Landlord Education

[StealthParticipant 5330]

I know some guys are kicking around the idea of becoming a landlord. I’m open to it in the future, but admit I know little about it. All the technical stuff like how to properly show and acreen tenants. What to do when payment is late or the place gets trashed. Collecting overdue rent. Or the boyfriend wants to move in and the original tenant moves out, etc.

Ideally, i would find a basic landlord class in my area that would cover basic legal procedures and plans just to be ready for any scenario which may come. So far I haven’t found anything like this in my area. I’d rather do this than learn the hard way.

So for anyone who has done it or plans on doing it, how did you or do you plan to learn to properly take on the role of being a landlord?

"Once you’ve taken care of the basics, there’s very little in this world for which your life is worth deferring." -David Hansson. "It’s not when women are mean or nasty that anything is out of the ordinary. It’s when they are NICE to you that you have to be on high alert..." -Jackinov.

[GeraldParticipant 3620]

Too bad Stealthy isn’t here, I believe he had the process down. There are many books too. I have read about it a bit, seems like it could be ok, if you have some knowledge

No longer can we walk away, we must run. Remove the motive power.

[MutineerParticipant 1467]

Expect the tenants to trash any property you let. You have to factor the repair costs into your budget.

Stealthy recommended letting to single female students (Daddy will help them with rent) and allowing cats.

"The secret to happiness is freedom... And the secret to freedom is courage." - Thucydides

[ForeverDoneParticipant 2928]

The basics are as follows.

1) Read and learn about real estate investing at Biggerpockets.com.

2) Use a service such as Cozy.co, landlordology.com, or Turbotenant to screen tenants and collect rent.

3) Hire a good property management team if you do not want to deal with the constant annoyances that tenants provide day in and day out. Alternatively, you can handle it yourself, just give them a an answering service to report issues (never your direct phone #’s).

4) Have a good lawyer to handle evictions. A good place to check would be Avvo.com.

5) Collect at least one month security deposit. However, two month’s is optimal.

6) Establish accounts with Lowes, Home Depot, Ace, Lumber Liquidators, etc. Should you go the property management route, it’s always best to buy the supplies yourself so they do not add on their inflated fees on the supplies.

7) Have a good exterminator on call for roaches, bedbugs, ants, spiders, etc. You can find them at Home Advisor, Yelp, or Angies List.

8) Get Quickbooks or learn to use a spreadsheet to manage your expenses and income for your accountant.

9) Get an accountant if you do not have one.

10) Run the #’s several times and aim to keep 20% reserve for each building you acquire and rent.

11) Get good insurance.

12) Run the #’s again on any purchase. Make sure you get a good inspector prior to buying a building. House Master is a good company to consider.

13) Never trust what a realtor says. Do your own due diligence on the neighborhood. Best to be in towns or cities with at least 100k in population, along with the population on the rise.

14) Run this like a business, not as a side hustle. After all, it is a business. You can become really successful of you run it right. Yes, you will have mistakes and issues; everyone does. We learn the most from our mistakes than from our successes.

15) Animals can be a cash cow. Just remember to keep it to cats and small/medium sized dogs. Also, watch out for breeds which are banned for coverage with insurance companies. Some of these breeds are American Pitbulls, Dobermans, German Shepards and Rottweilers. You can easily charge an additional $20 – $25 bucks a month for the pets on top of normal rent.

16) Stay away from carpet. Always install either laminate floors which are water resistant and can handle pets. Carpet is a mess and if a human or animal p~~~ on them, forget it. Waste of money.

[Secret Agent MGTOWParticipant 22510]

Mgtow has a component about it for not exposing yourself to unnecessary drama.

Now think about what you are doing becoming a landlord.

Women want everything, but want responsibility and accountability for nothing.

[ForeverDoneParticipant 2928]

Secret Agent MGTOW wrote:

Mgtow has a component about it for not exposing yourself to unnecessary drama.

Now think about what you are doing becoming a landlord.

