So, you want to be a landlord

[JesseO]

Sorry to ruin your burger

 

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[AroundTheWorld]

We bought a foreclosure a few years ago that looked almost exactly like this. It took four hired hands and about 4 DUMP TRUCK loads to the dump to get the place cleaned out. I think the worst part was the chest freezer. It had been unplugged - but still had a lot of meat inside. It probably sat there festering for a year. Now, THAT was nasty.

It was pretty sad. I think that it just got so overwhelming that they didn't even know where to begin (to make it better). We did visit them in their new apartment about a month after. So far, that one was clean.

 

[TaxGuy]

and that's why you shifted to storage right :smxB:

thankfully my tenants(well roommates b/c they live under my roof) have been perfect- pay rent on time and respect the place. The sad reality is that it really is a crap-shoot, you can screen them on their behavior, personality, work/criminal history, but don't know how they live until they're under your roof.

one example similar to some of those disasters was a family friend who had a good job and was the nicest person you'd ever know, literally lived her life for other people at the expense of her own well-being... after she passed away we had to clean out her apartment and it was just packed floor to ceiling with stuff, all she had was 3 pathways- 1 to the kitchen, 1 to the bed and 1 to the bathroom.

in this economy it's also very possible that you could have a stable/responsible tenant who hits the wall and just loses it(maybe they got laid off or just can't handle the financial/emotional stress) and end up with the situation like the Dildo house...

IMO, I'd still prefer to stay away from Section-8, I know that the gov't helps foot the bill, but it seems like most who receive subsidies, no matter what form it is have a sense of entitlement and don't respect their property, on top of that my dad vowed never to do it again after having a couple "winners" himself at our 3-flat.

 

[MJ DeMarco]

I'd like to see the guy that lived there ... probably had to be 500 lbs ... did you see all the take-out FastFood bags and containers? Drop in about 2 million cigarette butts and there is your perfect storm of cesspools. Whew! (Wow, someone already posted this filth!!!!!!!!!!)

 

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[TaxGuy]

lol, actually with all the cigs it probably was some skinny(but flabby) guy or even woman... kind of like this girl I knew who was on the "cigarette diet", she didn't work out or eat healthier, just smoked a lot more and lost like 40lbs... she was smaller but still flabby.

not to mention that person probably never knew the garbage can even existed and that could be the accumulation of EVERY meal over how ever long they lived there :smxB:

 

[kimberland]

Whenever I think about getting into real estate,
I read this thread.

One summer when I was a teenager,
I was a maid at a motel.
People would use towels to wipe their butts
and well, not use the toilets
(how it got on walls, I'll never know).
This farm girl (used to mucking out barns) almost lost her lunch.

 

[patientPrince$$]

I think I may need to get some help for my mother. My mom doesn't like to read and takes advice from her money-hungry boyfriend, who only wants to get get get.
My mom bought a house like 2 years ago and it seems like she doesn't even know if she's going or coming. The last I heard was that she's tired of having to come out of pocket to pay for expenses and it seems like the market is headed for the worst. I checked her credit report a few weeks ago and I think her mortgage balance is about $500K. My mom never talks to me about this real estate investment, I guess I'm not smart enough, instead consults her boyfriend who doesn't have her BEST interest at heart. I feel as though my mom will eventually lose out on this house because her bf has been trying to get her to take out a HELOC bc he needs help and she's guaranteed to get back the money because he's now making low low 6-figures(thats the pitch). I need a way to explain in a cogent, non belittling way, that she can start talk to me about her investments bc I can research better options for her without any strings attached. Actually, the string is attached, I'm her BENEFICIARY !!!!!!!!!!!!! I dont want him messing up my possible fortunes. In the end, I'm her only child and he's just a divorced man w/3 kids looking to get by. My mom has a portfolio that she doesn't discuss with me or any other investments that she may have. I feel that my mom is wasting alot of money bc she doesn't educate herself about her options and with her $90K and no kids to worry about, I think she could probably be stashing away lots more with some sound financial advice. Any tips?:smxF:

 

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[Bilgefisher]

Patient,

There really is no good answer for you. Unfortunately everybody responds differently when offered with financial help. I know what usually fails in my family, that is the hard a$$ approach. A little bit a persuasion with cold hard facts on numbers works with my folks. But again, what works for us may not for you.

Sorry, I know you were looking for more direct advice, but unfortunately your the only person here qualified to give or receive that advice. I hate catch 22's also.