Should I become a landlord?

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666NASTYFUCKINGFREAK666

666NASTYFUCKINGFREAK666

god help you if you step on the bumblebee
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Sep 9, 2024
I had this idea a couple years ago but never went through with it because there were lots of bad deals on the market but I was looking on Zillow and I was finding duplexes/quadplexes that rent for $1400/$700 per unit respectively, while the mortgage would be under $2000. Factoring in savings for repairs/capex/vacancy and the property manager's cut, I would be netting $200 per month on these properties which doesn't sound like alot if you don't count the fact that eventually the mortgage will be paid off + rents will increase eventually AND:

Since I'm a veteran (You're welcome for my heroic service btw) I have the VA loan which means I can get an infinite number of $0 down loans as long as the total is under $750k (i think $786k technically) so I could get 2 of these, then go back to a regular house without having to spend any money at all.

The unfortunate part right now is that I just bought a house and it'll be some time before I can sell it to break even. I could rent it for around $1800, probably, but I'd be losing like $400-500+ a month which would suck, but I might be able to do it.

Anyway, thoughts on this?
 
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If you can do it, it could pay off in the long run. Just don't be a dick around it and be careful about who you let in your homes.
 
You can try. Try to get the money first, and take good care of the property. Or you can become a slumlord.
 
666NASTYFUCKINGFREAK666 said:
Since I'm a veteran (You're welcome for my heroic service btw) I have the VA loan which means I can get an infinite number of $0 down loans as long as the total is under $750k (i think $786k technically) so I could get 2 of these, then go back to a regular house without having to spend any money at all.
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Thanks for your cervix!
Just know that the majority of home loans being defaulted on are FHA and VA loans.
750k you say how much down? zero? in a falling knife situation? good luck type in AirBNB on you tube or look at people like Malcaroi, or George Gammon, or RichDad Poor Dad. Its a renters market in that rents are falling every where what is the cost to cary the property for you the note holder? the repairs? the Taxes? what is know one shows up to rent at asking price you list ....... think this thru brother don't ruin your life.
 
Fascist Kirk said:
Thanks for your cervix!
Just know that the majority of home loans being defaulted on are FHA and VA loans.
750k you say how much down? zero? in a falling knife situation? good luck type in AirBNB on you tube or look at people like Malcaroi, or George Gammon, or RichDad Poor Dad. Its a renters market in that rents are falling every where what is the cost to cary the property for you the note holder? the repairs? the Taxes? what is know one shows up to rent at asking price you list ....... think this thru brother don't ruin your life.
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I was thinking more about some $250-300k quadplexes, then buying 2 (once they stabilize)

What do you recommend? I want to say that a 401k modeled after the S&P 500 will outpace this, but with $0 down, the only reason not to do this is that if it doesn't work/some nigger breaks all my shit.

Riskier, but section 8 in my area for a 2 bed 1 bath is like $1100 which is fucking insane, but obviously you'd be renting to NIGGERZ which isn't fun
 
666NASTYFUCKINGFREAK666 said:
I was thinking more about some $250-300k quadplexes, then buying 2 (once they stabilize)

What do you recommend? I want to say that a 401k modeled after the S&P 500 will outpace this, but with $0 down, the only reason not to do this is that if it doesn't work/some nigger breaks all my shit.
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I have no recommendation in the current market environment. I know the Military tells you the GI bill is this great benefit for you so sign up, but in a falling market its not ......
 
ah fuck I said Gi Bill I ment VA Loan ..... Dear Feeder took away the ability for me to edit my own post so here I am double posting ...


A loan is a loan is a loan .... When you put money down on somthing there is equity in the asset but if you barrow for an asset on a falling asset you could be liable for so much more than you ever considered . . . . .


Mod sorry for double post please combine ....
 
First, be honest about your personality and your tolerance for other people's bullshit.

Example: I had a place I was going to rent out, but then I realized I'd take the worst tenant behaviors and damages way too personally. It'd be too stressful for my personality. So I sold it and put the money in index funds.

Ask yourself how you'd react if a tenant refused to pay rent, made bullshit claims against you to authorities, cost you thousands in lawyers fees, did 10k damage to your property, etc.

Review how you've reacted in the past when someone stole something from you. Were you able to blow it off as "that's life" to some degree? Because landlords have to tell themselves "that's the cost of doing business" or "that's just the way it goes sometimes" and accept big losses.

