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Home of the Old Fart's Club part 2

Discussion in 'Coffee Table' started by Rosebud, Aug 5, 2017.

  1. Feb 11, 2019 #14241

    oldfogey8

    oldfogey8

    oldfogey8

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    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...
     
  2. Feb 11, 2019 #14242

    STIGGY

    STIGGY

    STIGGY

    Everybody Loves BIG DOGGS

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    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
     
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  3. Feb 11, 2019 #14243

    umbra

    umbra

    umbra

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    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.
     
  4. Feb 11, 2019 #14244

    bluegrasser

    bluegrasser

    bluegrasser

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    I did the same. Mr Nice Guy. And got crapped on. Never again
     
  5. Feb 11, 2019 #14245

    bluegrasser

    bluegrasser

    bluegrasser

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    Oh, you're one them wealthy land Lords. Gottchya :)
     
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  6. Feb 11, 2019 #14246

    earl.dean.smooter

    earl.dean.smooter

    earl.dean.smooter

    Earl's Dark Science Experiments

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    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 ?
     
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  7. Feb 11, 2019 #14247

    STIGGY

    STIGGY

    STIGGY

    Everybody Loves BIG DOGGS

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    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
     
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  8. Feb 11, 2019 #14248

    umbra

    umbra

    umbra

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    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.
     
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  9. Feb 11, 2019 #14249

    earl.dean.smooter

    earl.dean.smooter

    earl.dean.smooter

    Earl's Dark Science Experiments

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    Oh joy...neighbors
     
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  10. Feb 11, 2019 #14250

    oldfogey8

    oldfogey8

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    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.
     
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  11. Feb 11, 2019 #14251

    STIGGY

    STIGGY

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    How many years can you claim loses before you have to show a gain?
     
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  12. Feb 11, 2019 #14252

    earl.dean.smooter

    earl.dean.smooter

    earl.dean.smooter

    Earl's Dark Science Experiments

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    @Rose,silly question...but do you know any of the pnw breeders that live where you are ?
     
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  13. Feb 11, 2019 #14253

    oldfogey8

    oldfogey8

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    I don’t think you are forced to ever show a gain. If it isn’t profitable then it isn’t profitable...
     
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  14. Feb 11, 2019 #14254

    bluegrasser

    bluegrasser

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    Pretty much the deal here but it can trigger a flag at Rev Canada and a possible audit.
     
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  15. Feb 11, 2019 #14255

    STIGGY

    STIGGY

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    Thats what I meant thanks Blues
     
  16. Feb 11, 2019 #14256

    umbra

    umbra

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    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.
     
  17. Feb 11, 2019 #14257

    STIGGY

    STIGGY

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    So you are doing it smart,
    My buddy has a house he rents and does the same thing almost
     
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  18. Feb 11, 2019 #14258

    oldfogey8

    oldfogey8

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    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...
     
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  19. Feb 11, 2019 #14259

    umbra

    umbra

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    Its a business and I run like 1
     
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  20. Feb 11, 2019 #14260

    umbra

    umbra

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    I have been sued 5x, never for the house. Besides a good real estate agent, a good lawyer is very valuable.
     
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