LLing vs. other jobs (by Roy [AL]) Nov 30, 2018 5:51 AM|
LLing vs. other jobs (by WMH [NC]) Nov 30, 2018 6:01 AM
LLing vs. other jobs (by Roy [AL]) Nov 30, 2018 6:11 AM
LLing vs. other jobs (by S i d [MO]) Nov 30, 2018 7:05 AM
LLing vs. other jobs (by RathdrumGal [ID]) Nov 30, 2018 7:27 AM
LLing vs. other jobs (by Roy [AL]) Nov 30, 2018 7:46 AM
LLing vs. other jobs (by Oregon Woodsmoke [ID]) Nov 30, 2018 7:57 AM
LLing vs. other jobs (by Martin [CO]) Nov 30, 2018 8:07 AM
LLing vs. other jobs (by Vee [OH]) Nov 30, 2018 8:18 AM
LLing vs. other jobs (by Roy [AL]) Nov 30, 2018 8:29 AM
LLing vs. other jobs (by Deanna [TX]) Nov 30, 2018 8:49 AM
LLing vs. other jobs (by Tom [FL]) Nov 30, 2018 8:55 AM
LLing vs. other jobs (by Laura [MD]) Nov 30, 2018 9:10 AM
LLing vs. other jobs (by Barbara [VA]) Nov 30, 2018 9:46 AM
LLing vs. other jobs (by Richard [MI]) Nov 30, 2018 10:10 AM
LLing vs. other jobs (by myob [GA]) Nov 30, 2018 11:30 AM
LLing vs. other jobs (by Roy [AL]) Nov 30, 2018 11:49 AM
LLing vs. other jobs (by Martin [CO]) Nov 30, 2018 12:38 PM
LLing vs. other jobs (by Martin [CO]) Nov 30, 2018 12:42 PM
LLing vs. other jobs (by Roy [AL]) Nov 30, 2018 2:18 PM
LLing vs. other jobs (by Still Learning [NH]) Nov 30, 2018 2:50 PM
LLing vs. other jobs (by Hoosier [IN]) Nov 30, 2018 3:01 PM
LLing vs. other jobs (by gevans [SC]) Nov 30, 2018 4:05 PM
LLing vs. other jobs (by Deanna [TX]) Nov 30, 2018 5:00 PM
LLing vs. other jobs (by AllyM [NJ]) Nov 30, 2018 5:13 PM
LLing vs. other jobs (by BRAD 20,000 [IN]) Nov 30, 2018 7:05 PM
LLing vs. other jobs (by BRAD 20,000 [IN]) Nov 30, 2018 7:20 PM
LLing vs. other jobs (by Roy [AL]) Dec 1, 2018 1:51 AM
LLing vs. other jobs (by GKARL [PA]) Dec 1, 2018 4:36 AM
LLing vs. other jobs (by RichE [IL]) Dec 1, 2018 5:40 AM
LLing vs. other jobs (by Roy [AL]) Dec 1, 2018 6:54 AM
LLing vs. other jobs (by BRAD 20,000 [IN]) Dec 1, 2018 7:08 AM
LLing vs. other jobs (by GKARL [PA]) Dec 1, 2018 10:22 AM
LLing vs. other jobs (by Shelby [IA]) Dec 1, 2018 5:09 PM
LLing vs. other jobs (by Roy [AL]) Dec 2, 2018 2:28 AM
LLing vs. other jobs (by GKARL [PA]) Dec 2, 2018 9:02 AM
LLing vs. other jobs (by Kim [PA]) Dec 9, 2018 5:50 AM
LLing vs. other jobs (by Roy [AL]) Posted on: Nov 30, 2018 5:51 AM
How does being a LL and managing your properties / tenants compare to any other job you have had in your life?
To answer my own question here,...I have been self employed most of my adult life and being a LL and managing tenants is by far the 'easiest job' I have ever had compared to all other jobs I have had.
What about you ? Don't you just love this business ?
LLing vs. other jobs (by WMH [NC]) Posted on: Nov 30, 2018 6:01 AM
I used to work in hi-tech sales...I loved that job at first, as computers were so new and I was selling a great product - the best at the time so it was actually FUN. But over time my product was beaten to a pulp by Microsoft OUCH! Was very glad to leave that world for this one.
