How are you doing with your rentals? Happy your still a landlord?

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Bjorn AhlbladPro Member
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
5y

I am retired. Without landlording I'd be working as a cashier at Walmart! Ugh!!

32Reply
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  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    I am retired. Without landlording I'd be working as a cashier at Walmart! Ugh!!

    32Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    5y

    Sure...why not?

    7Reply
  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    5y

    Best move we ever made.... We were just reflecting on it not too long ago. Man those 1st couple months and years were tough (repositioning). But by far the best "now" financial move we ever made... and it snow balls. Now we can pay for schools, fully fund IRA's, contribute to 529's... LOVE IT!

    23Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    Landlording in California gives me a retirement package.
    Landlording OOS okay it can pay the Tmobile and PG&E bills ha ha...

    12Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Aaron Duplex Wouldn't have it any other way...we've weathered COVID-19 quite well and market appreciation has been fantastic. Rents have increased and mortgages paid down...The only problem now is not being able to buy enough real estate...

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    12Reply
  • Michael Ablan
    Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Aaron Duplex  - For me, yes.  But it's because I can finally hire employees to manage the properties and the construction for me.  

    It was much, much harder when my partner and I were making it all happen solo. 

    I'm in disbelief when I meet landlords who've been self managing large portfolios for 15+ years.  I don't see how it could be worth throwing those years away for "financial freedom" when you're 60+ years old

    9Reply
  • Corey Hawkinson
    Rental Property Investor · Bloomington, MN · Member since 2019 · 404 posts · 542 votes
    5y

    @Aaron Duplex Very happy! And that’s after I just replaced a clogged/broken toilet at a unit earlier today. I agree with the earlier comment that it starts to snowball. I started very small with 1 condo. That has snowballed into 15 units assuming I close on a 5-unit.

    10Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    5y

    @Aaron Duplex We took some lumps last year due to covid: had one tenant take advantage of the moratorium for a few months, had another one pass away from it, sadly. But overall turnover was actually lower than previous years because nobody wanted to move, vacancy loss was about the same, and we just refinanced everything due to the crazy low rates and boosted cashflow by 300-700/door, so we’re sitting pretty.

    18Reply
  • Daniel Fitzroy
    Member since 2019 · 110 posts · 80 votes
    5y

    @Aaron Duplex

    I haven’t become a landlord yet but I’m still just as excited and continuing to save for my first property despite the pandemic. Gotta keep learning and moving forward! 🤘

    15Reply
  • Dawn P.
    Rental Property Investor · Sumter, SC · Member since 2015 · 334 posts · 531 votes
    5y

    I'm still quite happy with landlording, I spent 25 years working in manufacturing getting up at 3-4 am 6 days a week (or more) and now I'm home sipping coffee on a Tuesday morning...so, yeah. 😊

    All rents have been coming in on time and I had two tenants renew this month. *happy dance*

    15Reply
  • Whitney HuttenPro Member
    Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Aaron Duplex Best decision I ever made for me and my family. My portfolio has grown significantly beyond our initial rental, but I wouldn't have gotten there if I hadn't done those. I don't "have" to work, I "get" to work. I also get to be with my family, travel, create an impact by teaching others to do the exact same thing, and have passive income coming in all while providing clean affordable housing and revitalizing communities! 

    Podcast Guest on Show How to Build Generational Wealth Without Losing it Along the Way
    15Reply
  • Jason Shackleton
    Investor · Ontario · Member since 2015 · 486 posts · 250 votes
    5y

    I am very happy to be a landlord! Especially on days like yesterday March 1st lol. I don't know if anyone will say the actual process of landlording is enjoyable but it is very hard to beat the financial rewards associated with rental property ownership. My rents are up on my properties, The prices are up huge and the mortgages get paid down every year. I also could refinance and access a massive amount of equity at historically low interest rates to do whatever I want with. The financial freedom doesn't hurt either. Ya it's pretty good!

    7Reply
  • Ramon E Alvarez
    Rental Property Investor · Norfolk, VA · Member since 2016 · 31 posts · 12 votes
    5y
    Originally posted by @Corey Hawkinson:

    @Aaron Duplex Very happy! And that’s after I just replaced a clogged/broken toilet at a unit earlier today. I agree with the earlier comment that it starts to snowball. I started very small with 1 condo. That has snowballed into 15 units assuming I close on a 5-unit.

    Awesome!

    When did you start?

    0Reply
  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    5y

    @Jason Shackleton I had a great friend who helped me when I became interested and started out. He always said, "Nothing beats opening the mailbox on the first of the month and seeing all those checks!"

    He would tell all of his prospective tenants, "I'm the only guy you'll meet that has 13 birthdays... 12 of them I celebrate on the 1st of each month, the 13th I celebrate when I was born, you don't have to worry about that one but if you ever forget my other 12 you'll be looking for a new place to live."

    My god, he taught me how to handle my inherited, bad tenants, and I ousted them all without going into court. They would have ALL been taking advantage of this moratorium.

    7Reply
  • Jason Shackleton
    Investor · Ontario · Member since 2015 · 486 posts · 250 votes
    5y

    @Patrick M. Mentors are huge. Mine saved me in many ways too.

    You are right the bad tenants would have taken advantage of the pandemic situation. I like the birthday anology but do I want to be that old lol?

