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I see all these comments/threads about landlords hating their jobs, stressed out to the max, and at the end of the day, probably still financially struggling. I’m just curious why we still do this if we’re not happy? Serious question. Comment below.

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Im doing it but not by choice. But because our mortgage was upside down and we couldnt sell without paying. So we decided to rent it (with no intent of having a cashflow) to pay down the mortgage until we got to a point where we could sell. We are just about at that breaking even point, but we just got new tenants in there. But I am glad this came into my life because I have learned sooo much!!

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My husband wanted to do it, not me. We are selling our duplex and keeping the single family because we have long term good tenants in there. It’s definitely not for me and I’m too busy with my full time job and kid to deal with it.

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I think often times people are just going through a temporary issue and are looking for support...it's not so much they absolutely hate being a landlord (though sometimes this is the case), they just hate the situation they're currently in. We had several months of issues...landlording wasn't fun...guess what I fired the stress maker and things turned around quickly.

 

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  • 2 weeks later...

We are landlords because we decided to find an alternative investment that could benefit us right away, and in the future. We moved from renting into our triplex and lived there for a couple years before moving out into a single family. Our single family was /still is a fixer-upper, which we intended on repairing and leaving but we love toomuch. That’s another story! Ha! But living on site saved us so much money, we were able to buy another home. It will help pay the bills when we retire. Sure there’s headaches! We’ve had abusive renters we’ve had to kick to the curb, chronically late payment people, Etc. We’ve also had amazing renters and neighbors. Life/work always has its ups and downs.
But if anyone wants some tidbits of advice: Always screen your tenants! Have standards, know the laws and stick to them! Know what your bottom line is, but don’t settle for someone you know is going to be an issue right out the door. Be handy, fix things yourself but know your limits and call a professional when needed. Don’t ignore people’s needs, and makes your needs and expectations known upfront. 

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This is a great question. I ask myself it frequently. I purchased my 4plex because I didn't want to rent anymore and trying to find single family home on what I was approved for wasn't working. The 4plex was my realtors idea. I didn't even think it was possible. We found one I really liked and made it happen. It has been stressful and some days I get fed up but I try to remind myself what it has helped me achieve and how it will continue to help me achieve. After 3 years I was able to get a single family home. When my cars transmission went out I was able to go buy a new truck without financial stress. I took a large pay cut at work and was still okay. That's why I keep it eventhough somedays I'm so sick of it and the tenants. 

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11 hours ago, Mary said:

We are landlords because we decided to find an alternative investment that could benefit us right away, and in the future. We moved from renting into our triplex and lived there for a couple years before moving out into a single family. Our single family was /still is a fixer-upper, which we intended on repairing and leaving but we love toomuch. That’s another story! Ha! But living on site saved us so much money, we were able to buy another home. It will help pay the bills when we retire. Sure there’s headaches! We’ve had abusive renters we’ve had to kick to the curb, chronically late payment people, Etc. We’ve also had amazing renters and neighbors. Life/work always has its ups and downs.
But if anyone wants some tidbits of advice: Always screen your tenants! Have standards, know the laws and stick to them! Know what your bottom line is, but don’t settle for someone you know is going to be an issue right out the door. Be handy, fix things yourself but know your limits and call a professional when needed. Don’t ignore people’s needs, and makes your needs and expectations known upfront. 

I really appreciate your comment!  I 100% agree that there are ups and downs and pros and cons.  I believe the real question is - what's your goal and does it fit.  Knowing the goal will help you live through those challenges. 

 

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8 hours ago, SBH said:

This is a great question. I ask myself it frequently. I purchased my 4plex because I didn't want to rent anymore and trying to find single family home on what I was approved for wasn't working. The 4plex was my realtors idea. I didn't even think it was possible. We found one I really liked and made it happen. It has been stressful and some days I get fed up but I try to remind myself what it has helped me achieve and how it will continue to help me achieve. After 3 years I was able to get a single family home. When my cars transmission went out I was able to go buy a new truck without financial stress. I took a large pay cut at work and was still okay. That's why I keep it eventhough somedays I'm so sick of it and the tenants. 

@SBH. Well said!  In any Business dealings there are good and bad.  So glad that the property did provide options to assist as life changes.  Going in great debt in order to gain financial freedom is something many dont talk about.  Recently, @Keith Weinhold on Get Rich Education did a podcast with Grant Cardone.  They talked about the power of the debt for obtaining the freedom and options later on.

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On 11/18/2019 at 9:39 PM, Realtor Matt Miller said:

It takes intestinal fortitude to be a landlord.  My goal was to live as "Free" as I can.  With the good comes the bad.  The best defense I have found is proper screening and being consistent.

 

@Realtor Matt Miller. I LOVE the story on how you'll show pictures of bad evictions to clients and ask....does this scare you?...A landlord really needs a stomach (for the smells haha) and thick skin in order to be profitable.  They also need business common sense and rules.

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My Mom bought me a copy of "Rich Dad Poor Dad" when I was in my junior year of college.  I remember it distinctly.  It was like a light came on.  All of a sudden it was this realization that I wasn't destined for the middle class.  I had this entire view of life that revolved around a J.O.B.  I can say that it honestly took about ten years before I could say that I fully understood the concepts.  (I'm a slow learner, haha).   I made lots of mistakes but the jumnp into RE investing was another leap forward, especially the fourplex.  It was a ridiculous amount of work and I rarely got days off but I was nonetheless hooked.  The true realization that I was really doing something different than my peers was seeing how little extra spending money those around me had because they had these mortgage payments around their necks, whereas I was making more progress by the day.  It's still a lot of damn work but the goal is to finally get to a place where someone else does the hard stuff and I cash checks/make decisions.

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