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Thread: rental properties

  1. #1

    rental properties

    Just like the title says. Does anyone on here have rental properties as an investment? If so what is your experience being disabled and owning and managing properties? Thanks for any input

  2. #2
    I bought a townhouse in 2006 and was paralyzed in 2008 so I moved to a single story home. I rented that property out until last week when I closed on it. I spent a couple years renting it out on my own and just got fed up with the hassle. I used a property management company after that and it was worth the 10% fee every month. I was totally hands off, didn't even meet any of the renters and they handled any repairs (billed to me) and fielded calls. I haven't physically been in the house for any reason since 2011. As long as everything was working in the house OK, my only involvement was receiving funds straight to my bank account. I bought when the market was at it's peak in the area and lost my ass on it when I sold, but I am happy to have it off my shoulders. If I was completely able-bodied I would have done it myself, but I will never rent again without using a property management company as long as I am in a wheelchair.

  3. #3
    Quote Originally Posted by Tman9513 View Post
    I bought a townhouse in 2006 and was paralyzed in 2008 so I moved to a single story home. I rented that property out until last week when I closed on it. I spent a couple years renting it out on my own and just got fed up with the hassle. I used a property management company after that and it was worth the 10% fee every month. I was totally hands off, didn't even meet any of the renters and they handled any repairs (billed to me) and fielded calls. I haven't physically been in the house for any reason since 2011. As long as everything was working in the house OK, my only involvement was receiving funds straight to my bank account. I bought when the market was at it's peak in the area and lost my ass on it when I sold, but I am happy to have it off my shoulders. If I was completely able-bodied I would have done it myself, but I will never rent again without using a property management company as long as I am in a wheelchair.
    Thanks for the insight. I"m looking at a place now and it's too cheap to pass so if i end up with it and decide to not move in I will go with a management company.

  4. #4
    I didn't require a property management company, just a handyman. The thing is to find the right tenants, the right handyman, and keep them happy. Just remember that it's easy to replace a handyman but it's not easy to replace tenants. But royb is right about it being a hassle if you have the wrong tenants.

  5. #5
    Senior Member djrolling's Avatar
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    My wife and I have two rental properties and I have for the most part managed the units. They are both upstairs so I have her help show them. I list on Zillow which also puts it on Trulia and Hotpads. I use Smart Move by TransUnion for the Application process if someone wants to move in, that way I just send them a link and they pay the app fee to TransUnion and I get the background check and the credit report and never had to know their SS #. AW is right, I would rather wait for the right tenant than to just not miss a months rent. I would not go with a management company because I do not think they will be as picky. To some degree, they have less ability to be as picky since they are a management company and the rules are a little bit different for them as opposed to me doing my own. They get 10% of the rental income so they get nothing if it sits empty so they have a vested interest to get someone in there right away. They do not pay for repairs they just find someone to do it. I also do not think they will care how much the repair cost. It is not their money. I would rather make a little less money than to have a bad tenant. By that I mean if I have a good tenant I am not likely to go up on the rent. I place a value on having a good tenant. We are showing one of the units this evening and the last tenant was paying $525 a month and the new tenant will be paying $575 a month The guy that just moved out had been there almost 5 years and I still would not be raising his rent had he stayed. Since he is moving I am taking this opportunity to raise it up to the current market level.

    We have been fortunate we have only had to keep one persons deposit. The rest just a small portion of it or none at all. I tell people right up front if on your credit report shows that you are not paying other people then I figure it is just a matter of time before you do not pay me. I try to tell them some of the things that are red flags to me. I also find out how much they make before I show them the unit because if the rent is more than one-third of their income then they cannot afford it and I do not even waste my time or theirs showing it to people that do not make enough money.

  6. #6
    I have a condo I rent out and farmland. I put my sister in charge of the condo and then she can make some extra cash. I would strongly suggest farmground. It should return 4 percent at the beginning and as it appreciates. Hopefully in 5-10 years it should be returning you 10% or better. If you do decide that you want to look more into ground, I would be happy to help you find the perfect piece.

  7. #7
    I owned a 3br house that I rented out for about 10 years. I had great renters, a great interest rate and great luck for the majority of that time. I was cash-flowing around $1000/month at the high point. The house required minimal, routine maintenance, which I mostly had friends here or there do at very fair rates. However, all good things must come to an end, which mine certainly did. I got hit with some major damage and repairs far beyond the scope of cheap, friend-provided maintenance I had been getting away with. It was an old house (built in 1920), so the potential some most of that stuff was always there and there's only so much preventative measures you can take. Anyway, combining that with a horribly deceptive, destructive and evil set of renters, put me past my breaking point... I sold the house last summer. I made out ok, but the stress of the last couple years worth of antics was horrible. I'm pretty sure I'll own more investment properties in the future but most likely not take the gamble with anything as old. If you can get a good deal on a condo in good shape with low HOAs, I can see that being doable with a disability... or for me with my disability anyway. Good luck in your ventures!

    *************************************************************
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  8. #8
    Senior Member Tim C.'s Avatar
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    I was a property manager for 20 years. I'm now disabled 16 years.
    There's no chance in hell you can do the right job.

  9. #9
    Senior Member djrolling's Avatar
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    Quote Originally Posted by Tim C. View Post
    I was a property manager for 20 years. I'm now disabled 16 years.
    There's no chance in hell you can do the right job.
    Well, that is your opinion and opinions are like noses most of them have a couple of holes in them...

  10. #10
    Senior Member brian's Avatar
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    Quote Originally Posted by Tim C. View Post
    There's no chance in hell you can do the right job.
    Hi Tim - What makes you say this? In your experience, why do you think that there's "no way in hell" someone with SCI can be a property manager? Assuming the property is accessible in the first place, I don't see any reason why not.

    I own property in another state and while I contract out the maintenance now, it's all been Minor stuff I fixed while I lived in the condo myself: clogged drains and faulty light switches, etc.


    ROYB - just be sure you do your research to make sure the property will be quickly rentable and at a realistic rate to keep your cash flow in the black. Don't forget about insurance, taxes, and any other related fees (HOA, management, handyman, etc).. And keep a separate savings account you can put the profit into every month. I just had to replace the washing machine in mine - you'll never know when something expensive might need attention.

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