Ditto for DH. He worked for Dell when it was up and coming and then down down down. He was *really* happy to leave that job for this one!! --50.82.xxx.xx
LLing vs. other jobs (by Roy [AL]) Posted on: Nov 30, 2018 6:11 AM
My first job out of college (1980) was in computer sales also. I sold Memorex brand disk-packs, computer tapes and floppies. I hated that job,...I had to wear a 3-piece suit and kiss people's a$$ constantly. --68.63.xxx.xxx
LLing vs. other jobs (by S i d [MO]) Posted on: Nov 30, 2018 7:05 AM
Roy, I'm still employed while doing the rental biz. I like BOTH worlds.
Everything has Pros and Cons, so I make up my list...
Pro: steady income, paid time off, cheaper benefits bought in bulk (health insurance)
Cons: regular hours, on call off hours, limited upward potential (I've decided I am not "management" material)
Pros: unlimited income/upward potential, "passive" mostly, "I'm the boss"
Cons: irregular income, 'surprise' issues, "I'm the boss" (wait, where have I seen that before?...*grins)
While I am working on building up rentals and hope to transition to FT REI eventually, it's good from a family perspective to have that steady paycheck now. And as you can tell, my W2 job is pretty flexible since I can hop over to read and post here during the day. I work our of my home, in my jeans and t-shirt. The coffee is good here vs. at the office, and I get to hug my kids on the way out the door to school and when they come home.
Sisco and I met up last night for coffee at the local Village Inn (think Denny's) and talked about my situation. We agreed that it's pretty sweet. What's the point busting my hump for 10 years to build an empire just so I can take more time off eventually? I've got a pretty good gig "as is." What does it take to get to the top of ones profession and stay there? Why would I slog thru 60-80 hour weeks when a 40-hour week is all I need?
I'm hoping by the time I turn 50 in about 7 years that I'll have the option to turn in my clock card for the final time. That's a metaphor, I don't clock in/out. (grins). My oldest two kids (twin boys) will be just about to graduate HS then, so we'll be primed for some awesome get-aways and extended school holidays. But until then, things are going pretty well.
I am blessed! --173.20.xxx.xxx
LLing vs. other jobs (by RathdrumGal [ID]) Posted on: Nov 30, 2018 7:27 AM
I worked as a nurse for 38 years. The last part of my career was spent working three 12 hour shifts per week, so plenty of time off for other pursuits.
Do not discount the benefit of a corporate match in your retirement plan, 403 B plans and Social Security. I know self employed contractors in their 40s who realize they have NO retirement plans and are panicking. A hefty direct deposit each month from your corporate match retirement fund may not be exciting cocktail party conversation, but makes for secure sleep at night. --98.146.xxx.xxx
LLing vs. other jobs (by Roy [AL]) Posted on: Nov 30, 2018 7:46 AM
You did not say anything about being a landlady and how it compares to your nursing career. I would be a nut case if I had to work 3 -12 hour shifts for someone else.
You can have anything you want,...you just have to make it happen but you already know this. --68.63.xxx.xxx
LLing vs. other jobs (by Oregon Woodsmoke [ID]) Posted on: Nov 30, 2018 7:57 AM
The bad part of LL is that my paycheck is dependent upon people who can't even balance their own checkbook. Every month, there is no certainty that I am going to be paid.
Landlords have to deal with some of the worst customers in the world. With any other business, if you get an obnoxious customer, at least that customer is going away in an hour or so.
Landlords get to deal with a court system that thinks it is perfectly fine for tenants to steal from landlords and destroy their property, and landlords must follow the law and the lease with great precision, but that tenants aren't expected to.
