Comments on: The Ups and Many Downs of Becoming a Landlord http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/ Everything About Money You Were Too Polite To Ask Mon, 20 May 2013 16:51:10 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jajanise http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-12332 jajanise Sat, 04 Aug 2012 18:12:23 +0000 http://thebillfold.com/?p=9360#comment-12332 I have been managing property for about 20 years. Take the time and go over the lease with your management company/landlord and document everything! Yes, it is a pain in the behind but it is worth it! That way you can be clear on who is responsible for what. Repairs are going to come up, no matter where you live, but knowing how to respond and who to call will make all the difference. If the landlord is not responsive, make sure to respond in writing. If your resident is not being receptive, respond in writing. It will prove to be very valuable in court it it goes that far. Take pictures and do a walk through of the property. Being a landlord is not for everyone, trust me. It is a lot of work even with the easiest of residents because managing the asset is not for the faint hearted. I have been managing property for about 20 years. Take the time and go over the lease with your management company/landlord and document everything! Yes, it is a pain in the behind but it is worth it! That way you can be clear on who is responsible for what. Repairs are going to come up, no matter where you live, but knowing how to respond and who to call will make all the difference. If the landlord is not responsive, make sure to respond in writing. If your resident is not being receptive, respond in writing. It will prove to be very valuable in court it it goes that far. Take pictures and do a walk through of the property. Being a landlord is not for everyone, trust me. It is a lot of work even with the easiest of residents because managing the asset is not for the faint hearted.

]]> By: Rooster A http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-12181 Rooster A Fri, 03 Aug 2012 13:58:31 +0000 http://thebillfold.com/?p=9360#comment-12181 After five not-so-awesome years as a landlord in Minneapolis, my boyfriend has just sold his building and is moving on with his life. Buying a small apartment building was a great idea on paper; in reality it was one of the worst decisions he ever made, and he'll be recovering from it financially for a long time. On top of trying to pay the mortgage every month, dealing with some crazy renters over the years was a huge headache, including a convicted felon who was "getting his act together" (court ordered). That dude stopped paying rent half way through his lease and eventually just left town. We found gross things, odd things, and many illegal things once the eviction went through and we were finally allowed to clear out his wrecked, abandoned apartment. Never again. After five not-so-awesome years as a landlord in Minneapolis, my boyfriend has just sold his building and is moving on with his life.

Buying a small apartment building was a great idea on paper; in reality it was one of the worst decisions he ever made, and he’ll be recovering from it financially for a long time. On top of trying to pay the mortgage every month, dealing with some crazy renters over the years was a huge headache, including a convicted felon who was “getting his act together” (court ordered). That dude stopped paying rent half way through his lease and eventually just left town. We found gross things, odd things, and many illegal things once the eviction went through and we were finally allowed to clear out his wrecked, abandoned apartment.

Never again.

]]> By: Michelle LeBlanc@twitter http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-12050 Michelle LeBlanc@twitter Thu, 02 Aug 2012 17:24:34 +0000 http://thebillfold.com/?p=9360#comment-12050 @julebsorry I realize you may just want to pay for it to get it over with, but I'm fairly certain that in NYC the landlord is responsible for the cost of pest control (unless they can prove it is your fault, such as you have a dog and the dog has fleas) @julebsorry I realize you may just want to pay for it to get it over with, but I’m fairly certain that in NYC the landlord is responsible for the cost of pest control (unless they can prove it is your fault, such as you have a dog and the dog has fleas)

]]> By: phlox http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-12044 phlox Thu, 02 Aug 2012 16:54:30 +0000 http://thebillfold.com/?p=9360#comment-12044 @redheaded&crazy My roommate's parents owned the apartment we lived in for a year and a half, until they (very religious) decided that they did not like what she was getting up to living downtown (dating a boy) so they sold the place so she had to move home and I scrambled to find a new place to live in like three weeks. @redheaded&crazy My roommate’s parents owned the apartment we lived in for a year and a half, until they (very religious) decided that they did not like what she was getting up to living downtown (dating a boy) so they sold the place so she had to move home and I scrambled to find a new place to live in like three weeks.

