Any landlords here?

[GuanoApes]

Hi, I am thinking of owning numerous houses.

I already own one house, and pay only $700 per year in property taxes. (Due to the homestead tax exempt, and it’s in Indiana.)

If I were to buy another house, I wouldn’t be able to get the homestead tax exempt, and would probably be paying atleast $5,000 per year for it.

Now how am I supposed to rent out a house and make a decent profit with these outrageous property taxes I have to pay?

 

[MikeMcMann]

Become a slum lord and ride off into the sunset a rich man.

 

[zapataxiv]

What’s the hardest part of being a landlord? Having to stay hundreds of feet away from schools and children or being deathly allergic to sunlight and garlic?

 

[MMouse]

Hi, I am thinking of owning numerous houses.

I already own one house, and pay only $700 per year in property taxes. (Due to the homestead tax exempt, and it’s in Indiana.)

If I were to buy another house, I wouldn’t be able to get the homestead tax exempt, and would probably be paying atleast $5,000 per year for it.

Now how am I supposed to rent out a house and make a decent profit with these outrageous property taxes I have to pay?

Eh I would get into flipping instead

 

[MadSquabbles500]

Hi, I am thinking of owning numerous houses.

I already own one house, and pay only $700 per year in property taxes. (Due to the homestead tax exempt, and it’s in Indiana.)

If I were to buy another house, I wouldn’t be able to get the homestead tax exempt, and would probably be paying atleast $5,000 per year for it.

Now how am I supposed to rent out a house and make a decent profit with these outrageous property taxes I have to pay?

If taxes are prohibitive its because gubment dont want people owning too many houses and speculating and driving the housing costs up.

Have you looked into NNN commercial properties. Tenant pays taxes, and everything. You just collect rent. If I had the money you had that is what I buy. No headaches at all.

 

[Deleted member 409801]

What’s the hardest part of being a landlord? Having to stay hundreds of feet away from schools and children or being deathly allergic to sunlight and garlic?

Poor person who has a hard time paying his rent on time detected.

 

[Deleted member 409801]

Had 2 rentals now just have one. Unless you're paying cash for the house you probably won't make all that much on the rent , most of your headway will likely be on appreciation. For example , I replaced a roof last year ($ 5500) and a heat pump the year before ( ($5000ish) . It can be quite the headache dealing with tenants too if you don't vet them well or get unlucky. On the flip side , my rental has been rented for about 12 of the 14 years ive owned it , so putting up with the occasional headache has provided me a little bit of extra money per month , but more importantly about 200k in equity with very little of my own money.

 

[BEER]

Had 2 rentals now just have one. Unless you're paying cash for the house you probably won't make all that much on the rent , most of your headway will likely be on appreciation. For example , I replaced a roof last year ($ 5500) and a heat pump the year before ( ($5000ish) . It can be quite the headache dealing with tenants too if you don't vet them well or get unlucky. On the flip side , my rental has been rented for about 12 of the 14 years ive owned it , so putting up with the occasional headache has provided me a little bit of extra money per month , but more importantly about 200k in equity with very little of my own money.

Basically came here to say this. You're not likely to make much in the way of profit unless you own a bunch of properties, but the upside is equity in your name that someone else pays for.

 

[Deleted member 409801]

Basically came here to say this. You're not likely to make much in the way of profit unless you own a bunch of properties, but the upside is equity in your name that someone else pays for.

Yep , I clear about 750 a month after the mortgage , which sounds decent enough , but one major repair and you've got a years worth of rental income wiped out. Not to mention youve got be able to cough up thousands on a moment's notice which most people have a hard enough time doing.

 

[Alphaboy]

Had 2 rentals now just have one. Unless you're paying cash for the house you probably won't make all that much on the rent , most of your headway will likely be on appreciation. For example , I replaced a roof last year ($ 5500) and a heat pump the year before ( ($5000ish) . It can be quite the headache dealing with tenants too if you don't vet them well or get unlucky. On the flip side , my rental has been rented for about 12 of the 14 years ive owned it , so putting up with the occasional headache has provided me a little bit of extra money per month , but more importantly about 200k in equity with very little of my own money.

Can you get a property management company to deal with them? Give me some game.

 

[Deleted member 409801]

Yeah

Can you get a property management company to deal with them? Give me some game.

Sure , for a fee. I'm like a 90% stay at home dad these days so I've got a flexible enough schedule and can fix most stuff myself so I don't bother.

 

[PolishHeadlock]

People rent in Indiana.....

 

[Mickey Mick]

My friend rents out a two unit home and recently dealt with an absolute nightmare tenant.

Cops called on him multiple times a week, dude owed thousands in backrent. Would do things like break garbage disposal and turn off electricity to screw with other tenants.

Took ages to get him out. Had to go to housing court, legal fees, etc. not to mention how much my friend paid to have the place cleaned repainted and recarpeted due to the lingering scent of cigs smoke indoors.

ALWAYS do background and credit checks if you’re serious about this!

 

[plataoplombo]

Multi families are the way to go at least for me. You'll never have to worry about paying 100% of the mortgage. Made the mistake of buying a SFH when I first started and ended up with a piece of shit tenant. For the 3-4 months of going through the process I was also paying the mortgage which was pretty draining. After learning that lesson I decided to never again get a SMH. If you absolutely have to get an SMH, you might want to consider renting rooms out. You'll probably make a few hundred more that way. As far as maintenance goes, you HAVE TO HAVE TO get America's Home Shield. I pay $50 a month and $75 for the service call for my 3 unit. Can't remember what it all covers but it's everything your regular home insurance won't. If you're going to manage it yourself, background checks are crucial and also look at the last few months paystubs and very they have been employed for at least a year. Hope this helps.

 

[Otto!]

When we moved a few years ago I thought about keeping the house and renting it, but the law really favours the tenants in Canada.

Basically if they stop paying rent in November you can’t kick them out until the spring. Fuck that. It would be great if you know for sure you’re getting a good tenant, but there is no guarantee.

 

[MadSquabbles500]

Can you get a property management company to deal with them? Give me some game.

Only worth a property mgmt if its multi-family or have a lot of properties, and you making lots of rent from it.

 

[genecop]

If the taxes are high, the rent needs to reflect that..

 

[MadSquabbles500]

Had 2 rentals now just have one. Unless you're paying cash for the house you probably won't make all that much on the rent , most of your headway will likely be on appreciation. For example , I replaced a roof last year ($ 5500) and a heat pump the year before ( ($5000ish) . It can be quite the headache dealing with tenants too if you don't vet them well or get unlucky. On the flip side , my rental has been rented for about 12 of the 14 years ive owned it , so putting up with the occasional headache has provided me a little bit of extra money per month , but more importantly about 200k in equity with very little of my own money.

How much is your rent? For my company, replacing something that $5000 total cost is only like two months rent.

 

[Deleted member 409801]

How much is your rent? For my company, replacing something that $5000 total cost is only like two months rent.

1350, after the note, property tax and insurance on the house Im " clearing " about 9k a year . You're up north if I remember correctly , I'm in the Midatlantic . The math will work out the same though in the end. My 5500 dollar roof will cost you 10 and your mortgage if you've got one will eat the rest of the difference.

 

[SugarKrok]

When we moved a few years ago I thought about keeping the house and renting it, but the law really favours the tenants in Canada.

Basically if they stop paying rent in November you can’t kick them out until the spring. Fuck that. It would be great if you know for sure you’re getting a good tenant, but there is no guarantee.

I Did not know this. Doesnt matter since my credit is trash. No dog cause of it. Fuck fixing it though. I ain't paying shit on some old ass defaulted CC