Your standard of liv ? (by Roy [AL]) Mar 13, 2019 5:53 AM|
Your standard of liv ? (by John... [MI]) Mar 13, 2019 6:09 AM
Your standard of liv ? (by Roy [AL]) Mar 13, 2019 6:36 AM
Your standard of liv ? (by S i d [MO]) Mar 13, 2019 6:39 AM
Your standard of liv ? (by Roy [AL]) Mar 13, 2019 6:53 AM
Your standard of liv ? (by S i d [MO]) Mar 13, 2019 7:11 AM
Your standard of liv ? (by Tex [TX]) Mar 13, 2019 7:19 AM
Your standard of liv ? (by DJ [VA]) Mar 13, 2019 7:26 AM
Your standard of liv ? (by Roy [AL]) Mar 13, 2019 7:37 AM
Your standard of liv ? (by RathdrumGal [ID]) Mar 13, 2019 7:47 AM
Your standard of liv ? (by Oregon Woodsmoke [ID]) Mar 13, 2019 7:58 AM
Your standard of liv ? (by 6x6 [TN]) Mar 13, 2019 8:41 AM
Your standard of liv ? (by Otis [IL]) Mar 13, 2019 8:55 AM
Your standard of liv ? (by Steve [MA]) Mar 13, 2019 9:23 AM
Your standard of liv ? (by WMH [NC]) Mar 13, 2019 9:44 AM
Your standard of liv ? (by Shelby [IA]) Mar 13, 2019 9:50 AM
Your standard of liv ? (by fred [CA]) Mar 13, 2019 10:47 AM
Your standard of liv ? (by Landlord ofthe Flies [TX]) Mar 13, 2019 1:17 PM
Your standard of liv ? (by Sue [IL]) Mar 13, 2019 1:54 PM
Your standard of liv ? (by Live The Dream [AZ]) Mar 13, 2019 2:04 PM
Your standard of liv ? (by Pmh [TX]) Mar 13, 2019 2:45 PM
Your standard of liv ? (by AllyM [NJ]) Mar 13, 2019 3:17 PM
Your standard of liv ? (by gevans [SC]) Mar 13, 2019 6:44 PM
Your standard of liv ? (by Gene [OH]) Mar 13, 2019 8:11 PM
Your standard of liv ? (by GKARL [PA]) Mar 14, 2019 3:10 AM
Your standard of liv ? (by Roy [AL]) Mar 14, 2019 4:18 AM
Your standard of liv ? (by Roy [AL]) Posted on: Mar 13, 2019 5:53 AM
Is your standard of living (measured by the quality of your primary residence/neighborhood) any higher, lower or about the same as the houses that you rent to your tenants?
If you only buy rental properties that are within your own 'comfort zone',...then you end up buying in the same type of neighborhoods that you would personally live in.
To answer my own question,...I live in a Class B house located in a Class A neighborhood. However, all of my rental properties are Class C located in Class C hoods. I consider my standard of living about 2 notches higher than my tenants.
Now,.. how does your standard of living compare to your tenants?
Your standard of liv ? (by John... [MI]) Posted on: Mar 13, 2019 6:09 AM
I'd say about the same as you. Except I'm out in the country a bit -- so whether or my neighborhood is probably "Class B" also.
So, Class B house in a rural neighborhood with similar Class B houses is where I live. My rentals are probably all Class C -- although a couple of the houses are also in Class B neighborhoods. :)
Your standard of liv ? (by Roy [AL]) Posted on: Mar 13, 2019 6:36 AM
I live in a neighborhood where people spend $200K to buy a 1970's vintage 1,500 sq.ft. brick rancher, but do not move in. They bull-doze it and then spend whatever it takes to rebuild their retirement dream house. My hood is being converted from a $200K hood into a $500K hood. I am not complaining though. --68.63.xxx.xxx
Your standard of liv ? (by S i d [MO]) Posted on: Mar 13, 2019 6:39 AM
My typical rental is 2/1, 800-900 SF, one car or no garage. Central heat, window AC. 50-100 years old.
My home is 5/3, 3,400 SF, 2 car garage. 20 years old. Central HVAC with a wet bar. Surrounded by homes of like construction.
Interpret how you like. --173.20.xxx.xxx
Your standard of liv ? (by Roy [AL]) Posted on: Mar 13, 2019 6:53 AM
You live in a nice house. You deserve it. However, if your tenants saw your 5/3 house with a wet bar, do you think they would be jealous (or pissed off) in knowing where all of their rent money is going? (I am just jerking your chain a little). --68.63.xxx.xxx
Your standard of liv ? (by S i d [MO]) Posted on: Mar 13, 2019 7:11 AM
Maybe. I don't know, nor do I care. I consider my chain sufficiently jerked by a friend.... ;-) Now I'm gonna jerk back a little in a friendly and (I hope) thought-provoking way.