]]> By: phlox http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-12042 phlox Thu, 02 Aug 2012 16:50:30 +0000 http://thebillfold.com/?p=9360#comment-12042 @Megano! People actually do that! My dad's cousin does renos and some guy bought two neighbouring condos downtown and got him to combine them and make them all fancy. @Megano! People actually do that! My dad’s cousin does renos and some guy bought two neighbouring condos downtown and got him to combine them and make them all fancy.

]]> By: bibliostitute http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-11981 bibliostitute Thu, 02 Aug 2012 08:28:01 +0000 http://thebillfold.com/?p=9360#comment-11981 @Reginal T. Squirge I will not be a slumlord. I will not be a slumlord. I will not be a slumlord. But also, I agree with this. I would probably just do it so wrong on accident. @Reginal T. Squirge I will not be a slumlord. I will not be a slumlord. I will not be a slumlord.

But also, I agree with this. I would probably just do it so wrong on accident.

]]> By: Megano! http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-11954 Megano! Wed, 01 Aug 2012 22:57:55 +0000 http://thebillfold.com/?p=9360#comment-11954 @redheaded&crazy Yeah my ex stepmom decided to rent her house to students (one of them being her own son, though I doubt he had to pay anything), and my side of the family was like "BAD IDEA THEY WILL TRASH THE PLACE" and lo and behold, I spent my 19th birthday cleaning up their filth after they had moved out. @redheaded&crazy Yeah my ex stepmom decided to rent her house to students (one of them being her own son, though I doubt he had to pay anything), and my side of the family was like “BAD IDEA THEY WILL TRASH THE PLACE” and lo and behold, I spent my 19th birthday cleaning up their filth after they had moved out.

]]> By: Megano! http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-11939 Megano! Wed, 01 Aug 2012 21:21:08 +0000 http://thebillfold.com/?p=9360#comment-11939 @redheaded&crazy I would buy like three and make a massive super condo @redheaded&crazy I would buy like three and make a massive super condo

]]> By: MissMushkila http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-11937 MissMushkila Wed, 01 Aug 2012 20:55:54 +0000 http://thebillfold.com/?p=9360#comment-11937 I am beginning to consider just finding a nice cave to live in and rocking silently while crying. I am beginning to consider just finding a nice cave to live in and rocking silently while crying.

]]> By: MissMushkila http://thebillfold.com/2012/08/the-ups-and-many-downs-of-becoming-a-landlord/#comment-11936 MissMushkila Wed, 01 Aug 2012 20:54:58 +0000 http://thebillfold.com/?p=9360#comment-11936 I have been a renter since college, I have always paid rent ahead of time and taken care of the place, and this year I am having an awful time finding a landlord who is not crazy. We applied for the third place last Friday, and today I found out that not only has the owner not run any checks yet, but he sent us an email being like "surprise! the association charges 500 dollars to move-in. On top of the security deposit you have to pay and the application fee. it is nonrefundable". He apparently didn't know about it - although he says they told him they just decreased it this year from the 1000 they previously charged. Huh? Wouldn't he have paid that when moving in? I would definitely buy property if I could, since the average property ownership cost in my city is 130 dollars less than the average rental cost right now. Forbes just named my city - Minneapolis - the worst place to be a renter after NYC. I have been a renter since college, I have always paid rent ahead of time and taken care of the place, and this year I am having an awful time finding a landlord who is not crazy. We applied for the third place last Friday, and today I found out that not only has the owner not run any checks yet, but he sent us an email being like “surprise! the association charges 500 dollars to move-in. On top of the security deposit you have to pay and the application fee. it is nonrefundable”. He apparently didn’t know about it – although he says they told him they just decreased it this year from the 1000 they previously charged. Huh? Wouldn’t he have paid that when moving in?

I would definitely buy property if I could, since the average property ownership cost in my city is 130 dollars less than the average rental cost right now. Forbes just named my city – Minneapolis – the worst place to be a renter after NYC.

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