• Announcements

    • Paul

      New Members: Click Here   03/09/2017

      Hello. If you are a new member, and feel a bit apprehensive about posting in the "open" forums, or, just wish to get your "sea legs" prior to posting in the open forums, feel free to post anything you wish to talk about, in the Newbies Forum. No one will bother you, or give you any sort of grief. Everyone there is happy to help you get answers to your questions.
  • Commercial Banner Advertisers

hilyfe

Sell or just keep it for the future

99 posts in this topic

Better yet leave her in philippines dont bring ber here hahah

Share this post


Link to post
Share on other sites

Everything Paul told you is correct except one. "Don't rent to tenants who have minor aged children."

 

Familial status is one of the protected classes in Fair Housing Laws. You cannot discriminate for someone having children. However you can have community rules that only allow two people per bedroom. If it is a couple with a child under the age of one then the child is not counted, (court ruling).

 

The walk thru inspections are an absolute must. We do them on our properties when we have preventative pest control which is three months. Check for water leaks, cleanliness etc. 

 

I have rehabbed hundreds of apartments and managed our own properties for many years. It is a good business but you must have rules and you must enforce those rules.

 

I won't give you investment advice as to whether or not you should sell but as any investor knows you never eat your principal. At your age you will probably live for many more years and will need an income. If you don't know what you would do with the proceeds from the sale then you might just need to keep it.

2 people like this

Share this post


Link to post
Share on other sites

 

 

Familial status is one of the protected classes in Fair Housing Laws. You cannot discriminate for someone having children. However you can have community rules that only allow two people per bedroom. If it is a couple with a child under the age of one then the child is not counted, (court ruling).

 

In my defense, it's been a very long time since I managed properties. 

2 people like this

Share this post


Link to post
Share on other sites

You guys aren't listening to the OP. He doesn't WANT to be bothered with managing rental properties. He wants to be able to do whatever he wants whenever he wants. I seriously doubt that many LinC Forums members can relate to that, but it is his reality. He should sell the apartments and invest in something that will pay him a monthly income without any bother. Then, he can be free to play with his RC toys and whatever other fleeting interests he has. I'm glad to hear that it didn't work out with the woman with a child. I'm sure she would have tired quickly of taking care of another child, and he would have tired quickly of her because that is just what he does.

 

I knew a kid (teenager) who was on this track when I was working at an expensive coed kids ranch in southern Utah when I was younger. His parents were extremely wealthy, but were killed in a plane crash when he was young. His grandmother had custody of him, but didn't really want to be bothered with raising a child, so she was a world tourist, and he spent his time in expensive private schools and expensive summer camps (and seldom saw her). His parents had put their money in a trust for him. They put grandma on an allowance that allowed her to live the lifestyle she did. He was on an allowance that kept him in expensive places an gave him spending money (more than I was making at the time) every month. His life was planned out for him until he finished university at 21, at which time he would receive a 15 million dollar lump sum (in addition to a monthly allowance). At 32, he would receive the remainder of his inheritance (which amounted to hundreds of millions of dollars). This kid was the most irresponsible example of a human being that I have ever met in my life. He was the poster boy for narcissistic behavior.

 

I know that the OP's situation isn't quite that plush (nor is he probably quite that spoiled), but the principles are the same. Some of you guys think he should man up and take responsibility for what he has been given. That simply isn't ever going to happen. He hasn't ever learned how to do that (and has no interest in it), and unless he somehow loses everything, it isn't likely that he will ever be forced to learn how to do that. If all you ever need to think about is your own pleasures, then that is what you will prioritize. Like I said, I seriously doubt that many members here can relate to that. Nor have most of us even had much experience with somebody like that.

Edited by Headshot
9 people like this

Share this post


Link to post
Share on other sites

sell the apartments and invest in something that will pay him a monthly income without any bother.

but nothing you don't manage could have good reliable prospect? Says he finds someone to do all that, he still needs to check everything so he'd not get cheated.

 

 

if OP absolutely hates to do anything about the apartment, don't lease it then. don't sell, just keep. Its value will probably double every 10 or 15 years. Good for emergency fund.

Edited by aqd

Share this post


Link to post
Share on other sites

but nothing you don't manage could have good reliable prospect? Says he finds someone to do all that, he still needs to check everything so he'd not get cheated.

 

if OP absolutely hates to do anything about the apartment, don't lease it then. don't sell, just keep. Its value will probably double every 10 or 15 years. Good for emergency fund.

 

As was mentioned in previous posts, maybe the OP should sell the apartments and either invest in something that would pay him dividends or invest in an annuity fund that will give him an income without effort. You are worried about building capital. The OP is NOT worried about that. It is a different reality.

