Home of the Old Fart's Club part 2

[umbra]

New tenant moving in 3/1. My son knows him. I know his father. Last tenant was no big problem, she just wanted a full time handyman her disposal

 

[oldfogey8]

I get that stuff too. But I live 3,000 miles away so that is not going to happen. My last tenant tried to slip a couple things thru and it did not go well for them. I hauled them into Court and then they had to pay legal fees too. Tenant wanted me to move some boxes of spare tiles in the basement. I printed out a copy of landlords legal requirements for my state. When her daughter flushed a stuff animal down the toilet, she got the plumber's bill for $2500. They had to remove part of the ceiling then they had to replace the sheetrock and paint it.

I made the mistake of thinking that treating them and giving them respect like I would a friend and giving them an affordable, safe place to live would benefit us all. The human condition is just that...

 

[STIGGY]

When I was 16 still in highschool my Mother would go to Fla, due to very bad arthritis and severe bad pain
I was left in charge of the house and 5 renters of rooms in it.
I collected weekly rents and fixed the things that needed to be fixed, some of the renters were fine and kept the place clean
Others were slobs and I fought tooth and nail for them to do their dirty dishes and clean their rooms (these were adults mind you)
Amazes me what some people can be like.

Oh the Moral I will never rent unless I am broke again

 

[umbra]

I use a good real estate agent to screen tenants. It solves many problems. I do make money on the property, but its the tax write offs that make it valuable. I just happen to be a tax bracket where the deductions make a big difference.

 

[bluegrasser]

I made the mistake of thinking that treating them and giving them respect like I would a friend and giving them an affordable, safe place to live would benefit us all. The human condition is just that...

I did the same. Mr Nice Guy. And got crapped on. Never again

 

[bluegrasser]

I use a good real estate agent to screen tenants. It solves many problems. I do make money on the property, but its the tax write offs that make it valuable. I just happen to be a tax bracket where the deductions make a big difference.

Oh, you're one them wealthy land Lords. Gottchya

 

[earl.dean.smooter]

Im doing OK
The leg was better today, I was able to walk my dog at te park
He took a giant dump, bendin over to pick it up was the hard part LOL
I hate when others don't pick up after their pups and step in it.
I mean come on people .
I popped them 2 seeds in soil may grow them out and put them outdoors

I agree...dumb people walking their dogs and do not pick up the crap in my yard ... You gonna grow them like the last tree you had ?

 

[STIGGY]

I agree...dumb people walking their dogs and do not pick up the crap in my yard ... You gonna grow them like the last tree you had ?

Not sure May just keep em in pots on deck
New neighbors moved in and see everything I do now
I am pissed the pictures of last yrs tree when the beer can next to stem is gone
I think my wife deleted a lot of them

 

[umbra]

When I was a kid, single parent household, we rented a house for 10 years. Real estate agent would come to house to pick up rent every month for 10 years. 1 day we get a letter from a funeral home. Turns out the property was owned by a man that owned a funeral home and he just died. The house belonged to him. He was told by his real estate agent no one would rent property, so they thought it was empty for 10 years.

 

[earl.dean.smooter]

Oh joy...neighbors

 

[oldfogey8]

I use a good real estate agent to screen tenants. It solves many problems. I do make money on the property, but its the tax write offs that make it valuable. I just happen to be a tax bracket where the deductions make a big difference.

Yea. We split the expenses 4 ways. The place is paying for itself and I have gotten maybe half my investment back. With the property manager($200/month) taking care of new rentals and snow removal/maintenance, I don’t even think about the place and haven’t driven by in years. Absentee landlord. Yeppers.

 

[STIGGY]

I use a good real estate agent to screen tenants. It solves many problems. I do make money on the property, but its the tax write offs that make it valuable. I just happen to be a tax bracket where the deductions make a big difference.

How many years can you claim loses before you have to show a gain?

 

[earl.dean.smooter]

@Rose,silly question...but do you know any of the pnw breeders that live where you are ?

 

[oldfogey8]

How many years can you claim loses before you have to show a gain?

I don’t think you are forced to ever show a gain. If it isn’t profitable then it isn’t profitable...

 

[bluegrasser]

I don’t think you are forced to ever show a gain. If it isn’t profitable then it isn’t profitable...

Pretty much the deal here but it can trigger a flag at Rev Canada and a possible audit.

 

[STIGGY]

Pretty much the deal here but it can trigger a flag at Rev Canada and a possible audit.

Thats what I meant thanks Blues

 

[umbra]

How many years can you claim loses before you have to show a gain?

2 out of 5 years. I made $150 1 year and the other was $7, but I put in a new kitchen, roof and gutters and that increased the rent and the property value as well as the tax write offs.

 

[STIGGY]

2 out of 5 years. I made $150 1 year and the other was $7, but I put in a new kitchen, roof and gutters and that increased the rent and the property value as well as the tax write offs.

So you are doing it smart,
My buddy has a house he rents and does the same thing almost

 

[oldfogey8]

I think most rental properties only pay off as a long term investment and you get paid when you sell or after the mortgage is paid off. Unless you get sued then you just get to enjoy being sued...

 

[umbra]

Its a business and I run like 1