There are a lot of people who are unsuited to the job of landlord, and they bring misery down on their own head by mistakenly believing that it is easy money. --174.216.x.x
LLing vs. other jobs (by Martin [CO]) Posted on: Nov 30, 2018 8:07 AM
I have mentioned this before, but my "other" job can be pretty cool sometimes. If you heard on the news about the InSight lander that just landed on Mars on Monday, well I wrote a good bit of the software that controls that spacecraft. What a relief that it landed safely! I am currently working mission commanding for the OSIRIS-Rex spacecraft that will arrive at the Bennu asteroid next Monday after a 2+ year journey. After 18 - 24 months of daily surveying for a good landing spot, it will touch down on Bennu, collect a sample, put it in a capsule, then return to Earth and drop the capsule onto the Utah desert.
But, after many years, I am getting rather tired of the stress and pressure. My daughter (and her husband and 4 kids) live in Idaho, several hours south of Rathdrum. A few months ago, we were Skyping with our 5 year old grandson, who asked "Grandpa, are you coming to my house for my birthday?" That did it. We are both looking to junk our jobs here in Denver, and move to Eagle, ID to be closer to the grandkids (and our daughter, too, I guess). Not ready to go full time in landlording, but I will certainly look for a less stressful software job, and start collecting more properties up there.
Landlording overall has been a mixed bag for me. My attempts at 4 SFH down in Texas (while living in CO) were bad at best. Horrible most of the time. However, the condo we rent out here in CO has been extremely successful. If I could get 6 or 7 or 10 more like this condo, I would consider quitting the software biz and getting into landlording full time. How to find another 10 deals like I got on this one is the problem. --75.166.xxx.xxx
LLing vs. other jobs (by Vee [OH]) Posted on: Nov 30, 2018 8:18 AM
I offer mechanical and electronic consulting as my other job, including radio service as needed. The travel outa state pay really helps a lot but thankfully only comes 1 or 2 times a year, kids all out so I have a little fishing free time. --76.188.xxx.xx
LLing vs. other jobs (by Roy [AL]) Posted on: Nov 30, 2018 8:29 AM
This may be off-topic, but why are taxpayers paying billions of dollars to land spacecraft on Mars? Isn't there something more useful for those tax dollars (paying down debt maybe?) here on Earth?
Landing on the Moon was cool but that was just politics of getting there before the Russians. Are we still competing against the Russians for RE on Mars?
LLing vs. other jobs (by Deanna [TX]) Posted on: Nov 30, 2018 8:49 AM
@Martin, cool beans! :) You're in Colorado-- were you by any chance involved in the aerospace engineering program at CU Boulder? Or are you strictly a software/programming guy, and it's just a coincidence you're in Denver? :)
We lived in Boulder for four years while my dad attended. His thing is space radiation analysis for ISS.
I think Coplin (CA) is involved in the space industry as well, and I think Virden (OH) also had family who had retired from NASA. --96.46.xxx.xx
LLing vs. other jobs (by Tom [FL]) Posted on: Nov 30, 2018 8:55 AM
It's amazing the limits people put on themselves!!! We all know people in our family, friends and co-workers that put a limit on their own abilities.
We as landlords see it daily in many of our tenants self limiting. Is it taking the easy way out or just blinders are in place and they look at the glass half empty
In Martin of CO's world he looks at the world in opportunityies beyond earth and outer space there are endless opportunities. There has been billions spent on space exploration. Some of the money has been well spent and other money has been wasted. However if you don't take the risk you will NEVER know the rewards.
In Landording and or flipping business if you never take the RISK you will never know the rewards. It's a great business to be in and the rewards are the greatest.
When we step outside the box / our safety net the possibilities are endless!!! --99.56.xx.xx
LLing vs. other jobs (by Laura [MD]) Posted on: Nov 30, 2018 9:10 AM
Martin very cool....I will think of you next time I see news about the landing. --108.51.xxx.xxx
LLing vs. other jobs (by Barbara [VA]) Posted on: Nov 30, 2018 9:46 AM
I quit my day job to be a stay at home mom and then got into rentals. Now that my daughters have grown I went back to work. I freaking love my traditional job. It's mentally more rewarding than landlording. And long term profit potential fairly good. I love going into work. --68.107.xxx.x
LLing vs. other jobs (by Richard [MI]) Posted on: Nov 30, 2018 10:10 AM
I never had a regular job after I got out of the service. Always worked for myself. Not having a company provide benefits is a definite negative if you aren't making enough to provide your own. Many people in business for themselves either don't make enough to have benefits or forget to or do other things with the money (party, etc). Then, sometimes they wake up and get after it, so to speak. If they do, it usually works out if things go well (no major sick, no divorces, no kid problems). If you have problems, you may wind up broke after years of work.
