landlord 101

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How can your property be an "asset liability"?
That's an oxymoron.
It is an oxymoron. Because you’ll never own it even if it’s paid off. So could you truly called it an asset. Don’t pay your taxes it gone. In order for it to be a true asset I need to 100% without leverage from government or anyone else out right own it. So call it whatever you want. I should call it asset with liabilities.
 
Finally had all can take on deadbeat renters

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Problem is noone backs up landlords its almost as if the law is on the renters side i heard stories of landlords giving people money so theyd leave as in money to move while evicting them. So these folks play the game going apartment to apartment getting 5 grand to leave in a cycle.
 
You could not pay me enough to own rental property. I have several friends who either have done it, or are doing it. I rarely hear them say nice, happy things. It’s always problems with renters; sometimes serious problems. Definitely not for me.
 
Problem is noone backs up landlords its almost as if the law is on the renters side i heard stories of landlords giving people money so theyd leave as in money to move while evicting them. So these folks play the game going apartment to apartment getting 5 grand to leave in a cycle.

Ohhh yeah, there are folks that use/game the system.
My worst were welfare, govt cheque, laws say ya gotta take em.
That's why finding out who wants to move in is sooooo important.
He's worked for ATT for 12 yrs, she been at Macy's for 5 yrs.
Call employer to find if true.
Ask employer if applicants future is "bright" .
Go look where they are presently staying.
I used to leave a section of the application vague, then if they were one of "finalists", we'd drive-by where they are now, looking for old stoves, wrecks, garbage, general upkeep.
If that's good, I'd phone, say I'm close by, and need them to "sign" vagueness on form.
That gets you in the front door, to "peek, and smell" inside where they live.
Some cultures use a lotta spices that can be "offensive" to other tenants at the location.

All lotsa work, - - but the last 3 decades we were landlords were quite pleasant, after learning to be picky about who moves in .
Saw lots let the tenant "win" , not me .
Good Luck.

PS. I had lotsa tenants move for work elsewhere, I often invite them to be in touch if they come back, that they'd be welcome, and also always given good references to those that deserved them.
 
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When suite is open to view for rental, never say the unit is "available", cuz legally you may bind a contract.
Say there "have been several applicants whose references have to be checked" inferring there are applicants ahead/prior, - avoiding "first come/served situation".
Got stung there ! Welfare .
 
There are many books about landlording, with all the forms
Buy one it will save ur ***, it saved my sister's *** several times
 
My one time having tenants, a few weeks after they moved out(and left the place a mess) a guy called for a reference. I thought, what can I say here to get myself in trouble? So I just stuck to verifiable facts. They were late with the rent every month. I was still getting their bills in the mail with her mother's name on them. She had more people living in the house than I allowed, as well as pets. The last question the guy asked me was almost comical. He said, would you rent to them again? Absolutely not.
 
I had a lady wanting to rent a house for a "daycare".
She pleaded with me to come see where she lived now, coupla hundred miles up-island. Went , looked, she had that house all up to nec codes, showed me all the kid stuff, yard stuff, safety stuff, she would install, and extra insured it. She knew her stuff.
She was there 7 years, the neighbors loved her, mowed lawns, shoveled snow off sidewalks, had 2 teen boys that maintained everything.
Prob best tenant I ever had, she left back up-island to take care of her aged mom.
One of her son's phoned me looking for a place while attending our university, didn't have a vacancy, but found him a place in a coupla weeks, good tenant.
 
You could not pay me enough to own rental property. I have several friends who either have done it, or are doing it. I rarely hear them say nice, happy things. It’s always problems with renters; sometimes serious problems. Definitely not for me.
Funny thing is they will continue to own properties and you'll only hear of the bad times. Landlords/property owners rarely share stories of all the cashed checks and easy times with others. It's only the bad times that we share or voice when it's happening to us.

It's not for everyone but most wealthy people or people who have amassed large amounts of money usually do it thru property investing. We own a few properties and it's not always sunshine and rainbows but in the 20 plus years I can say most people just want a nice place to rent and are generally decent people.
 
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