It’s not bad at all. Hire a PM to handle the day to day management and watch expenses. It’s pretty much drama free until an eviction or repair. However, if you manage your expenses, you should be all good. Just watch the leverage and don’t run before you can walk. It’s basically just like any other business with the added bonus of depreciation. 🙂

[Anonymous 54]

ForeverDone wrote:

16) Stay away from carpet. Always install either laminate floors which are water resistant and can handle pets. Carpet is a mess and if a human or animal p~~~ on them, forget it. Waste of money.

Thank you man.
Im going to trash your carpet. I guarentee it. Everything in life heads down.
I want the crapiest wooden floor youve got.
Then everything will be fine!!

[iMickey503Participant 12465]

My uncle puts everything in a trust. I think it’s a good way of protecting yourself from some things.

Never let the renters know you OWN the building. Always keep yourself PRIVATE in any way you can.

Remember. If anyone says they are “Christian”. DUMP THE APPLICATION ASAP. Trust me on this. If its a woman, F~~~ING RUN RUN RUN if they say this.

If you get Mexicans, remember to charge them extra for WATER. You are going to get ROaches if any of them don’t speak english. Also, anyone that is not Native, or have been here for a while, you got to be careful. They always seem to bring in problems.

Also, get ready for the DV orders. They can serve the landlord, and then you can’t even collect rent. That is why you want to have it as a LLC, a corporation, or hide who owns the property.

You have to protect yourself in any way possible in the USA.

Also if you have FEMALES, never go in to do work yourself. Hire another person to do it. Or go under a company name.

I have seen so much s~~~ in 20 years, it just boggles the mind.

How about having the Nuisance department visit you and send you violantions everyday for s~~~ that you would not even believe. You want to be sure you have on that contract terms about everything. Make sure and have a drug clause. And before you buy a property, You better make GOOD FRIENDS with the law enforcement and be ready to hire at least one drive around security guard.

You want old people that stay for 20-30 years so you don’t have to keep flipping the place. It’s better to have one long source of income at a low rate, then deal with new people and their s~~~.

My family routinely gives deals to people in San Francisco. And when you do it for 40 years or more, you just get a feel for it.

Bottom line, just protect yourself and be ready for legal battles from day one. And if you can, do your best to stay the f~~~ away from young couples. Let the larger Corporate apartments deal with them.

There are tons of things to learn. Just jump in and get the hang of it.

GOod luck and work hard. You will get what you want you put in. And one last thing.

You are going to have to learn is to never get involved with ANYONE personally. DO that and you will be fine.

AND NEVER LET ANYONE OR YOUR FREINDS KNOW YOU OWN THE PLACE. TRUST ME. DON’T DO IT>

You are all alone. If you have been falsely accused of RAPE, DV, PLEASE let all men know about the people who did this. http://register-her.net/web/guest/home

[ForeverDoneParticipant 2928]

Cops are not that big of a deal. However, getting in good with the building department is worth it’s weight in gold. Hiring a PM also helps with the privacy issues you’ve raised. It’s a job, no doubt. However, if and when you have a few buildings, you may be able to quit your day job and focus on growing your portfolio.

[Anonymous 54]

My advice as a renter, is to go for high end stuff.
Rent to proffessionals.

The low end stuff, will bring you low end troubles.

I never rent from an agency.

I shake hands with my land lord.

[ForeverDoneParticipant 2928]

Profit from a high end (unless rehab) 4% – 8% pre-tax (annualized). Profit from working class, 20+% pre-tax (annualized). If you want to go broke, go after the high end. If you want to make money, go after the working class.

[IGMOW (I Go My Own Way)Participant 2572]

Secret Agent MGTOW wrote:

Mgtow has a component about it for not exposing yourself to unnecessary drama.

Now think about what you are doing becoming a landlord.

One can hire a building manager or a building management company, to run the property. Idea would be to free up time, by having others manage. Without this, you end up owning a job of managing property. This is better than a regular job, because you own it, but still doesn’t liberate.

"I am my own thang. Any questions?" - Davis S Pumpkins.

[Anonymous 54]

ForeverDone wrote:

Profit from a high end (unless rehab) 4% – 8% pre-tax (annualized). Profit from working class, 20+% pre-tax (annualized). If you want to go broke, go after the high end. If you want to make money, go after the working class.

Thats why your the Landlord and Im the renter! Hahah

My 7 cousins and there kids will be liveing here too. Cool? Hahah

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