Rokslide Real Estate Investing Thread

[arrow179]

Definitely.

Also related - Thoguht it'd be real easy to rent the Mrs townhome after she moved in with me and it was for a few years. Fast forward to the past year - we're short $26k in rent from a tenant that has been bending us over and the county is not at all land lord friendly.. Lots of success stories out there but plenty of pitfalls too.

Yeah bad tenants can really screw up a good ROI!

 

[ewade07]

I'll chime in. My wife and I bought our first house back in 06/20. It was set up as an up-down split, full kitchen and laundry downstairs. We lived there for 3 years and had the basement rented out the entire time we lived there. We bough our second home in 06/23 and turned the upstairs into a STR. That one house pays the mortgage for both houses and then some. Yes, the STR can be a pain but nothing to the extent that we have wanted to sell that house. We are looking at buying another house and keeping our second and renting that one out as well. Its getting tougher now to buy a house for the sole purpose of renting it out in my part of MT, but there are still deals to be had. Doing another STR is out of the question as the property taxes are set to skyrocket due to new tax laws.

 

[aq3]

Crying shame ain't it? You work hard, you take risks, you put your as* on the line to purchase RE, yet a tenant doesn't pay and YOU have to jump though hoops or wait a certain amount of time, or whatever, to correct he situation.

 

[NDGuy]

Real estate is too expensive to get into for me, I'd need it to cool off for me to seriously look at it.

 

[Huckelfin]

Crying shame ain't it? You work hard, you take risks, you put your as* on the line to purchase RE, yet a tenant doesn't pay and YOU have to jump though hoops or wait a certain amount of time, or whatever, to correct he situation.

Yep its a pain in the ass. I was really high on real estate right as I got out of college, bought a fixer upper duplex and have owned and rented that for about 7 years now. My wife and I spend a ton of time really digging into potential tenants because we have found it is very easy to hide big red flags these days. Most of the time people are offered deals to go away immediately, cash for keys, etc. because neither side wants to go through an eviction. For this reason, if there is any reason a tenant has an eviction, there should be absolutely ZERO consideration to be a prospective tenant. They are POS, end of story, at least IMO. Evictions prove they are unable to be reasonable in any way.

Anyway, RE has made me money and my house has appreciated a ton, but it is a pain in the butt to manage sometimes. Some months are fine, some are not. Sometimes I think about selling so I can take my money and run because its definitely not as passive as some people make you think it is. Neediness of tenants can influence this a lot though too.

 

[Hnthrdr]

Definitely.

Also related - Thoguht it'd be real easy to rent the Mrs townhome after she moved in with me and it was for a few years. Fast forward to the past year - we're short $26k in rent from a tenant that has been bending us over and the county is not at all land lord friendly.. Lots of success stories out there but plenty of pitfalls too.

That’s nightmare fuel man, I’m sorry!

 

[wind gypsy]

Crying shame ain't it? You work hard, you take risks, you put your as* on the line to purchase RE, yet a tenant doesn't pay and YOU have to jump though hoops or wait a certain amount of time, or whatever, to correct he situation.

.. and pay for lawyers that aren't particularly helpful and also miss the eviction court date because "it wasn't on their calendar" even though they were the one that communicated the date to us in the first place.

 

[Hnthrdr]

I'll chime in. My wife and I bought our first house back in 06/20. It was set up as an up-down split, full kitchen and laundry downstairs. We lived there for 3 years and had the basement rented out the entire time we lived there. We bough our second home in 06/23 and turned the upstairs into a STR. That one house pays the mortgage for both houses and then some. Yes, the STR can be a pain but nothing to the extent that we have wanted to sell that house. We are looking at buying another house and keeping our second and renting that one out as well. It’s getting tougher now to buy a house for the sole purpose of renting it out in my part of MT, but there are still deals to be had. Doing another STR is out of the question as the property taxes are set to skyrocket due to new tax laws.

STR’s were the golden goose really until everyone piled in, kind of wrecked it haha my BIL still runs a profitable one but I know plenty of people who came late to the party and got hosed. I think they can still do alright IF local zoning doesn’t crush them. Kind of funny how the hotel industry really lobbies for that while at the same time man of them own tons of STR’s themselves

 

[Habitat#1]

If you sold early this year and are going to 1031,you don't have much time left do you?I started with a triplex and tied my first 65 acres into same loan.Rent made all but maybe 1000.00 year out of pocket but kept triplex and bought more land and now up around 500 acres and almost paid off and sold triplex.Only have one rental farm house thats on my farm so works good.We have also bought a couple cheap little houses and fixed up and made good money on them.These were houses in the 10K-15K range sold one for 45,000 and my daughter just sold one for 103,000 after she lived in it for a couple years.Some smaller towns have good deals.No commercial close enough for me to watch.

 

[CorbLand]

STR’s were the golden goose really until everyone piled in, kind of wrecked it haha my BIL still runs a profitable one but I know plenty of people who came late to the party and got hosed. I think they can still do alright IF local zoning doesn’t crush them. Kind of funny how the hotel industry really lobbies for that while at the same time man of them own tons of STR’s themselves

The easiest and cheapest way to eliminate your competition is via legislation.