Posted on 05/26/2017 5:29:30 PM PDT by Chickensoup
I have had income properties since the eighties. Not a bad thing to do. Can help with expenses. However the tenant means everything.
Congratulations Chickensoup! It looks like a great house, is he going to live in one of the units?
I have several properties, mostly flippers, but against all advice I have had tenants from time to time, so permit me to offer some advice.
Select tenants with extreme care, treat them like hazardous substances, because they often are. Don’t depend on them to pay and don’t depend on their payments to cover the mortgage. However you earned the money to obtain the house, keep doing that. The house may well “pay for itself” but don’t expect it to!
If you live in one of the units, they will call you for every little problem, and they’ll get so friendly you won’t be able to insist on the rent when they start not having it. Don’t be friends of your tenants.
Don’t let them get too far behind before you start eviction proceedings.
Security cameras are a good idea, and keeping records of everything. Photograph everything. Memorize the code ordinances that apply to your property. Know the law, especially regarding security deposits, and always do everything strictly according to law.
The Landlord Protection Agency is a good source of more advice: thelpa.com
God bless you and may your children continue to bring you honor!
In the other picture it looks yuge!
I don’t know whose wagon it belongs too. I was just thinking of my father’s station wagon from my childhood.
long grey woody with red and white interior.
I used to play drive it in the driveway
vroom vrooom
Tri-plex
Thank you!
I’m very pleased for you and your son. Best wishes with his tenants!
Good for him! Sounds like you raised him right. My son, 28, bought a house this week as well and paid cash for it. He was fortunate to live rent free for a few years, in exchange for doing odds and ends for the landlord.
Congrats. My son is several years older and has his financing lined up and contract accepted on his and DIL’s first house.
Older farmhouse that’s been rehabbed on 5 acres in a small farming community.
Very nice, but what’s that white stuff all over the ground?
Very nice, but what’s that white stuff all over the ground?
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Fairy dust,
Falls all over town.
We enjoy it.
Most of the time.
Sounds like the millennials are starting to make an impact. Good conservative kids are settling down early and raising families all over our area. They remind me more of my father’s generation than of the boomers.
Good for him! Sounds like you raised him right. My son, 28, bought a house this week as well and paid cash for it. He was fortunate to live rent free for a few years, in exchange for doing odds and ends for the landlord.
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What an enterprising young man! You should be very proud.
There are 3 apartments in that house?
Meant to help you with instructions
But, you already figured it out...
Yep!
Thanks!
I remember a Rambler station wagon we had that had push button gears. We were tiny, jumped from front to back WITHOUT seat belts, and survived :)
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