OT Any landlords here?

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bigbailes said:
Honest question ... why is it that "you simply cannot afford to rent houses much less any longer"?
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PtldPlatypus said:
I also wonder about the logistics of being a landlord, and basic considerations behind pricing. For example, my overall payment on my little 1000 sqft house is about 1400 (P&I/tax/ins). If I were to want to move and rent it out, how much on top of my cost do I add to account for expected maintenance costs? Am I (as others might suggest) "part of the problem" if I want to profit from renting out my house?
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Phatguysrule said:
That doesn't include utilities. Why would you charge less than market rate?
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Lets talk about the $1400 house payment. That house as described is 1000 sq ft. How much profit would be reasonable? 10-15%? Just 15% puts that house at no less than $1600.
I will never rent again without paying water (Fire Protection) because when they get it shut off it's a huge hassle. I also will not rent without paying for Garbage. Last time i did that they started burying what they couldn't burn in the back yard. Guess that adds another $2-300 ($1800-1900). Now lets talk about reasonable repairs like Toilets, Water Heaters, Heating and AC not to mention the appliances. Your $1400 house just went to $2000 without question for rent. Now what is the area rate for your home? I'll bet I'm low.
First and foremost all renters are different. So you need to either know the renter which can be a bad thing because they feel like they deserve to be handled differently. Many even want to be late or even miss payments due to close relationship. NEVER rent to family is my motto.
Not knowing the renter needs background checks (To do this well it costs money) and even that can go bad because they are not always putting all occupants on the lease.
Then there is kids. They move in with a bright eyed 12 year old but then that kid turns 13-14 and guess what? Totally different issue.
How about Pets. Cats and Dogs create damage. Even the best cats and dogs damage the house. The deposit will go up at the very least.
 
Fairly-Hard said:
Lets talk about the $1400 house payment. That house as described is 1000 sq ft. How much profit would be reasonable? 10-15%? Just 15% puts that house at no less than $1600.
I will never rent again without paying water (Fire Protection) because when they get it shut off it's a huge hassle. I also will not rent without paying for Garbage. Last time i did that they started burying what they couldn't burn in the back yard. Guess that adds another $2-300 ($1800-1900). Now lets talk about reasonable repairs like Toilets, Water Heaters, Heating and AC not to mention the appliances. Your $1400 house just went to $2000 without question for rent. Now what is the area rate for your home? I'll bet I'm low.
First and foremost all renters are different. So you need to either know the renter which can be a bad thing because they feel like they deserve to be handled differently. Many even want to be late or even miss payments due to close relationship. NEVER rent to family is my motto.
Not knowing the renter needs background checks (To do this well it costs money) and even that can go bad because they are not always putting all occupants on the lease.
Then there is kids. They move in with a bright eyed 12 year old but then that kid turns 13-14 and guess what? Totally different issue.
How about Pets. Cats and Dogs create damage. Even the best cats and dogs damage the house. The deposit will go up at the very least.
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And you have to pay tax on any profit... Yeah, the family thing can be tough to manage.

But in my situation they're just shooting themselves in the foot if they act like too much of an asshole.
 
All these arguments are why I’m glad I have ownership in commercial property. Three magic words…..Triple. Net. Lease. The renter pays the rent, the taxes, the utilities, the insurance and any repairs or structural changes they make to the interior. The only cost to us in six plus years of ownership so far is a new roof………
 
UncleCliffy'sDaddy said:
All these arguments are why I’m glad I have ownership in commercial property. Three magic words…..Triple. Net. Lease. The renter pays the rent, the taxes, the utilities, the insurance and any repairs or structural changes they make to the interior. The only cost to us in six plus years of ownership so far is a new roof………
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It does make for a better deal until the area goes bad. You really have to be careful about that. It's happened to a bunch of commercial owners downtown recently. If you can't fill the property or if the businesses go broke you simply can't make money and you can't sell for what you have into it.
 
Fairly-Hard said:
It does make for a better deal until the area goes bad. You really have to be careful about that. It's happened to a bunch of commercial owners downtown recently. If you can't fill the property or if the businesses go broke you simply can't make money and you can't sell for what you have into it.
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Fortunately it’s in the lower east side industrial district, where values continue to rise (and the protesters/Antifa generally ignore). And we have a terrific renter. The main reason he rents it is that it is catty corner to his own building and has a ton of off street parking for his service trucks (The City of Portland really made parking very problematic….and potentially costly…..in that area). We actually get purchase offers on a very regular basis. The trick is when to know when to pull the trigger…..
 
I don't know that any renter could pay me enough to be their landlord. It's only one step up from being restroom attendant for the homeless.

barfo
 
PtldPlatypus said:
I also wonder about the logistics of being a landlord, and basic considerations behind pricing. For example, my overall payment on my little 1000 sqft house is about 1400 (P&I/tax/ins). If I were to want to move and rent it out, how much on top of my cost do I add to account for expected maintenance costs? Am I (as others might suggest) "part of the problem" if I want to profit from renting out my house?
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Unless you own it outright, your mortgage contract likely requires you to live there as your primary residence, and may even not allow you to rent out a room.
 
MARIS61 said:
Unless you own it outright, your mortgage contract likely requires you to live there as your primary residence, and may even not allow you to rent out a room.
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Not true at all. And even if it were true, banks almost never hold anybody to that.
 
Phatguysrule said:
Not true at all. And even if it were true, banks almost never hold anybody to that.
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Maybe not in your case, but it's a very common feature of most home loans, and unavoidable if you used any government sponsored home loan featuring very low or zero down payment, designed for first time buyers.
 
MickZagger said:
They won’t. It will be like other countries soon where multi generational families share a home.
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Socialist countries = government-owned subpar, overpriced rental housing guarantees a lifetime of poverty for all,

Capitalist countries = wealth-building individual home ownership easily attainable for all willing to work and live on a sensible budget.
 