First, I think the word we're describing is envy, not jealousy. I know the two are often used as synonyms, but what we're discussing here is do tenants feel that what a land lord has is "unfair" and/or that they covet the land lord's material possessions? At least, that's the way I took the discussion. If I'm correct in my thinking, then the appropriate word is envy.
Our (paid off) house is nice in many ways. It came from a laser-focused financial plan over 10 years in the making. To achieve it, we had to make many sacrifices and build a plan.
My tenants cars are nicer than mine. Their TV sets are bigger. They have 200 more cable channels than I do. They've had the latest i-Gadgets for the past 8-10 years, and I have a 3-year-old baseline Samsung J3 that is my first ever "smart" device. It cost $169 brand new. They sleep in until 9 or 10 AM most weekends and are watching TV when I stop by to do my tri-annual inspections.
Am I envious of their possessions and lifestyle? Nope. My priorities and the actions that flow from them are different than their priorities and actions. Do I expect they are envious of me? I don't give it a minute's thought. Envy is it's own punishment. If they are envious it hurts them, not me.
Ever seen a car dealer's house? My tenants should be more upset about that, especially since the typical "Buy Here, Pay Here" rates make my humble rents look cheap by comparison!
People are weird when it comes to what they get upset over. --173.20.xxx.xxx
Your standard of liv ? (by Tex [TX]) Posted on: Mar 13, 2019 7:19 AM
Most of my homes including my personal home are in the same council district. The difference that my rentals are in planned communities and my home which I call country in the city is built in a community with most lots being 1 to 3 acres. And yes tenants do get jealous. --161.226.xxx.xxx
Your standard of liv ? (by DJ [VA]) Posted on: Mar 13, 2019 7:26 AM
I live higher than my tenants, but not just neighborhood. It's what I have and how much I pay for it, due to different money management skills and priorities/goals. I'm truly happy with a simpler life, ie: older furniture, smaller TV, small car, etc.
What I mean is: I would have a "higher" standard of living even if I lived next door.
To go with the flow:
My sfh rental is 610sf, 1925, 1/1 on a street that has some old multi-fam rentals as well as church and newer, big (2K ish sf) sfh. Supposed to be a community center built there - someday, so considered an improving area.
My rooming house is on a street with a poorish, so-so reputation for crime. Surrounded by apartments, 7-11 store, beauty shop. 1/2 mile from central bus hub for the city.
I live in a blue-collar neighborhood, where you see many work truck/vans parked, one of the better High school zones, but the lower half standard of living for that school zone. I have 4/2 and a family room, laundry room, corner suburban lot. On a monthly basis, my housing expenses are less than even my roomers (PITI vs Rent).
I've been there 22 years.
BTW: I would like to get more SFH that are similar to my own neighborhood.
In fact, there is one for sale a few doors down......I'm tracking it - listed for way too much now.
Your standard of liv ? (by Roy [AL]) Posted on: Mar 13, 2019 7:37 AM
Your rebuttal is well taken and I agree with you on the Envy word. I was not trying to rattle your cage though.
I have to leave here and go play Property Manager. I will continue this thought-provoking discussion later on. --68.63.xxx.xxx
Your standard of liv ? (by RathdrumGal [ID]) Posted on: Mar 13, 2019 7:47 AM
Sid's post reminded me of a friend of mine. She and her husband are both nurses high up on the salary scale, so their income tops $180K a year. Their children are grown but they hold on to their big house on 10 acres. She bought a $40K Toyota 4 Runner last year (literally off the show room floor) because she likes to go hiking, and needed a vehicle to get her to the trailheads. She complains about her $600 car payments.
She HATES her husband. He is withdrawing money from their joint account and hiding it; he blames her for not being able to afford to retire. She is having health problems and he wants her pick up more hours at work, while her doctor tells her to scale back. Their marriage has been a mess for years, and they are each locked into retaliatory spending to hurt the other. They have a deadbeat adult son who requires financial bailouts.
Poor money management skills comes at all income levels. --98.146.xxx.xxx
Your standard of liv ? (by Oregon Woodsmoke [ID]) Posted on: Mar 13, 2019 7:58 AM
I don't own a house that I wouldn't live in myself. In fact, I have occasionally lived in one of my rentals and perfectly happy with it.