However, some don't wind up broke.
I had 6 or 7 businesses over the years. Some did not work. Lost some in divorce, costing millions. But the thing is, keep after the dream.
The last one (construction) let me retire at 39. Sold it and retired.
When I did it, I could make about $10 per hour labor profit on each worker. It adds up. Plus general profit.
When I got going and finally built a reserve, I started investing in rentals and flips.
With the normal ups and downs, it's been a challenge and also fun.
Now I need less rentals to be satisfied. Only take ones that meet the criteria I have. To keep busy, I develop subdivisions and industrial property.
After a while, you can do much of it remotely if you have a good manager or partner. --23.121.xx.xxx
LLing vs. other jobs (by myob [GA]) Posted on: Nov 30, 2018 11:30 AM
OFF topic answer: $810 Million.
How many earth jobs and how much contract work was created? Don't really give a hoot about Mars but it did create something here on earth.
If we kept the money in the bank (with the gov't) ya gotta figure 50% of that will go to graft and corruption and the other half to some useless project bridge in AK to an island with only 21 people on it. OR other useless project. --99.103.xxx.xxx
LLing vs. other jobs (by Roy [AL]) Posted on: Nov 30, 2018 11:49 AM
Oregon Woodsmoke said, "The bad part of LL is that my paycheck is dependent upon people who can't even balance their own checkbook. Every month, there is no certainty that I am going to be paid.
I could not agree more. That is true, however, tenants are not the only deadbeats in the world. True story follows.
I spent 25 years as commercial photographer and many of my clients were RE developers (just like the Donald). On more than one occasion, I had to sue these deadbeat millionaires (in small claims court) just to get paid on a $1,500.00 photography invoice. These cheapskate RE developers would send their in-house corporate lawyers to small claims court thinking I would be scared of them and drop my case against their boss. I won every case, got judgments and when I was about to file a Lien on their skyscraper, is when they would finally pay me.
My knowledge of how small claims court works came long before I ever became a LL.
LLing vs. other jobs (by Martin [CO]) Posted on: Nov 30, 2018 12:38 PM
@Roy - I have to tell you that many people at my company would consider your post to be fighting words. For them, the government (the American taxpayers) can never spend enough on space. It is literally considered the Final Frontier, and one of the most important things that we can spend our money on is to boldly go where no man has gone before.
I'll admit that I am not quite as adamant in my opinion. I also sometimes question whether it is worth the money to invest in these interplanetary missions. They cost a lot of money. And sometimes they are complete failures. That said, we even learn things from the failures. And the government does fund many different things in this country, from arts to sports to science to music, etc, etc, etc. So if some of the money is going to space, I don't have a problem with it.
I've been involved in missions that go to the Moon, to Jupiter, to Mars (twice) and to the asteroid Bennu. Each time we have learned new things about our solar system. And I think there is value in that. Knowing more about other planets and bodies helps us to learn about Earth and understand it better. And that is a good thing, after all, isn't it? --75.166.xxx.xxx
LLing vs. other jobs (by Martin [CO]) Posted on: Nov 30, 2018 12:42 PM
@Deanna - I work for a large gov't contractor in the Denver area, and we were contracted to build and control the spacecraft. We have worked with LASP at CU Boulder on a previous mission (MAVEN, which is currently in orbit around Mars), but I am not directly affiliated with CU. --75.166.xxx.xxx
LLing vs. other jobs (by Roy [AL]) Posted on: Nov 30, 2018 2:18 PM
I have no problem with sending spacecraft to Mars or to the asteroid Bennu. My only concern here is who should pay for it?
