-term tenants? The baseline physical maintenance should be the same or very similar, except now you have to go clean(or pay someone to) all the time. Dealing with a constant stream of new and unique strangers each with their own *personality* doesn't sound easy to me.
The cash-flow may be better, in some cases much better, just curious what part exactly would be easier.
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08-29-2019, 04:41 PM #63
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08-29-2019, 04:43 PM #64"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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08-29-2019, 05:06 PM #65Registered User
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Last edited by XXX-er; 08-30-2019 at 11:17 AM.
Lee Lau - xxx-er is the laziest Asian canuck I know
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08-29-2019, 07:21 PM #66
I deal with a lot of this locally with my clients so let me know if you want get together and chat about it over a beer. We have to catch up on kids, Purgatory, etc one of these days anyway!
Sent from my moto x4 using Tapatalk
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08-29-2019, 07:22 PM #67
I struggle with this question, as we have rentals with long term tenants and normally things go really well. Next summer my wife retires and we want to go to other places, ideally short term (like 3-6 months) and I can't decide whether to Air B&B our home in Coronado or rent it out long term.
Seems like a PITA to have a new family every 28 days (per the rules in this town) but I can have a cleaner come in and go through the house (likely have them come every two weeks just because) and have a handy man on call. My adult kids can let people in and show them around if we are long gone. We should be able to get an easy $9k in July, maybe $8k in August and $7k in September. Then call it $5k the rest of the year. If I just rent it to a long term tenant it should be about $4.5k per month.
Good news on the Air B&B is the house is available for us likely half the year or more and my wife may like that. That said, the income will likely be lower on the Air B&B, however I don't know for sure. Tough decision to decide which way to go. I guess I could list it later in the year and see what happens for summer 2020 and beyond and take it from there. WWMD?
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08-30-2019, 02:25 PM #68
Seems to me it would be wise to crank out a few spreadsheets and really crunch the numbers. I assume you already do this since you have properties with long term tenants. I've had to shit-can more ideas than I care to admit I thought were awesome and fool-proof but just didn't pencil.
Having short term renters for 6 months, who accordinding to your local regs have a minimum 28 day stay, means 6 different tenants, seems reasonable and allows you full use of the property half the year. If you rent it out in Summer when it commands more money you still get fantastic weather in the Winter, right? Your setup with cleaner, handyman, kids sounds like you are already good to go!
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08-30-2019, 02:43 PM #69
Cue MD9's saga about the horrific tenant he had. Lady had some kind of experience with housing law and knew all the strings to pull. She essentially tried to blackmail him into living there for free. Evicting her was a year-long nightmare, maybe longer.
How often do people using AirBNB trash places? I'm guessing it's rather infrequently. Owners on AirBNB rate their guests. Guests who trash places will quickly find themselves unable to rent from other AirBNB owners. For run-of-the-mill sloppy people, well, that's what the cleaning fee is for.
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08-30-2019, 02:57 PM #70
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08-30-2019, 02:57 PM #71
I recently read an article that noted bad tenants get banned from air B&B
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08-30-2019, 03:04 PM #72
It's not that Airbnb people trash the place, it's just that it's constant work. A good long term tenant is easy money.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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08-30-2019, 03:11 PM #73
You can actually manage it to the point of being very little actual work. However, this involves paying a cleaner, and maybe a manager if you really want to be uninvolved, so you might get less money in the end. And yes, it is still a job, however, I manage most of my stuff from my actual job though, so I'm still getting paid for it technically.
Most of the communication with tenants is actually kind of enjoyable. I've met some really nice folks and made some good connections. Some also own their own Airbnbs and have offered to trade for ours but we have yet to make that happen yet.
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08-30-2019, 03:19 PM #74
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08-30-2019, 03:21 PM #75
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