MARIS61 said:
Unless you own it outright, your mortgage contract likely requires you to live there as your primary residence, and may even not allow you to rent out a room.
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My contact only required residency for at least one year after signing. No other restrictions.

I appreciate you mentioning that; gave me a reason to look at the paperwork.
 
Fairly-Hard said:
Did you think the huge price jumps in housing started last year? Are you really that out of touch?

Edit:Excuse me. I already know you are that out of touch. Carry on.
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I was replying to a post about everything going up, not just homes.

But yes, unusual price jumps in actual SOLD homes began in early 2021, and only in huge cities for the most part. There have still not been any alarmingly huge price jumps in around 90% of America, and most of the East and NE markets have remained relatively flat. Affordable and reasonable homes are available in all 50 states. In Oregon for instance, Klamath County has hundreds of homes available for under $250,000. The media and ChinaJoe are trying to create another housing crash so Warren Buffett can repeat his repossession of thousands of homes like he did during the crash manufactured by The Deep State's Bush, Cheney, Obama, and Biden, but they've bungled it badly.
 
MARIS61 said:
I was replying to a post about everything going up, not just homes.

But yes, unusual price jumps in actual SOLD homes began in early 2021, and only in huge cities for the most part. There have still not been any alarmingly huge price jumps in around 90% of America, and most of the East and NE markets have remained relatively flat. Affordable and reasonable homes are available in all 50 states. In Oregon for instance, Klamath County has hundreds of homes available for under $250,000. The media and ChinaJoe are trying to create another housing crash so Warren Buffett can repeat his repossession of thousands of homes like he did during the crash manufactured by The Deep State's Bush, Cheney, Obama, and Biden, but they've bungled it badly.
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Who in their right mind would actually choose to live in Klamath County?
 
MickZagger said:
Who in their right mind would actually choose to live in Klamath County?
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It's an absolutely gorgeous part of Oregon, with some of the best hunting and fishing in America. The people are friendly. There's no Marxist nutjobs screaming at strangers, no revolving door releases of criminals. Tons of historic architecture, a large population of retired veterans, people know which of the 2 genders they are...
 
MickZagger said:
As a real estate agent why in the hell does your grown kid not own a home if price is not an issue?
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1. He's not a Real Estate agent.

2. Portland is currently grossly overpriced and as a city has never been in such overall financial decline. 3rd world infrastructure, inadequate police force, worthless public schools, most corrupt city government in the NW. It's a terrible place to invest in Real Estate and nothing is going to change that in the near future.
 
MARIS61 said:
I was replying to a post about everything going up, not just homes.

But yes, unusual price jumps in actual SOLD homes began in early 2021, and only in huge cities for the most part. There have still not been any alarmingly huge price jumps in around 90% of America, and most of the East and NE markets have remained relatively flat. Affordable and reasonable homes are available in all 50 states. In Oregon for instance, Klamath County has hundreds of homes available for under $250,000. The media and ChinaJoe are trying to create another housing crash so Warren Buffett can repeat his repossession of thousands of homes like he did during the crash manufactured by The Deep State's Bush, Cheney, Obama, and Biden, but they've bungled it badly.
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This is Portland.
You are wrong
I can post more but I'll leave you with this. The ebb and flow has been constant since 2012.
F75LWI5LKFEH7MOP4S2HHXPEZE.jpg
 
Fairly-Hard said:
This is Portland.
You are wrong
I can post more but I'll leave you with this. The ebb and flow has been constant since 2012.
[ /QUOTE]

Please post more, maybe from a relevant time period, like the last 7 months. Or better yet, from 2000 to 2010.

Maybe you could post pictures of your dog, or something else as irrelevant to the fact that Portland is currently in the national spotlight as the #1 poster child for shithole cities in America, thanks to DementiaJoe's NW tour to pacify Marximania.

Oregon will always attract buyers due to it's glorious geography and outdoorsy appeal. But for a part of Oregon where their kids can play in the park or walk safely to school without being accosted by mentally ill homeless meth addicts.

A part of Oregon where crime is manageable, the police show up, convicted criminals go to prison.

A part of Oregon where people acknowledge the most basic facts of science, math, biology.

A part of Oregon where teachers teach and never preach.

A part of Oregon where local politicians represent the local Citizens, not a Hungarian-American Oligarch who stated on CBS that his youthful years working for Hitler confiscating property from Jews was "the happiest time of my life".

There's nothing Portland can do to prevent economic collapse affecting the local housing industry, short of every politician resigning and a return to legitimate elections. Check out Detroit, MI for a look at the future of Portland.
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MARIS61 said:
Please post more, maybe from a relevant time period, like the last 7 months. Or better yet, from 2000 to 2010.
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"Please cherry-pick the data, and do it the way I prefer"

barfo
 
barfo said:
"Please cherry-pick the data, and do it the way I prefer"

barfo
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Just suggesting how he might be taken more credibly. Big Real Estate changes happen in days or weeks, not years. His cherrypicked graph closely resembles the one from the boom and bust period.

There's not going to be a national bust this time, but there's going to be a big one in most Democratic Party controlled big cities. Many are already feeling it. Portland certainly is. I've had more buyers from Portland these last 3 years than from California, reversing a 12 year trend for me.

Local Real Estate values are affected mostly by local quality of life, which is not something Portland will ever be able to use as a marketing tool again.
 
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Fairly-Hard said:
This is Portland.
You are wrong
I can post more but I'll leave you with this. The ebb and flow has been constant since 2012.
F75LWI5LKFEH7MOP4S2HHXPEZE.jpg
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Your graph records the unusual price jump exactly when I said it occurred.

I know a thing or two about Real Estate.
 
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