Share this post


Link to post
Share on other sites

I know that the OP's situation isn't quite that plush (nor is he probably quite that spoiled), but the principles are the same. Some of you guys think he should man up and take responsibility for what he has been given. That simply isn't ever going to happen. He hasn't ever learned how to do that (and has no interest in it), and unless he somehow loses everything, it isn't likely that he will ever be forced to learn how to do that. If all you ever need to think about is your own pleasures, then that is what you will prioritize. Like I said, I seriously doubt that many members here can relate to that. Nor have most of us even had much experience with somebody like that.

 

Agreed, there are many people in the world with no opportunity and lack the intelligence, motivation, or confidence to create their own opportunity (or some mixture there of). While, at the same time, there are many people in the world with all the opportunity one could ever ask for and lack intelligence, motivation or confidence to take full advantage of it. As someone who had no opportunity who created opportunity who now has too much opportunity -- I'll never understand people in either camp.

 

If I was the OP, I would do the following:

 

  1. Work out the financials to determine if it's possible to do a direct hire of a propery manager (as an individual or a firm)
  2. If it's not possible to hire a property manager (as an individual or a firm) due to only having 12 units, I would build a few more buildings to make it worthwhile.
  3. If it is possible to hire a property manager (as an individual or a firm) I would do that
  4. I would only check the firm's accounting annually at the end of every year spending a few weeks working in Jan. Leaving me roughly 350 days per year of doing whatever I want.

 

The OP is short sighted and should be thankful that his family wasn't as short sighted as he is. If they were, he wouldn't have an apartment complex bringing in $7-$10K/mo to complain about having to manage. If I was him, I would give the same opportunity to my own children, a cousin, a nephew, etc, etc. My life growing up was shit because of the shortsightedness of my forebears. I will not be making the same mistake. Quit being a putz, find a manager, build more units if you need to to justify the increased monthly expense, and leave it to your family as was done to you. Dynasties don't happen by accident nor do they happen with people who care more for themselves than they do their family.

Edited by senseless
3 people like this

Share this post


Link to post
Share on other sites

You guys aren't listening to the OP. He doesn't WANT to be bothered with managing rental properties. He wants to be able to do whatever he wants whenever he wants.

 

 

Thats right

Im thinking of handing it over to a realtor

To run the darn thing

Familial status is one of the protected classes in Fair Housing Laws. You cannot discriminate for someone having children. However you can have community rules that only allow two people per bedroom. If it is a couple with a child under the age of one then the child is not counted, (court ruling).

 

Thats true

But i think they are getting away with it

By giving out applications first and choosed from there who you will take as tenants

leave it to your family as was done to you. Dynasties don't happen by accident nor do they happen with people who care more for themselves than they do their family.

 

I am the last one

An only child they have

All relathieves are in philippines

Share this post


Link to post
Share on other sites

Everyone is different, I understand that, but from the video it looks like a nice apartment with not much work at all to get it up to par. For me, the video was almost comical (no offense meant) about how little damage there is to it from tenants with children. 

 

I can not give you any advice because I think we are from 2 different worlds. Besides, it seems there has been a lot of good advice given already. Wish you the best.

Share this post


Link to post
Share on other sites

One of the reasons I sold off a lot of my investment properties in London was that it's impossible to manage them when abroad.

 

A great many of these property management companies creat unnecessary works so they can up their commissions. Most of the tenants were high end business people, which meant they had high expectations - which was reflected in the outrageous rents. Bottom end, slum landlords, don't bring in serious wealth.

 

It was just easier to cash in.

 

I used some of that money to invest in an IT Company which has done spectacularly well.

 

I bought a house and a condo here.

2 people like this

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now

  • Commercial Banner Advertisers

  • Adsbygoogle

    Advert

  • Recently Browsing   0 members

    No registered users viewing this page.



  • Donation Goals

    Modifications, Applications, & Plugins

    Purchase and renewal costs for themes and various features added to the forums.

    $30 USD added to cover PayPal fees.



    $231.01 of $280.00 goal reached.
    Donate Now
    Yearly Hosting Fees

    Yearly web hosting fees, $75 USD / month.

    $30 USD added to cover fees.



    $359.72 of $930.00 goal reached.
    Donate Now
    Software Licensing Renewal Fees

    This goal is 100% funded. Please choose one of the others to support.

    $50 USD every six months for software licensing.

    $15 USD added to cover PayPal fees.



    $115.08 of $115.00 goal reached.
    Donate Now
  • Donation Stats

    • Total Donations
      $705.81
    • Total Fees
      $29.19
    • Total Goals
      $1,325.00
    • Still Needed
      $619.19

    • $705.81 of $1,325.00 goal reached.
  • Adsbygoogle

    Advert