Any Residential Landlords?

[ultrarunner]

I've been managing residential housing over 40 years and have many long-term tenants with the longest going back to 1987.

Being a housing provider isn't what it once was... ever more restrictions and at the same responsibilities.

A simple one page rental agreement with a second page documenting condition is now over 40 pages including all the mandated disclosures.

National Rent Control is the latest proposal and cash for keys is well established

Local and National one can't escape hearing we have a Housing Crisis yet housing providers are the ones vilified with the trend here pushing out the small time providers.

I'm wondering if other providers are seeing similar elsewhere?

 

[groundcover]

Time to cash out !

 

[ultrarunner]

Uncle Sam would like that...

Tax imitations are definitely a factor.

I put a lot of myself into the properties, pull my own permits, remodeled kitchen's and baths, new roofs, electrical upgrades, etc...

Maybe just getting old... either me or the process.

Only one rental property is with a management company due to distance and that has been just short of a disaster getting the problem tenant out through the legal system meanwhile 6 months to wreck the place...

Property I manage is never more than 2 weeks without a drive-by... better to head off small problems while they are small.

 

[EddieWalker]

I grew up with Rental Properties, and think that's where I learned the basics of what I do for a living. Fixing houses. I work on rental properties for clients every now and then, and it's a good reminder whey I don't have any rental properties. It's shocking what people do to a house that they don't own!!!

Seems to me that it's just a matter of time until Government makes it impossible to make a profit off of renting a home. I'm not sure what their long term goal is, but it doesn't seem like they care if people have a place to live or not.

 

[ultrarunner]

It does seem to be more of an organized effort.

The game changer for many was 3 year eviction moratorium for non payment yet landlord required to provide all services.

At the height of COVID I'm in ankle deep sewage because of what tenant's child flushed and a plumber was not available for love or money...

6 week evictions now being told lucky if court evicts in 6 months and then add legal fees and by statute reduced security deposits...

It no longer is sound business when a $1500 deposit covers a 600k property and insurance cancels because tenants service dog is on prohibitive list of breeds or tenant can run a business such as daycare no permission needed or required.

Bottom line is renters hold nearly all the cards and owners hold nearly all responsibility...

The new tenant protection statutes are actually decreasing number of rentals available when it comes to single family rentals.

The good news is commercial leasing not nearly as impacted.

Maybe the solution is no I vestments that have a bed?

 

[tradosaurus]

Uncle Sam would like that...

Tax imitations are definitely a factor.

I put a lot of myself into the properties, pull my own permits, remodeled kitchen's and baths, new roofs, electrical upgrades, etc...

Maybe just getting old... either me or the process.

Only one rental property is with a management company due to distance and that has been just short of a disaster getting the problem tenant out through the legal system meanwhile 6 months to wreck the place...

Property I manage is never more than 2 weeks without a drive-by... better to head off small problems while they are small.

How often can you see the insides of the house?
Engineer at work has about 10 rental properties, I believe all Section 8 housing. He said the gov't is steady with the rent. And the houses he buys to rent are $20-30k fixer uppers.

 

[EddieWalker]

I'm not sure what the best answer is, but eventually there is going to be a time when you will have to sell and move on. Retirement, or just too expensive to keep the properties. I can't think of a better decision that I've ever made then selling my house in CA, and moving away.

 

[tradosaurus]

It does seem to be more of an organized effort.
The game changer for many was 3 year eviction moratorium for non payment yet landlord required to provide all services.
At the height of COVID I'm in ankle deep sewage because of what tenant's child flushed and a plumber was not available for love or money...
6 week evictions now being told lucky if court evicts in 6 months and then add legal fees and by statute reduced security deposits...
It no longer is sound business when a $1500 deposit covers a 600k property and insurance cancels because tenants service dog is on prohibitive list of breeds or tenant can run a business such as daycare no permission needed or required.
Bottom line is renters hold nearly all the cards and owners hold nearly all responsibility...
The new tenant protection statutes are actually decreasing number of rentals available when it comes to single family rentals.
The good news is commercial leasing not nearly as impacted.
Maybe the solution is no I vestments that have a bed?

How good is the background checks on tenants? How picky can you be?

 

[kenmbz]

For our rental apartment the condo has about 40 pages in the contract and costs about $1000 every time we need a new renter.
Costs for insurance, maintenance and energy also take a bite out of the rent we get.
Forms needed for insurance and city every year.
Luckily we have never needed to evict someone and only had the place vacant for 3 months after covid.
In the area with out apartment the eviction laws are very much against the landlords.
Even selling is frought with paperwork and high costs.

The background checks the building does are pretty basic so we do some of our own, as allowed by law.

 

[ultrarunner]

How often can you see the insides of the house?
Engineer at work has about 10 rental properties, I believe all Section 8 housing. He said the gov't is steady with the rent. And the houses he buys to rent are $20-30k fixer uppers.

The 14 properties I personally manage on site every 14 days… inside every 6 months max but often as frequent as monthly… except COVID protocol derailed as shelter in place orders city wide lasted a longtime.

A fixer here is in the 600k to 900k typically.

These fixers are 99% flipped as rent can’t justify holding.

Some of my best tenants had been moving every 12 to 18 months because where they lived was always being sold owner occupant.