07-01-2019, 11:42 PM
(07-01-2019, 11:18 PM)rayray Wrote: I can only speak for myself...I was a reluctant landlord due to the fact we bought our current home before we sold the previous home--hated being a landlord--had to kick one person out which I did not like doing but had to be done.This are great stories, thank you for sharing them. Off course there is some risk in rental lroperties. Bayarea rents are $3500 plus for a nice town home. People who are in stealing business can't rent these usually. Plus I will be renting to folks with a specific critiria with financial background n all so I am.not worried about all that.
My father was a landlord off and on for 20 plus years--he said even the good tenants were a pain in the ass.
A step-fathers friend was a very successful landlord, made millions. And when he sold he acted as the bank, sometimes getting the property back and selling it again. Rental income was close to 200k per year, add in another 175k in salaries between him and his wife, then his stock investments? forgetaboutit....when he buys stocks it's in 1000 lots ...worth millions....and what does he do now, with all his millions? Sells hot dogs and beer at a ballpark--he gets paid to exercise. I asked him if he could do it all over again, would he be a landlord? He said, yes...but no apartments only rental storage facilities.
A guy I worked with was a landlord his whole life, his father was too. Made a small fortune. He hated it but the money was too good to pass up. He had this great tenant, never late for over 20 years, never complained. Then one day, late, no rent check...couldn't get a hold of him...thought the guy died so he went over to the apartment.. no answer..oh oh...he's dead!! No, he stole everything, completely gutted the apartment, stole everything, literally the whole kitchen was gone, cabinets, sinks, fixtures....the toilet!! Yes the Toilet was gone too. I think he spent close to 40k redoing the apartment. His father died from a heart attack sleeping with his much much younger wife--she walked away with all the money and a 10k square foot house--no will. The guy I worked with? Killed over self-medicating with online meds.
I like REITS