LLing vs. other jobs (by Still Learning [NH]) Posted on: Nov 30, 2018 2:50 PM
Elementary School teacher, stay at home mom, now I substitute teach and landlord. Teaching and parenting trained me for dealing with tenants. Many similarities. Landlording has me learning how to use tools. --24.61.xxx.xx
LLing vs. other jobs (by Hoosier [IN]) Posted on: Nov 30, 2018 3:01 PM
Like Sid, I see pros and cons.
I was a finance exec for many years.
Good steady income, benefits, challenging work, etc.
Politics in the office, heavy workload, unreasonable demands at times
Now being a LL fits my life situation pretty well.
LLing vs. other jobs (by gevans [SC]) Posted on: Nov 30, 2018 4:05 PM
I've worked more than one job at a time most of my life. I did not get a college degree until I was in my 40s.
Some of my jobs:
Armstrong fishing cricket farm. Largest in the world.
Door to door salesman.
Door to door milk delivery
Appliance repair business
HVAC business (as an employee and my own business)
International Paper...retired from that one...at 58.
Been LLing for 21 years. One of my favorites out of the above list.
Pros: I can increase my own pay. I can see the results of my work, typically on a daily basis. Once my systems are in place, there are few surprises. Pay goes up with inflation!
Cons: Surprises. Vacancies. Those late night calls. Tenant drama. Most of this can be mitigated with proper systems.
LLing vs. other jobs (by Deanna [TX]) Posted on: Nov 30, 2018 5:00 PM
I was a museum curator, tech support, a secretary, a librarian. My career path had been leading into a PhD in paper conservation (preservation of historic documents), but I've accepted that will never happen.
Now, I substitute teach on occasion, just to keep myself looking good on paper, if I should ever want/need to go back into the 8-5. 99% of the time, though, I'm a SAHM to two boys (1st and 4th grade) and manage the rentals.
I'm not a data geek like many of my friends are, but my favorite part of the ll biz is the information side of things. Being able to manage projects. Pacing my budget to match my income/weather/obligations. Keeping an eye for what's for sale in my area, how much it sells for, how long it's been sitting, what's likely to come on the market in a few months. Finding out about problems and knowing who to rely on to fix them and making sure they have all the supplies necessary to do it. Communication. Screening. Showing. Managing people-- prospects, tenants, handyguys, etc.
That's where my weaknesses are as well. I've been middle management--- but I managed high achievers. I'm used to treating people under me like competent adults. You've got your job to do. Go do it. Let me know if you need help or suggestions or to discuss a problem-- but otherwise, I trust you to do your job. That's not the strata my tenants come from.
I'm also terrible with three-dimensional objects. I can buy three-dimensional objects, or I can research three-dimensional objects, or I can teach other people interesting trivia about about three-dimensional objects... but if you put a paintbrush or a screwdriver in my hand-- that's just not in my wheelhouse. :)
The nice thing about the old jobs was the routine. You arrive at work, you do your thing, you go home, you get paid. It was comfortable and predictable. The details would change, and of course there was drama, but I stayed out of it. In theory, there would have been good retirement plans that would have been a nice safety net-- but I left those jobs before I vested, and used that money to buy houses instead.
The bad thing was the pay (the most I ever earned was around $35k/year before taxes) and the lack of control. I got married and moved and tried to get a job in my museum field in my new city-- all the museums were building, not hiring. I got a job doing tech support-- I got laid off during the daughtkawm bust. I was a secretary-- my favorite ACM retired for the private sector, and I was lucky to be traded down to one of his directors, because my remaining ACM and I weren't compatible. I wanted to be a librarian instead of "just a secretary" and used my municipality's tuition reimbursement program to earn my MLS and volunteered evenings and weekends-- and was told straight to my face, "You do such great work for free; why would we ever hire you?" So when I was free to leave without penalty, I found a job that wanted me. It was a pay cut, but I got to do what I wanted to do-- and by the time I'd left, I'd risen a few notches in management and was earning about what I had been earning as a secretary. And then we started a family, and ll'ing has been wonderfully compatible with me being able to have the freedom to pay attention to the most important people in my life.
