all one color #2
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all one color #2 (by myob [GA]) May 13, 2022 6:11 AM
       all one color #2 (by Richard [MI]) May 13, 2022 7:31 AM
       all one color #2 (by Ray-N-Pa [PA]) May 13, 2022 7:32 AM
       all one color #2 (by WMH [NC]) May 13, 2022 8:20 AM
       all one color #2 (by LisaFL [FL]) May 13, 2022 12:11 PM
       all one color #2 (by myob [GA]) May 13, 2022 3:45 PM
       all one color #2 (by LisaFL [FL]) May 13, 2022 3:53 PM
       all one color #2 (by myob [GA]) May 13, 2022 4:07 PM
       all one color #2 (by LisaFL [FL]) May 13, 2022 8:34 PM
       all one color #2 (by RB [TN]) May 14, 2022 6:14 AM
       all one color #2 (by myob [GA]) May 14, 2022 7:10 AM
       all one color #2 (by LisaFL [FL]) May 14, 2022 9:24 AM
       all one color #2 (by myob [GA]) May 14, 2022 11:31 AM

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all one color #2 (by myob [GA]) Posted on: May 13, 2022 6:11 AM
Message:

I can't help but point out a story from Richard MI that he wrote in the post "all one color" . Many probably skimmed over it but that story is most of us here-- posing as LL's.

Very good "short story". Thanks for sharing.

--99.103.xxx.xxx




all one color #2 (by Richard [MI]) Posted on: May 13, 2022 7:31 AM
Message:

MYOB, Thank you.

Sometimes what you say on some posts really makes me think about how I conduct my landlord business. More than once, I've said to myself, "this guy is pretty abrasive" but when I think more about what your advice is, I see that it's often like a parent showing a child who is making mistakes what to do to be successful, rather than one who "want's to be a friend" and allows bad habits or mistakes to go uncorrected. A mentor rather than a yes man. Someone who takes you be the collar and tells you you're doing it wrong rather than saying "it' will all work out in the end".

I realize we, the landlords on here, have many different styles of landlording and obviously, some styles are more effective than others. Two things you do stand out to me -- one is how you go after the deadbeats and those who don't pay and cause damage. So many of us don't, and we pay the price and lose thousands, not to mention the frustrations. The other is how you prefer to change tenants about every 2 years to allow upgrades and raising rents to market levels. At first I thought "Why do that if I can have a tenant for 7-10 or more years?" But now I see the logic in it (after my tenant of 7+ years has, yet again, used excuses and thinks because they have been there a long time that I should "just live with it". This tenant has looked online and found what I paid for the place years ago and now is saying they have paid me way more in rent than I paid for the place so I should be grateful to them and if they don't pay I should just put up with it. Pure craziness. Of course, I'm guilty on this one like many others for allowing it and their rent is below current market levels. If I had listened to what you said and got rid of them the first time, I'd be thousands ahead (My bad).

Again, thanks for your advice on this site. --24.180.xx.xx




all one color #2 (by Ray-N-Pa [PA]) Posted on: May 13, 2022 7:32 AM
Message:

As I reread the story, I couldn't help but come up with some lesson learned.

1) In doing what ever you do, having a system in place allows for smoother work

2) It doesn't matter if you use another person's system or your own. If you elect to build your own, it will cost you great deal of time, effort and money.....so if you see something you like....hop onboard early.

3) Having specialist who do one type of work allows them to be even be more efficient

4) You can have Speed, Quality or Price - pick any two on any job. If you looking for all three - you probably not find it.

5) Invest and then wait, don't wait to invest. Time and compounding are very forgiving even as you make mistakes.

6) Know your product. If you are in a class C location, you should make the it match the area. You are not going to get top rents for a mansion located in a ghetto. If you are dealing with a class C....one color paint could be off set by providing some cheap curtains that offer a second color. Yes they will cost you money, but not as much added that painted second color.

7) Do what it takes to make your place stand out just that little more than your competitor and you are making money. What does that mean? That depends on your competitor.

I concur with MYOB - his write up is worth reading a second time. --24.101.xxx.xxx




all one color #2 (by WMH [NC]) Posted on: May 13, 2022 8:20 AM
Message:

In a place where all are blind, the one-eyed woman is queen.

I don't rent to Class C people. Based on descriptions I see here, my tenants are all Class B people, even if my places are not. So even our mobile homes get nice paint jobs, decent appliances, washer and dryers, dishwashers.

Our rents are well over $1000 a month (except a few studios and the last one of THOSE rented went for $900...) on houses that cost $50k. So for those prices, we will go the extra mile and use (gasp!) two colors of paint: grey and white.

If someone starts getting too comfortable these days, we will reinforce who owns the place - nicely but firmly. And we will raise the rent.

It wasn't always like this! --50.82.xxx.xxx




all one color #2 (by LisaFL [FL]) Posted on: May 13, 2022 12:11 PM
Message:

Many, many people here have good ideas and points to ponder. Even when I do things differently I can see the wisdom of their ways and value and appreciate their stories. It never pays to be close minded. It pays to be humble and recognize there are different ways to achieve similar goals. In-other-words, just because your way isnít my way doesnít make yours wrong or mine better.

Then again if you continue to have the same problems and stubbornly refuse to head advice or learn from other peopleís experiences, you are your own problem. --75.89.xxx.xxx




all one color #2 (by myob [GA]) Posted on: May 13, 2022 3:45 PM
Message:

Richard thank you-- especially for your acknowledgement that it's not personnel to me. There is SOOOO much potential here and you all know who you are. You never give up. Well I'm here to tell you I for one won't let you give up.

As far as my policy of "no long term tenants" -- that's my way and I only point it out because the main stream (here) like things copacetic. You will not find that in me.

