Forrest vs Tree (by Jim in O C [CA]) Jul 27, 2021 4:08 AM|
Forrest vs Tree (by P.B. [MI]) Jul 27, 2021 5:05 AM
Forrest vs Tree (by Jim in O C [CA]) Jul 27, 2021 6:17 AM
Forrest vs Tree (by JJ [NC]) Jul 27, 2021 7:38 AM
Forrest vs Tree (by Nicole [PA]) Jul 27, 2021 9:33 AM
Forrest vs Tree (by 6x6 [TN]) Jul 27, 2021 10:37 AM
Forrest vs Tree (by Robert J [CA]) Jul 27, 2021 12:29 PM
Forrest vs Tree (by Sisco [MO]) Jul 27, 2021 2:02 PM
Forrest vs Tree (by BRAD 20,000 [IN]) Jul 27, 2021 2:03 PM
Forrest vs Tree (by Jim in O [CA]) Jul 27, 2021 3:14 PM
Forrest vs Tree (by Ray-N-Pa [PA]) Jul 29, 2021 6:05 PM
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Forrest vs Tree (by Jim in O C [CA]) Posted on: Jul 27, 2021 4:08 AM
When a tenant goes south I look at how many thousands of dollars that tenant paid towards my mortgage and I end up owning the property. I have had tenants pay for 1/3,1/4 and 2 over 1/2 of my mortgage. Look at the forrest not just the tree.
We all would like a tenant to leave the property rent ready but that is rare.
I just had a tenant move out that did $700 damage. It came out of their security deposit. Even if I had to eat the cost they were their 6 years and if I had a mortgage they would have paid 1/6 th of the mortgage. --204.152.xxx.xxx
Forrest vs Tree (by P.B. [MI]) Posted on: Jul 27, 2021 5:05 AM
It is sad to have a good tenant vacate, especially after 6 years. Actually $700.00 in damages over that period of time is not to bad and you are fortunate that the security was enough to cover the costs.
Two years ago my rental income totally paid for the property and both units, so I am now showing a good profit even after expenses. I have met a lot of good people who have rented from us and have helped a couple when they were ready to purchase their own homes. When we do get a person who tends to be hard to work with I often think of the good ones and it makes it a bit easier.
I like your opening caption to look at the forest vs the trees. --67.22.x.xx
Forrest vs Tree (by Jim in O C [CA]) Posted on: Jul 27, 2021 6:17 AM
Most tenants get 100% or very close to if. This tenant painted a bedroom dark gray that took 3 coats to cover without permission, had to replace blinds because of paint, replace painted electrical fixtures, lost -probably sold pool fob to a friend that the HOA charges $100 and a lot of cleaning. New tenant paying $275 more than last tenant so allís well that ends well. --99.23.xxx.x
Forrest vs Tree (by JJ [NC]) Posted on: Jul 27, 2021 7:38 AM
I've had several tenants over the years that more than paid for the property over the 10 to 15 years they were there. I hate it when they do damage but as you say - look at the forest not each tree. --66.26.xxx.xx
Forrest vs Tree (by Nicole [PA]) Posted on: Jul 27, 2021 9:33 AM
I am opposite of those on here who like to have frequent turn overs and updates.
I've had two tenants over the years move in when I purchased a place and paid off the mortgage for me. Tenants didn't want or need (and weren't getting) granite counter tops, grey shades of walls and flooring, etc. --72.70.xxx.xxx
Forrest vs Tree (by 6x6 [TN]) Posted on: Jul 27, 2021 10:37 AM
I like that way of looking at it Jim. --73.120.xx.xxx
Forrest vs Tree (by Robert J [CA]) Posted on: Jul 27, 2021 12:29 PM
Back in the 1980's I forced my father to partner up with me and buy an apartment property. A tenant lived there for over 7 years and left having done $5,000 in damages. My father was sick to his stomach and mad that he invested with me in apartments. I proclaimed, "I wish we had 100 tenants like this"! My father thought I lost it so he asked me to explain.
I said that during the tenancy that tenant paid us over $100,000 in total rents, and the profit after all expenses were paid left us with around $70,000 cash in hand. So if every tenant made us $70,000 and the wear and damages amounted to a mire Five Grand, then we are over $65,000 in profit!
My father had never looked at rental income that way. Damages came out from the Net Profit, still leaving us with a large windfall. --47.155.xx.xxx
Forrest vs Tree (by Sisco [MO]) Posted on: Jul 27, 2021 2:02 PM
Keeping the correct perspective is important. It is also important to continuously improve the business. Business improvements most often come in small increments.
This issue does not require an either/or decision. --149.76.xxx.xxx
Forrest vs Tree (by BRAD 20,000 [IN]) Posted on: Jul 27, 2021 2:03 PM
I remind myself it's a long term investment and this was just a blip.
It also helps to get into my Porsche and remind myself I'm still rich.
Forrest vs Tree (by Jim in O [CA]) Posted on: Jul 27, 2021 3:14 PM
Right on Brad 20K --97.45.xxx.xx
Forrest vs Tree (by Ray-N-Pa [PA]) Posted on: Jul 29, 2021 6:05 PM
Around here, I use a 10 or 15 year note to get these places paid off. So it doesn't take long at all for someone to payoff 1/3 of the note. What is impressive is to see that in the 30 year notes --24.101.xxx.xxx
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