But sometimes, I look at my desk and wish I was as diligent a secretary for myself as I had been for other people! ;) --96.46.xxx.xx
LLing vs. other jobs (by AllyM [NJ]) Posted on: Nov 30, 2018 5:13 PM
More control of priorities. Amazing how ridiculous some managers are as to what is priority one. I know what priority one is in this business and I really like setting priorities properly. And it ain't the "monthly report." --73.178.xxx.xx
LLing vs. other jobs (by BRAD 20,000 [IN]) Posted on: Nov 30, 2018 7:05 PM
Good jobs can become bad jobs or no job overnight.
NEVER be so naive to believe it will last forever. Just ask those GM workers, or Sears, or Kmart, or or...
ALWAYS build a side income.
RE is sooo easy I pity folks who still work for someone else. I just want to shake them and say WAKE UP!! I make 12 times what my ďgoodĒ job paid and only work a handful of hours per week and Iím not stressed under someoneís thumb. One rental house pays the health ins.
Keep your job but hustle your bustle until you are making double in RE. Then the job looks much different.
The first million is the hardest, gets easy after that.
LLing vs. other jobs (by BRAD 20,000 [IN]) Posted on: Nov 30, 2018 7:20 PM
I crimge and bite my tongue when folks tell me they spend 40-60 hours per week building someone elseís dream then donít have time to build their own.
A few hundred a month for health care, a few percent match on a 401k, 10 work days of vacation (itís not 2 weeks because you already had the weekends off!), a canned ham at Christmas...letting THEM control your family - when you can take time off with the kids, how big a house, does your wife have to work to pay the bills...
Break free! It only takes about 1% more effort than youíre already doing!
There is no such thing as a steady paycheck - just the most recent check given. --73.102.xxx.xxx
LLing vs. other jobs (by Roy [AL]) Posted on: Dec 1, 2018 1:51 AM
Way to go Brad20K,...you tell em' !!!
'There is no such thing as a steady paycheck',...a classic statement from a person that has been there.
'and that 1st million is the hardest,..gets easy after that',...(I sure hope so). LOL. --68.63.xxx.xxx
LLing vs. other jobs (by GKARL [PA]) Posted on: Dec 1, 2018 4:36 AM
Well, I've been a self employed CPA for about 32 years so I've spent the vast majority of my career in my own business. Getting involved with real estate is easy as I control my own time. I have no boss to check with if I gotta take off and do something.
I got involved with this mainly to build a passive retirement income stream. It's not as passive as I'd like to it be at this point but as I develop better systems, that will come. This week, there was a ton of running around; had to install a new HW heater at one building. Had a rooming house tenant was move into an apartment. Unit was infested with roaches that the exiting tenant never told me about, so I had to deal with baiting and spraying in addition to turning over the apartment. I had showings at vacancies at the rooming house. I had to reach out for my architect to see where we're at in scheduling a meeting with the city over my newly acquired 7 unit. I may need to replace a deck and we need to understand what they will allow. I'm converting 3 commercial spaces into 4 apartments and we can't move off of square one until we talk with them. Had an electrician go into the rooming house to put each room on its own thermostat. Turns out he didn't complete the work and had to have him come back. I realize that he'll need closer supervision in the future, but I'm going to give him some choice feedback here. The LLing took over this week. Fortunately, I'm at the slower time of year for the accounting business. My thoughts were I hope things settle down during tax season. --209.122.xx.xxx
LLing vs. other jobs (by RichE [IL]) Posted on: Dec 1, 2018 5:40 AM
Serial entrepreneur from late 60s until 1980s then grad school, Merrill Lynch stock broker, then back to school for doctorate and then college professor. Retired in 2005 and like GKARL thought being a LL would be an easy passive gig. Bought the top of the real estate market at retail and have had to work harder for less than in past gigs. Still can't complain as I have control of my time and that is something that is worth more than the steady paycheck. --67.186.xxx.xxx
LLing vs. other jobs (by Roy [AL]) Posted on: Dec 1, 2018 6:54 AM
Since you are a CPA, can you re-fresh my memory on what Passive Income really means? All I know is that I don't have to pay 15% S.S. taxes on Passive Income.