The analysis of the tenant of 7 years looking at your finance history is not an eye opener for me. They all see (they being tenants) what we have each month. Do they see the toilets and nastiness we have endured for 35 years? Of course not! Does this tenant of yours work their butts off 7 days a week-- keeping there place fit for habitability? While tenants are out partying and spending money left and right. we worked 14 hr days - holidays weekends-- you know the drill.

I for one can't white wash how I'm telling others to do things. Please remember I get nothing for my opinion here. I have no programs to sell or books. I only have my experience and I give that freely. It can be taken or left. I like most hate to see the same mistakes made post after post.

BTW it's not your bad-- you were trying to do good. The good has to be in your favor because to a tenant you are greedy and bleeding every penny form them. Just like raising your kids-- you can't be THEIR BUDDY.

Good luck. --99.103.xxx.xxx




all one color #2 (by LisaFL [FL]) Posted on: May 13, 2022 3:53 PM
Message:

MYOB,

I love it!

ď The good has to be in your favor because to a tenant you are greedy and bleeding every penny form them. Just like raising your kids-- you can't be THEIR BUDDY.Ē

You are a sage! Just the reminder I needed. --75.89.xxx.xxx




all one color #2 (by myob [GA]) Posted on: May 13, 2022 4:07 PM
Message:

Lisa FL I'm sorry but I don't agree.

Here's why. with as many as 80 SFH's at one time. Homes BTW we purchased from the auction block.

We started with 1 in 1986-- 2 in 87-- 4 in 88 and got as far as 80 by 2001. We are down to 63 now.

I don't believe, for the state of GA anyway, that there's any and I mean anything we haven't seen. I'm not bragging I'm stating a fact. We don't have long term tenants so we generate many debt collects cause gosh knows they left the places like they got it??? NOT! We are also not door mats. We give spotless homes and expect them back that way minus normal wear and tear.

OUR ways are tried and true and suit us. I always tell my MM I have 55 yrs experience as a mechanic--- and 45 years as a LL/ maintenance man. Working this for 45 years straight do you really think we haven't tried every which way to do things?? Lisa I'm not being mean to your post because so many think there are multiple ways to do things-- well there may be multiple ways but there not ALL correct.

To be clear I'm not referencing the pro LL's here. --99.103.xxx.xxx




all one color #2 (by LisaFL [FL]) Posted on: May 13, 2022 8:34 PM
Message:

MYOB-

I can admire you anyway, whether I do things exactly your way or not. I have no need for you to give me equal consideration. Iíve been financially independent for ten plus years and my biggest worry these is how to avoid estate taxes. So I really have no need for anyoneís approval. And even with all of my experience, I still learn new things and make changes when needed all the time. I donít see you as bragging, just sharing your wisdom which I respect.

I started in 1986 as well with 1 property. I quit buying at about 36 if I recall. Iím sure youíve been through many more tenants than me. We all have different goals and needs. Iím impressed youíve been able to accomplish yours because I know how that feels. Thanks for sharing your stories. You are perfectly entitled to disagree with me. --75.89.xxx.xxx




all one color #2 (by RB [TN]) Posted on: May 14, 2022 6:14 AM
Message:

Kinda like riding on Big,Wide and Tall pickup truck tires. --24.183.xxx.xxx




all one color #2 (by myob [GA]) Posted on: May 14, 2022 7:10 AM
Message:

I love you too Lisa.... I don't disagree with you very often either. You are wise.

Oh I agree with you on this one. Your clients are so much different than mine. Let see FL vs Atlanta GA?? REP's DEM'S.

You did mention taxes so can I add. If you have family or better half get a will- and trust set up. We did our original in 2001 and just redid it August. Cost about 2300.00.

A good trust set up takes a month or two of planning with an Atty. my suggestion choose wisely. This time we used an atty who also specializes in RE. I say this because they are aware of what LL's go through and god forbid something happen to you-- they can direct your trustee's. She was very wise in her direction for our situation. --99.103.xxx.xxx




all one color #2 (by LisaFL [FL]) Posted on: May 14, 2022 9:24 AM
Message:

Well MYOB-

You advice is extra valuable for two reasons I found just this morning.

We are in the middle of a new build for personal use. Itís a large (48í x 36í) four stall garage with 13í ceilings and a loft. It has a bathroom and we have been debating using a one piece fiberglass/acrylic shower or just doing tile. So your last post has given us more food for thought.

And our new garage property is also located in north Georgia along with our second home where we now seem to spend most of the year. We hope to eventually be here full time.

And I do need to see an estate planning attorney. Currently only have a will. I didnít want to go through all the expense until Iíd gotten rid of some of the Florida rentals which Iíve been doing, just slowly. But I need to get something in place to cover the assets in both states. We much favor Georgia over Florida. Seems like a lot of former Florida folks moving here. In fact my former accountant and his wife came to visit us from Florida and they left with a house we found for them to buy while they were here.

Big need for rentals in Georgia where Iím at but every time Iím tempted, I have to remember my point is to fully retire one day. --75.89.xxx.xxx




all one color #2 (by myob [GA]) Posted on: May 14, 2022 11:31 AM
Message:

Lisa I applaud your thinking. Estate planning isn't for STATE but Federal tax creeps.

I've never felt so good about dying and having everything in place for my trustee's. That's the main goal. Again once your gone -- well your not in control.

Our goal was to keep any confusion down. We have 2 sons and only one works in the business and handles day to day. Son 2, although is due an inheritance we have to protect the transfer. The succession of the trust was tricky but we explained our thinking to the 4 trustees and they understood.

Our plan is to take care of our 2 sons-- they can earmark what they have to their family. --99.103.xxx.xxx



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