?picking nickels out of horse shit?

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  • Hey You . . . I Know You!
    Too lazy to set a custom title
    • Aug 2004
    • 1908
    #1

    ?picking nickels out of horse shit?

    I recently read that earning money by owning rental units (being a landlord) is like ?picking nickels out of horse shit.?

    Doesn?t sound very good.

    Any landlords have an opinion on this?

    What would you say earning money is like - when you are doing (whatever you do) for a living???
    Tags: None
    • EZRhino
      Confirmed User
      • Jul 2003
      • 6258
      #2
      Sounds about right if you are doing everything wrong. I owned 2 rental properties and working on 2 more right now and having a good time doing it.
      The key is listening to people that have been there and learn from thier mistakes, hiring a good property manager and have a decent bank roll to do it right.

        Comment

        • wdsguy
          Ryde or Die
          • Dec 2002
          • 19568
          #3
          Originally posted by EZRhino
          Sounds about right if you are doing everything wrong. I owned 2 rental properties and working on 2 more right now and having a good time doing it.
          The key is listening to people that have been there and learn from thier mistakes, hiring a good property manager and have a decent bank roll to do it right.
          I would say that for just 2 properties u prob don't want a property manager, I've had bad luck with them in the past

            Comment

            • Hey You . . . I Know You!
              Too lazy to set a custom title
              • Aug 2004
              • 1908
              #4
              Originally posted by EZRhino
              Sounds about right if you are doing everything wrong. I owned 2 rental properties and working on 2 more right now and having a good time doing it.
              The key is listening to people that have been there and learn from thier mistakes, hiring a good property manager and have a decent bank roll to do it right.

              Very interesting! I was beginning to think that it was nothing but headaches and shit. Glad to hear of your success! Continued success to you!!!!

                Comment

                • Spunky
                  I need a beer
                  • Jun 2002
                  • 133986
                  #5
                  Wait until Dec 24 and boot their sorry asses out into the snow...slum lord

                    Comment

                    • Hey You . . . I Know You!
                      Too lazy to set a custom title
                      • Aug 2004
                      • 1908
                      #6
                      Originally posted by spunky
                      Wait until Dec 24 and boot their sorry asses out into the snow...slum lord

                      Did you ever see, "Roger and Me?"

                      In that movie they follow the sheriff's department as they evict people on Christmas Eve.

                      They drag everything out to the curb . . . including the Christmas Tree.

                        Comment

                        • AndrewKanuck
                          Confirmed User
                          • Jan 2004
                          • 6706
                          #7
                          I've had no issues with my rental properties - depends who you rent too; stop renting to crack whores, and you'll have good luck. I bought 5 house all next door to one another, on a street only blocks away from the university. I gutted the houses, turned them into triplex's - resulting in 15 apartments, within walking distance of a mall, the 2 universities, and the hospital - students and medical students eat that shit up, and rarely complain. Neighbours are all the same style of people, since the houses are all next to one another - so they don't complain about one another.

                          It's all about how smart you are.

                            Comment

                            • Greg B
                              So Fucking Banned
                              • Jul 2001
                              • 7014
                              #8
                              Originally posted by AndrewKanuck
                              I've had no issues with my rental properties - depends who you rent too; stop renting to crack whores, and you'll have good luck. I bought 5 house all next door to one another, on a street only blocks away from the university. I gutted the houses, turned them into triplex's - resulting in 15 apartments, within walking distance of a mall, the 2 universities, and the hospital - students and medical students eat that shit up, and rarely complain. Neighbours are all the same style of people, since the houses are all next to one another - so they don't complain about one another.

                              It's all about how smart you are.
                              That's brilliant Andrew! That's how ya' do real estate!

                              Location, clientele.

                                Comment

                                • AndrewKanuck
                                  Confirmed User
                                  • Jan 2004
                                  • 6706
                                  #9
                                  Originally posted by Greg B
                                  That's brilliant Andrew! That's how ya' do real estate!

                                  Location, clientele.
                                  A bit expensive too, since it's a sellers market when the houses are next to 2 universities and a hospital. But I'd lather, rinse, repeat in other university cities if I could trust someone to be the landlords.

                                    Comment

                                    • Basic_man
                                      Programming King Pin
                                      • Oct 2003
                                      • 27360
                                      #10
                                      What's a landlord? a farmer?
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                                        Comment

                                        • AndrewKanuck
                                          Confirmed User
                                          • Jan 2004
                                          • 6706
                                          #11
                                          Originally posted by Basic_man
                                          What's a landlord? a farmer?
                                          You'd know the word better as "mom" - no worries.

                                            Comment

                                            • Hey You . . . I Know You!
                                              Too lazy to set a custom title
                                              • Aug 2004
                                              • 1908
                                              #12
                                              Originally posted by Greg B
                                              That's brilliant Andrew! That's how ya' do real estate!

                                              Location, clientele.

                                              I agree! That sounds just right!!!

                                                Comment

                                                • Muff
                                                  Confirmed User
                                                  • Mar 2001
                                                  • 1782
                                                  #13
                                                  Originally posted by AndrewKanuck
                                                  I've had no issues with my rental properties - depends who you rent too; stop renting to crack whores, and you'll have good luck. I bought 5 house all next door to one another, on a street only blocks away from the university. I gutted the houses, turned them into triplex's - resulting in 15 apartments, within walking distance of a mall, the 2 universities, and the hospital - students and medical students eat that shit up, and rarely complain. Neighbours are all the same style of people, since the houses are all next to one another - so they don't complain about one another.

                                                  It's all about how smart you are.
                                                  What's it like getting the rent out of university students (diffculty of getting the rent on time I mean)? What about summertime when they are all at home? Renting for two months in the summer must be difficult?

                                                    Comment

                                                    • AndrewKanuck
                                                      Confirmed User
                                                      • Jan 2004
                                                      • 6706
                                                      #14
                                                      Originally posted by Muff
                                                      What's it like getting the rent out of university students (diffculty of getting the rent on time I mean)? What about summertime when they are all at home? Renting for two months in the summer must be difficult?
                                                      Getting the rent out of them is no issue - there's usually 2 people per flat/plex, splitting the rent (so only 350$/month per person) - student loans and working part time allow them to cover that easily.

                                                      The summer months are hard - but usually average 60% for summer sublets, and some students keep their lease year round and pick up summer courses, or summer jobs in the city. Much easier to get a job in the city, than in their hickstown that they grew up in for some.

                                                      Students are good people - especially when they're on their own in an appartment - they know that if they get evicted, their school could be fucked over.

                                                        Comment

                                                        • Muff
                                                          Confirmed User
                                                          • Mar 2001
                                                          • 1782
                                                          #15
                                                          Thanks for the insight. I had thought about something similar here in Toronto. Guess I'll look a little deeper.

                                                            Comment

                                                            • AndrewKanuck
                                                              Confirmed User
                                                              • Jan 2004
                                                              • 6706
                                                              #16
                                                              Originally posted by Muff
                                                              Thanks for the insight. I had thought about something similar here in Toronto. Guess I'll look a little deeper.
                                                              Toronto's a hard market to enter for real estate - I've been out of the Toronto for a few years, but feel free to ping me if you're going to get into it, I might still have some peoples names lying around

                                                                Comment

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