Another factor is small repairs. Can you do the handyman stuff? Light plumbing? You don't want to have to hire out the simple stuff or it gets expensive fast.
 
As a landlord. Never rent to others.
Have a home you can take care of yourself and everyone else can boot it.
Your earnings get pissed away a moment renter stops paying. Everyone is so sweet in beginning. After 5 years they turn into complete scum and will blame you for everything.
Pay off your debt, credit cards, car loan and so on. If you want to save some bucks, put rooftop solar and that's really it.
Never have anyone live in house you are in !
If you rent always buy condo somewhere else.
 
Depends on what state you are in. I would recommend doing it in one that gives the landowner more rights over the tenant.

My father lives in the boonies and the moment the eviction moratorium lifted he was on the phone with a lawyer and judge to get people evicted for not paying rent. Between the 3 properties he owns he had one guy running a dog daycare in his apartment while smoking indoors and another lady running a unregistered daycare under the table. Thankfully both parties are gone but the first place had to get the walls painted and floors/carpets redone.

In my opinion it's not worth it with how much maintenance you have to do but if you have a duplex with you living in one side and the other renter subsidizing the mortgage it can work out. I just wouldn't want to have any stress of dealing with shitty tenants who trash the place before getting kicked out or not paying rent and getting into altercations with them.
 
DrakosBiz said:
Depends on what state you are in. I would recommend doing it in one that gives the landowner more rights over the tenant.
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I live in a pretty red state, and it is decently pro-landlord, with a 3-5 week court order timeframe to get an eviction notice which is very good.
DrakosBiz said:
In my opinion it's not worth it with how much maintenance you have to do but if you have a duplex with you living in one side and the other renter subsidizing the mortgage it can work out. I just wouldn't want to have any stress of dealing with shitty tenants who trash the place before getting kicked out or not paying rent and getting into altercations with them.
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Thats what I was thinking about also, getting a little quadplex/duplex that looks good and just living in one end and just letting my brand new SERF pay off my mortgage for me would be very nice.
 
My parents were landlords, multiple condos speckled around the city. Good tenants are a myth, they all suck (some just less than others). Never put in anything swanky, it'll get destroyed (keep it landlord special).

They had a family for four year in a 3 bedroom condo. When they got the keys back:
  • Scuffs and drawings on the walls
  • Holes puched into walls
  • Kitchen faucet bent 45°
  • Pocket door stuck open, off the tracks with a big ass painting wedged into the cavity.
  • Shattered glass stove top
  • 12" x 24" hole in the drywall (fucked up installing a TV)
  • Interior stained wood and glass doors with the corners chewed off by a dogg and glass pannes missing.
  • Big rectangular green stain on bedroom carpet (they brought in a chest freezer and it leaked on the floor)
  • Shattered mirror glass closet doors.
  • Tiled shower that has turned pink and black.
  • Bathroom sink big missing chunks of enamel, exposed metal all rusty.
  • Smell of cat and dog piss all throughout.
  • Obstruction in the central vacuum piping.
  • Split AC inoperable due to missing remote.
  • Clothes dryer that smells like fire (somehow full of feathers).
  • Baby gate screwed directly into wood floor and bannister.
  • Broken power outlets.
  • General lack of cleaning
 
666NASTYFUCKINGFREAK666 said:
One thing I was thinking of was renting (or trying to) exclusively to military. Don't wanna sperg out and fuck them up but if they get retarded you can contact their command chain for maximum lulzery.
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Being a responsible landlord can be hard work if your renting property is old enough, but the amount of profit you can make its a very stable safety net if you pick your renters right.

Military renters could be a pain if they have a family attached to them, so pick single men or women first. Best of luck man, may you never have to deal with an army negress. 🤞
 
I'm sure it's been mentioned or you already know, but a VA loan is only good for your primary and you're allowed only one VA home loan at a time.

Now, you can always refi to a regular loan and then do another VA home loan, rinse repeat but all depends how badly you want fucked.
 
You're MDNWU said:
I'm sure it's been mentioned or you already know, but a VA loan is only good for your primary and you're allowed only one VA home loan at a time.
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I swear you can have multiple as long as you live in them for about a year (to avoid occupancy sneeding) and your total loans are less than $750k but maybe I'm retarded as fuck
 
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