I suspect that the lower income worker class is quite jealous of anyone with more income than they have. The younger they are, the more unfair they think it is that they don't have all the luxuries that the rich have and none of them seem to be able to see any connect between how much effort is invested and how well one does in life. It's a bit scary. --98.146.xxx.xxx
Your standard of liv ? (by 6x6 [TN]) Posted on: Mar 13, 2019 8:41 AM
In terms of houses, I live in a 2/1 built in 1910 and in a B neighborhood while my rental is a 2/1 built in 1930 in a B- or c+ neighborhood. Both houses are craftsman style and around 1k sgft.
In terms of vehicles, there's are usually newer than mine but mine are much better maintained and cleaner. My work truck is 17yrs old.
I have antenna TV they have cable. I have starter internet they have high speed. They have the latest phone mine is very outdated. Same with computer.
I try to live efficiently they do not.
I want a simpler life. I do not need or want a bigger fancier home. Why have more house than you need? --73.120.xx.xxx
Your standard of liv ? (by Otis [IL]) Posted on: Mar 13, 2019 8:55 AM
My typical rental is a 2 bed 1 bath, C class in C neighborhood.
My house is B class in small rural town, 5 bed 2 bath 120 year old Victorian that I am slowly remodeling.
We kept my wifeís former house that is on some acerage in the country. Turned it into a rental. Doesnít really make us much but once kids are out of school we will move to it for our retirement home. At least we have a good tenant in it that is paying down the mortgage for us. --45.18.xxx.xxx
Your standard of liv ? (by Steve [MA]) Posted on: Mar 13, 2019 9:23 AM
Most of my tenants are low income & think where I live the streets are paved with gold.
Your standard of liv ? (by WMH [NC]) Posted on: Mar 13, 2019 9:44 AM
We stumbled onto our primary home purely by accident. It is probably considered Class B in that it has central HVAC, it's with 175 feet of waterfront, and decent sized yard.
It was 1980s dark wood paneling with orange shag carpet when we bought in 2004 at the height of the market for maximum price, but it's unique and we are not sorry we paid what we did for it or that we revamped the interior so much.
Especially since our downstairs apartment pays for all the basic housing bills (and no mortgage anymore.) Do we need to rent the downstairs? No, but we would almost never use it even when family comes to visit we have enough space - we simply don't need that much house. Our plan is that someday we will move down there and one of the kids will move upstairs to take care of us LOL!
Because we have five tenants living on the property, I don't think they envy us "the big house" because they get to live in the same location, just smaller spaces. --50.82.xxx.xx
Your standard of liv ? (by Shelby [IA]) Posted on: Mar 13, 2019 9:50 AM
We live in a nicer house and neighborhood than our rentals, but one of our rentals we lived in first for many years. Rentals are all 2 bedroom, only one is a 3 bedroom. Our own house is a 4 bedroom. --24.196.xx.xxx
Your standard of liv ? (by fred [CA]) Posted on: Mar 13, 2019 10:47 AM
My std of living is my business, not my tenants'.
Your standard of liv ? (by Landlord ofthe Flies [TX]) Posted on: Mar 13, 2019 1:17 PM
1-3 acre lots? Do you live in Frisco, TX? We may be neighbors. --108.69.xxx.xxx
Your standard of liv ? (by Sue [IL]) Posted on: Mar 13, 2019 1:54 PM
At this point in my life, my standard of living is much higher than that of my tenants. However, that is due to my husband and I spending 35 years in our chosen career fields, and the past 20 years building our property business. I would say we live in a class A area and our homes are in a B- area.
I rented one apartment and then two houses before I bought my first home. They were similar to what my tenants live in now.
A few of our tenants have the potential to work their way up. Most probably will not, based on the fact that several have been renting from us for 10-15 years.
This is one of the many reasons I do not share my home address with the tenants.
Your standard of liv ? (by Live The Dream [AZ]) Posted on: Mar 13, 2019 2:04 PM
LOL - oh come on, you know me. I live well. Heck, even when I lived on the beach in FL in my VW van, I lived well! Ten cent oysters at happy hour in Daytona Beach, camping on the beach and surfing at dawn. Those were the days!
We currently live in what I'd rate a B+ or A- community. Our home isn't big, just 1,400 sq ft, but we have an amazing 40 mile infinity view. Neighbors include a fire captain, a police lieutenant and several small business owners. Rest are vacation homes or retirees. About half are original owner/builders. Probably 10% are former students of mine. Homes are mostly professionally landscaped and well maintained. We have the HOA "weed and trash can nazi" who drives through and issues fines. Like any HOA we have a couple of scofflows and why they moved to an HOA is beyond me.