Any more info on Passive vs. W-2 income would be appreciated. It seems Passive Income is the Holy Grail,..would you agree? --68.63.xxx.xxx
LLing vs. other jobs (by BRAD 20,000 [IN]) Posted on: Dec 1, 2018 7:08 AM
It impossible to fully describe FREEDOM!!! to someone who jas never been free. Itís like trying to explain the color blue in the sky.
Those who are free know what I mean
LLing vs. other jobs (by GKARL [PA]) Posted on: Dec 1, 2018 10:22 AM
Roy, when I was referring to passive, I was really talking about effort. I thought this would require less effort than it does. When you have vacancies, that's work. Same applies when you're building or renovating. As far as taxation is concerned, passive takes on another meaning revolving around the ability to deduct operating losses. The exemption from SE taxes or FICA is due to the fact that real estate income is considered investment income thus it's taxed at a more favorable rate nor does it count towards the earned income limit if you happen to want to take social security prior to age 66. I had several clients who were real estate investors who inspired me. I just think it's a good idea assuming that you get the right properties. --172.56.xx.xx
LLing vs. other jobs (by Shelby [IA]) Posted on: Dec 1, 2018 5:09 PM
Iíve done store work in my early years but factory work since 2005. I liked going to a real job, mostly the social aspect of it and the cheap insurance. Quit almost 3 years ago. Something had to give. I was managing my rentals by myself, taking care of my 2 kids (now 3) by myself while husband works many different states, and working 50 hours a week at my factory job. I was stressed out. Couldnít imagine if I had more rentals than I even have. Anyways, rentals are way more laid back than going into factory job listening to my boss yell at us all day. Definitely less stress now. --173.26.xx.xxx
LLing vs. other jobs (by Roy [AL]) Posted on: Dec 2, 2018 2:28 AM
Getting the right properties is just half of the equation. Getting good tenants for those properties is the other half.
Now that your rooming house is up and running, how labor intensive is it in managing those tenants?
Are the rewards of your rooming house worth the price of admission? --68.63.xxx.xxx
LLing vs. other jobs (by GKARL [PA]) Posted on: Dec 2, 2018 9:02 AM
Yes, getting the right tenants is huge.
My biggest issue right now is time. All properties combined had some issues this week which took a lot of time. The rooming house isn't that labor intensive as far as tenant management is concerned as I'm very careful who I let in there. The biggest problem I've had with the rooming house is vacancies this year. I had a few long term tenants move out and had to replace them. Some of the replacements turned out to be short-termers which meant I had to replace them. I'm full again now hopefully with longer term tenants (I look for at least a 6 month tenancy). The most costly thing in a rooming house are vacancies. It takes no time to turn over a room. It does take time to find the right tenants.
All in all though, I'm happy with the rooming house as an investment. I'm finding that it requires about 2-3 hours a week of my time. --209.122.xx.xxx
LLing vs. other jobs (by Kim [PA]) Posted on: Dec 9, 2018 5:50 AM
I was a journalist for 25 years, working in the newspaper industry. I was an editor for the last several years with a pretty large team. LOVED IT every day of it. I still do that work in a limited capacity. But a decade ago we started buying rentals for three reasons 1. There was no where for me to advance my career 2. Newsrooms were cutting and eventually, I feared I'd be among the chopped. 3. Come from a business-minded family and always wanted to own my own. IT'S BEEN GREAT. We own just two rentals, nine units total. For those working FT who want to start - it's a lot of late nights....I along with the hubs were working at our multi-unit every day...nights...weekends...etc. for an entire year the first year we owned it. And we both had demanding day jobs AND a newborn. We'd rotate when we were there. BUT NOW it's great. And I spend very little time managing residents...in my experience if you can find the right ones, they take care of the building/house for you. I view filling vacancies as I did when I recruited and hired at my previous job (I took a buyout). They're part of your team. They're going to help you. To anyone who is working and wants to dive in, if you're willing to learn a lot and work a lot in the beginning you'll be rewarded with regular cash flow and awesome equity. we are looking to build on what we've learned to offer other services to LLs now. Example, we can turn over an apartment and get it ready to show in 24 hours...clean, replace fixtures, locks, etc. We had to operate that way just so over the years we wouldn't lose our shirts by having open units. --24.23.xxx.xxx