    3Reply
  • Allen Williams
    Realtor · Jacksonville, FL · Member since 2019 · 95 posts · 87 votes
    5y

    @Aaron Duplex 

    I agree with most of the people who posted on this thread. At the end of the day if you screen tenants well and go through expectations of paying rent I think you will be fine. I utilize a professoinal and had some advice from tenured property managers to make sure you have a strict lease so worst case they do not pay but you may have other recourse given the strict lease agreement that does not involve nonpayment of rent which is perfectly fine to evict in those scenarios of lease violation. Just another way to protect yourself/business. Hope this helps

    3Reply
  • Corey Hawkinson
    Rental Property Investor · Bloomington, MN · Member since 2019 · 404 posts · 542 votes
    5y

    @Ramon E Alvarez I bought the first rental condo in 2012. Next rental was another condo in ~2014, then a single family in ~2015. Those last two were from purchasing properties to live in and later turning into rentals. (I’m going off memory on the dates so they might be off) At that point I wasn’t very serious.

    Then in 2019 I looked at the equity that I had in those properties and decided to focus as a way to financial freedom. I sold the single family to do a 1031 exchange into a 4-unit. In 2020 I sold the two condos to 1031 into a 6-unit. Now I’m under contract to buy a 5-unit.

    Outside of the 5-unit, it’s amazing to look back at the small amount of actual cash invested. The 1031 exchanges really provided that snowball momentum.

    5Reply
  • David Shaw
    Member since 2018 · 27 posts · 12 votes
    5y

    I've been landlording for the last 10 years and it was great, until the last 2 years, but all my current issues are with the government and city. I am in Los Angeles and I still love landlording but NOT in Los Angeles. My issues started with the city rental inspections giving me a long list of complete BS to repair, things like an inch of scraped paint on the outdoor, a tiny crack in one of the bedroom door trims, and many other tiny things that were not real issues. They need to justify their existence so they are now finding "issues" with every rental in Los Angeles. And now my other issue is tenants not paying rent due to the Los Angeles Eviction Moratorium. I have cameras at the properties and see people leave for work everyday, yet they claim covid and don't pay a dime for a year. The city's moratorium is set to expire one year after the end of the emergency state, which currently does not have an end date. To top that off they have a rent freeze in place, I can't raise rent on people paying half of market rent, unbelievable. 

    So do I love landlording? YES, with a passion. But I hate Los Angeles. I will hold on a bit longer then I am planning on selling everything and buying else where. 

    5Reply
  • Ramon E Alvarez
    Rental Property Investor · Norfolk, VA · Member since 2016 · 31 posts · 12 votes
    5y
    Originally posted by @Corey Hawkinson:

    @Ramon E Alvarez I bought the first rental condo in 2012. Next rental was another condo in ~2014, then a single family in ~2015. Those last two were from purchasing properties to live in and later turning into rentals. (I’m going off memory on the dates so they might be off) At that point I wasn’t very serious.

    Then in 2019 I looked at the equity that I had in those properties and decided to focus as a way to financial freedom. I sold the single family to do a 1031 exchange into a 4-unit. In 2020 I sold the two condos to 1031 into a 6-unit. Now I’m under contract to buy a 5-unit.

    Outside of the 5-unit, it’s amazing to look back at the small amount of actual cash invested. The 1031 exchanges really provided that snowball momentum.

     nice man! congratulation on your journey! I'm going on the same route!

    2Reply
  • Allen Wu
    Rental Property Investor · Member since 2021 · 335 posts · 193 votes
    5y

    @David Shaw

    Are you in a rent control area? I’m in Pasadena CA. Knock on wood.... tenants have not leverage the covid laws yet

    0Reply
  • Allen Wu
    Rental Property Investor · Member since 2021 · 335 posts · 193 votes
    5y

    @Aaron Duplex

    Happy for now. I’m in A and B areas so maybe that’s helping.

    Picked up two addl properties during covid. Just fingers crossed no issues....

    1Reply
  • David Shaw
    Member since 2018 · 27 posts · 12 votes
    5y

    @Allen Wu

    Yes, I am in the LA City RSO (Rent Stabilization Ordinance). The properties have seen great appreciation, but dealing with the city's restrictions has been tough. I have heard Pasadena is better in many respects. 

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    5y
    Originally posted by @Carlos Ptriawan:

    Landlording in California gives me a retirement package.
    Landlording OOS okay it can pay the Tmobile and PG&E bills ha ha...

     Landlording outside of CA pays for both.

    2Reply
  • Giuseppe Farace
    Investor · San Diego CA · Member since 2018 · 3 posts · 0 votes
    5y

    @Aaron Duplex

    So far it is going very well

    0Reply
  • Detra Harris
    Rental Property Investor · Member since 2019 · 31 posts · 36 votes
    5y

    @ Aaron Duplex Thanks for asking!  Most responses are positive and I'll admit, there's nothing else I'd rather do than real estate investing.  We had a few pitfalls with tenants like @ Steve K., however, our markets remain strong in the multifamily sector, so no complaints.  We are refinancing as well to take advantage of low rates.  The inventory is very low, therefore, it's challenging finding and landing great deals but I'm still optimistic and looking every day. I'm happy!

    Detra 

    3Reply
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