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Old 02-15-2019, 07:03 PM  
58-4ever 58-4ever is offline
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Owning Rentals
Hey CP, we've got a bunch of big dick bandits on here with cash flowing out of their ears, so how many of you own a rental? I may need some advice. I'm looking to gain some passive income without pimping... #pimpin'ainteasy
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Old 02-16-2019, 09:40 PM   #46
displacedinMN displacedinMN is online now
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Originally Posted by 58-4ever View Post
Serious question: Would you lease the farmland to hunt on? I would be interested if so...
No. It is rented to someone for crop land. He may put cows out in the winter too. We do allow people to hunt on it in the winter months. But prefer to have the house rented.

I joke about it being a hunting place in the winter-but 80 acres is pretty clean and flat in the winter,

Also, if I had funding, take kids from school for a week, have them follow farmers for a week to see what real work is. Feed them. House them. Give them an experience. Counsel them. Take them home.
I would need someone to cook.
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Old 02-16-2019, 11:08 PM   #47
tooge tooge is offline
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I bought our house 15 years ago. We live on 23 acres and there was a small house also on the same acreage but legally split off into its own 3 acre parcel. The seller wouldn’t only sell us the bigger house. We wanted it bad so we bought both. We’ve rented the small house out since. We’ve had 4 different tenants. Two were shitty renters. The folks in there now pay on time. My experience is that no matter how nice the renters are, and no matter their job status, renters just don’t value the property like the owner does. There is generally a reason they rent. Just go in knowing there will be repairs and general maintenance and that you will be lucky to have renters stay more than a few years. Also, use a management co and DO NOT rent to people you know.
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Old 02-17-2019, 08:04 AM   #48
displacedinMN displacedinMN is online now
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My sister has interviewed renters. Yuck.

Credit checks were horrendous. Owes thousands and others have been written of by creditors. Smoke rolling out of cars. But the only smoke in the garage. The garage is attached dude. Mom is only 5 miles away but would come back and haunt them if they smoked in her house.

There used to be a time in farm area where you could find good renters. We were. Not like that anymore.
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Old 02-17-2019, 08:34 AM   #49
The Bunk The Bunk is offline
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I worked a full time job ,run a side business selling flagstone and still managed and did all repairs on 20 properties by myself.
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It's only good for a retirement, untl it's paid off it's all a bunch of hassle
Like I said, not passive income. You were working second job.
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Old 02-17-2019, 08:34 AM   #50
stumppy stumppy is offline
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Wow, no wonder the people I rent from give me $100 every year for xmas. I'm never late with the rent, I fix almost anything that needs repaired and take care of the place.
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Old 02-17-2019, 08:38 AM   #51
The Bunk The Bunk is offline
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They built a hell of a commercial empire doing this, though they sacrificed a hell of a lot of leisure time to do it for many years before they got the whole thing to a point where they quit their “regular” jobs.
Yeah, that's just it. You spend every minute of your free time working on projects, not to mention having to live in a construction site. I did this with my current home. While it was very nice from a financial perspective, I don't know that I'd ever do it again.
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Old 02-17-2019, 10:07 AM   #52
MahiMike MahiMike is offline
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Another tip for screening tenants is Zillow Rental Manager - Smartmove. Any time I list one, I have a sign in sheet and they list their email address. I plug that in to the Smartmove app and it sends them the application. The tenant pays $35 and I get a full report of evictions, credit score, income, etc.

It even gives them an overall score. I just pick from the highest scores combined w/my gut. It's taken the guess work out.

Also, I've developed a pretty good sense of people thru the years. My daughter is a sociology major in college. I tell her I am too - cause I'm a landlord. You learn a lot about society that way...
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Old 02-17-2019, 11:30 AM   #53
Fish Fish is offline
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LOL @ 1:45
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Old 02-17-2019, 11:30 AM   #54
Fish Fish is offline
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Old 02-17-2019, 11:42 AM   #55
displacedinMN displacedinMN is online now
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May make a little on aluminium. But in Iowa-you can only take 25 at a time to the store.
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Old 02-17-2019, 11:56 AM   #56
God of Thunder God of Thunder is offline
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It's important to know what your payment vs the rental market is in the area. And it helps to have good renters. I had one Rentee that literally, and I mean ****ing literally - called me and asked if it was okay if she changed a lightbulb - and then when I said 'yes' - she said "which type should I put in it"
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