I find it amusing because both myself and my spouse are artists at heart and more like the person you'd expect to find living in a yurt or on a houseboat (already done that) not a stucco and tile ranch house with a 3 car garage and a "fire feature" in the patio. It surprises friends when they come over for the first time and see that we actually live like "normal" people and not in a bunker with gun turrets. LOL
My rentals were in C- to D (F-)? areas. Never again. I don't associate with such people in my daily life, I will never do it again professionally. Since we sold our apts I've hardly been in that part of town.
Your standard of liv ? (by Pmh [TX]) Posted on: Mar 13, 2019 2:45 PM
20 years ago Frisco was a one stop light town. now in top 10 fastest growing cities in the US. many cos & people moved there to avoid high tax states. hopefully the people donít bring their socialist ideas with them..have to wonder why they come here to avoid the taxes they voted for in their home states.. --70.119.xxx.xxx
Your standard of liv ? (by AllyM [NJ]) Posted on: Mar 13, 2019 3:17 PM
It's complicated. Dad had the plans for a Washington Slept Here colonial house/hotel. Two front doors beam ceilings two fireplaces in the center of the house. Unfortunately it's built on the wrong side of the four lane main road. My rentals are on the other side with no falling down houses nearby although one did go that way after Pelosi's mortgage fiveaway in 2006. Ruined property values. People who bought it sold framed prints. Husband was a drunk. No bank would have given them a mortgage without Pelosi's threats. Finally roof went real bad and sewage leaked into the basement. Someone fixed it up and it seems to have an owner with a real source of income. But my side of the neighborhood has VietNam vet in his old childhood home and the porch is held up with big boards that are now gray and weathered. Another Pelosi special just got foreclosed right across from me. Then there is a shabby rental next to me on one side but a hundred feet away. On the corner are two folks that take cruises and put zero dollars into their house. The other two are OK but not special. My distressed brick colonial needs paint and some new picket fence but I can't find anyone to do it. Chimney needs repoint. So rentals are A, and two Bs. My house is A but in a C neighborhood. --73.248.xxx.xxx
Your standard of liv ? (by gevans [SC]) Posted on: Mar 13, 2019 6:44 PM
We retired early, about 4 years ago. For 20 years we lived in the same neighborhood as many of our rentals, solid class B. We also have several MHs. They are all nice and on private lots, but because they are MHs I'm going to say they are class C.
All our rentals have central heat and air. The oldest is a 72, but it was just totally remodeled and brought up to modern standards.
About two years ago we moved to a newer, nicer house, closer to town. Since we are retired, we are looking at ways to simplify. We are now within 5 minutes of 90 percent of our regular travel locations. The newer house is no bigger than our old one, but it is one story and handicap friendly. Neither of us is handicapped...yet...but we are planning ahead.
Your standard of liv ? (by Gene [OH]) Posted on: Mar 13, 2019 8:11 PM
Our standard of living is low. Our house is one of the nicest ones in a B class neighborhood. We have rentals in the same area and we have upper B class lower A class rentals also.
Our tenants drive newer cars and have the latest gadgets. My car is 26 years old (bought 7 years ago with 45,000 miles on it). Our first flat screen TV was given to us less than 6 months ago.
Once the rentals are all paid off and we retire, I want to be able to use some of the extra income to do some traveling, etc., however, when you live a low standard of living for so long it is hard to start living above that standard. --99.165.xx.xxx
Your standard of liv ? (by GKARL [PA]) Posted on: Mar 14, 2019 3:10 AM
I live in an A class neighbor in a 2700 square foot 4 bedroom 2.5 bath home. We had 4 kids but all will be on their own in a couple of years and my plan is to sell this place and downsize. One rental is in a solid B class area. Two others are in areas that are gentrifying and the rooming house is in a C area. I drive a Hyundai Santa Fe and also have a 12 year old BMW X3. I don't consider myself as living extravagantly. Most of my neighbors are professional people or business owners like myself. My neighbors know nothing about my rental activities. Most people know about my CPA business including the tenants. One of them came to me to get his taxes done a few years back. Same thing has occurred with neighbors. I don't encourage this as I prefer not to know tenants' or neighbors' personal business. One neighbor claimed he had big tax problems--it turned out he was the problem. He didn't like filing or paying taxes on time. He was a nightmare client always in a self created crisis. But I digress. --209.122.xx.xxx
Your standard of liv ? (by Roy [AL]) Posted on: Mar 14, 2019 4:18 AM
Thanks to everyone who shared a little info about their personal living standards vs. their tenants. I have actually known LL's who were renters themselves. They would collect rent from their tenants and then turn around and pay their LL rent. Talk about robbing Peter to pay Paul. --68.63.xxx.xxx