This has "bad idea" written all over it - Page 3

z06boy · 12-07-2010, 11:34 AM

We've rented out a townhouse (the wife's when we were dating) since 2005 and so far so good. We've gone through 3 tenants and haven't gotten shafted yet. *fingers crossed*

We'd like to sell it too but the market has not been right for that since the bottom fell out.

We're getting closer to being about to get out from under it without taking a loss...may even make a dollar or two but not much...but not quite yet I don't think.

Luckily it is in a real decent area.

derf · 12-07-2010, 11:42 AM

So there are a few of us slum lords on this board.

I too am trying to sell a house that isnt worth shit so im renting it out instead. Im looking at a70k loss if I could sell it

shmike · 12-07-2010, 11:54 AM

Another slumlord here.

If the tenant pays on time and doesn't need me to come by, why would I do an "inspection"?

When I was a renter, I would have felt like my privacy was being violated if my landlord was constantly dropping by.

z06boy · 12-07-2010, 11:58 AM

Quote:

Originally Posted by derf

So there are a few of us slum lords on this board.

I too am trying to sell a house that isnt worth shit so im renting it out instead. Im looking at a70k loss if I could sell it

OUCH !!

Quote:

Originally Posted by shmike

Another slumlord here.

If the tenant pays on time and doesn't need me to come by, why would I do an "inspection"?

When I was a renter, I would have felt like my privacy was being violated if my landlord was constantly dropping by.

Yep I agree...I've never just "dropped by" or did an inspection except when they were moving out.

Papa_Complex · 12-07-2010, 12:14 PM

Quote:

Originally Posted by shmike

Another slumlord here.

If the tenant pays on time and doesn't need me to come by, why would I do an "inspection"?

When I was a renter, I would have felt like my privacy was being violated if my landlord was constantly dropping by.

You do it precisely because of this sort of thing, the number of homes that are being turned into grow-ops, and the number of people who end up with destructive tenants. You rent out your property to mitigate loss or make money, not to have to spend it on a renovation after a tenant has destroyed the place.

So you do an annual inspection, as part of a regular maintenance of the HVAC system. A duct cleaning, filter replacement, and general look-see protects your investment. That's not often enough to be seen as an intrusion (which you're entitled to anyway, as the property owner), but should be enough to catch things that are going on.

z06boy · 12-07-2010, 12:22 PM

Quote:

Originally Posted by Papa_Complex

You do it precisely because of this sort of thing, the number of homes that are being turned into grow-ops, and the number of people who end up with destructive tenants. You rent out your property to mitigate loss or make money, not to have to spend it on a renovation after a tenant has destroyed the place.

So you do an annual inspection, as part of a regular maintenance of the HVAC system. A duct cleaning, filter replacement, and general look-see protects your investment. That's not often enough to be seen as an intrusion (which you're entitled to anyway, as the property owner), but should be enough to catch things that are going on.

Well now I do this due to our lease agreement being year to year. Makes perfect sense. I don't just pop in during the year though.

shmike · 12-07-2010, 12:29 PM

Quote:

Originally Posted by z06boy

Well now I do this due to our lease agreement being year to year. Makes perfect sense. I don't just pop in during the year though.

Same.

I'm usually called out to remedy something throughout the year anyway.

I was thinking Papa meant some sort of regular drop-by.

Papa_Complex · 12-07-2010, 12:33 PM

No, not a regular thing. Might not be a bad idea to swing by and pick up the rent cheque every now and then though

Some people, who rent out places, NEVER see it unless something goes wrong. Sometimes that whole "going wrong" thing can be rather catastrophic.

wildchild · 12-07-2010, 12:39 PM

this should be the next reality tv show.

toxic fumes and possible explosions always draw a big crowd. Now the question is how many people will find a way to stand as close as possible while they burn it?

Homeslice · 12-07-2010, 02:34 PM

Quote:

Originally Posted by t-homo

I like how they slid that in there. Complete bullshit.

Exactly. I guess Homeland Security thinks landlords are supposed to be able to know whether their tenants are storing explosives.

12-07-2010, 11:54 AM	#23
shmike Follower Join Date: Nov 2008 Posts: 5,549	Another slumlord here. If the tenant pays on time and doesn't need me to come by, why would I do an "inspection"? When I was a renter, I would have felt like my privacy was being violated if my landlord was constantly dropping by. __________________ Racing For Smiles

12-07-2010, 12:33 PM	#28
Papa_Complex Nomadic Tribesman Join Date: Nov 2008 Location: Brampton, Canada Moto: '09 ER-6n Posts: 11,150	No, not a regular thing. Might not be a bad idea to swing by and pick up the rent cheque every now and then though Some people, who rent out places, NEVER see it unless something goes wrong. Sometimes that whole "going wrong" thing can be rather catastrophic. __________________ "Everything's better with pirates." - Lodge, "Dorkness Rising" http://www.morallyambiguous.net/

12-07-2010, 11:34 AM	#21
z06boy Letzroll Join Date: Feb 2008 Location: Lake Norman area, NC Moto: 07 Red R1 & 07 Blue R6 Posts: 5,265	We've rented out a townhouse (the wife's when we were dating) since 2005 and so far so good. We've gone through 3 tenants and haven't gotten shafted yet. fingers crossed We'd like to sell it too but the market has not been right for that since the bottom fell out. We're getting closer to being about to get out from under it without taking a loss...may even make a dollar or two but not much...but not quite yet I don't think. Luckily it is in a real decent area.

12-07-2010, 11:42 AM	#22
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	So there are a few of us slum lords on this board. I too am trying to sell a house that isnt worth shit so im renting it out instead. Im looking at a70k loss if I could sell it

12-07-2010, 12:39 PM	#29
wildchild cruiser Join Date: Nov 2008 Location: on the run Moto: '09 HD superglide, 16 Yamaha FZ 09 Posts: 2,749	this should be the next reality tv show. toxic fumes and possible explosions always draw a big crowd. Now the question is how many people will find a way to stand as close as possible while they burn it?