So you want to be a D class landlord

[Account Closed]

Its 4am in Vegas.  A brouhaha just happened on my floor in a well known hotel.  Im still shaking and hiding under the bed.

The N word was being used left and right , screaming girl, im pretty sure someone was being thrown at my door, etc.   I just cant see how these people generate the averge Joe Schmo investor  wealth.

I dont know when they are checking out so as soon as daylight hits im out.   I dont want to be hit in the crossfire.  Just not how i live.

[Jim K.]

OK, Rajah, I'm trying to decode this, and I keep on finding that 2+2=4. You're in a well-known hotel in Vegas. The title of the thread is about D-class landlording. The out-of-control black people on the floor are the link between your station and the ghetto. Ergo sum, black people in the ghetto all act like the people on your floor are acting now, ergo sum, black people are all animals.

On the one hand, I want to argue that you're wrong about the family of man, on the other, I'm glad I have less competition and that I don't have to deal with the large group of real estate people you seem to represent in what I do. You stay in your hotel, under the bed, I'll stay with my low-income tenants, a number of whom are black, and ne'er the twain shall meet. Best of luck to you in your endeavors.

[Steve Vaughan]

I'll just throw in that my headaches have all been white trash.  We are about 30% Hispanic here.   They may over-occupy with their multi-generational and larger sense of family culture, but not party and deliberately not care for my property. Not every class d tenant is a boisterous person of color.

BTW, when we had this problem in the USMC on weekends in the barracks, some guys would crank country music at 7am the next morning. Provides perspective to the offenders;)

Anyway, these are partiers. Truly low income/poor for the most part don't have the money to go to Vegas and party.  I have some low income tenants in cheap ($500) apts.  Mine are in a rural area, not a D class hood, but cheap, with 30% sect 8.  They don't party. Can't afford to.    

Specialize in the lower priced, higher hassle asset class like Jim, or stay out.  I would rather take a nap than have an extra few hundred in cf a rough area may or may not provide.  The effort/reward math doesnt pencil to me. 

Appreciation has been the biggest factor on my journey anyway.  But glad folks like Jim are here to serve these communities. Somebody gotta do it ;)

[Jay Hinrichs]

Originally posted by @Steve Vaughan:

I'll just throw in that my headaches have all been white trash.  We are about 30% Hispanic here.   They may over-occupy with their multi-generational and larger sense of family culture, but not party and deliberately not care for my property. Not every class d tenant is a boisterous person of color.

BTW, when we had this problem in the USMC on weekends in the barracks, some guys would crank country music at 7am the next morning. Provides perspective to the offenders;)

Anyway, these are partiers. Truly low income/poor for the most part don't have the money to go to Vegas and party.  I have some low income tenants in cheap ($500) apts.  Mine are in a rural area, not a D class hood, but cheap, with 30% sect 8.  They don't party. Can't afford to.    

Specialize in the lower priced, higher hassle asset class like Jim, or stay out.  I would rather take a nap than have an extra few hundred in cf a rough area may or may not provide.  The effort/reward math doesnt pencil to me. 

Appreciation has been the biggest factor on my journey anyway.  But glad folks like Jim are here to serve these communities. Somebody gotta do it ;)

Each demographic has their societal norms...  Landlords just need to work with those and understand them..   When you get folks from certain cultures you area always dealing with this... think about the posts  Help my house smells like Curry how do I get that out ..

or some folks just cant seem to hit the drive way and want to park on the law right in front of the front door.. 

The syndicator I did acquisitions for  back in the 80s we had a big 200 unit in Stockton I put together.. and they moved in a bunch of folks from Vietnam..  there were all sorts of fires.. turns out they would use the sink in the bath room to put briquets in them and put a BBQ grate over it and cook their chicken skewers.. 

I was in a Hotel on in HOng Kong in the mid 80s and there was a sign in the shower depicting someone standing in the shower and say you must stand in the shower not out on the floor.. I asked the guy I was with  ( Chinese national)  and he said people come in from the frontier and have never used a shower and flood the rooms.. LOL.. 

our Hispanics are as you know multi generational and use a lot of grease.. so important to check those grease traps .. everyone has there thing.. its why you landlords make the big bucks you learn how to deal with each set of circumstances.

[Steve Vaughan]

Big bucks landlording  LOL

Have been educated on culinary culture that's for sure. Kitchen humidity (boiling weekly beans) have been right up there with grease on the Latin side.   Grease is more prominent with deep-fryer folks, though.  Had to literally take a mud taping knife and scrape the kitchen walls and ceilings prior to pressure washing a kitchen the grease was so bad. Caked on an inch thick.  There was a large Philipino community in my apts. A Bainbridge Island plasics mfgr moved most of their workforce over and they were all in one building.  I can still smell it in the hallways and the last one moved out 6 years ago!

[Bill Brandt]

I really can’t think of a well know Las Vegas hotel that is in a d class neighborhood. 

I really didn’t think d class landlords owned hotels. Most people in hotels are not from the neighborhood and they usually don’t live in the neighborhood, most people in apartments are and do.

How scared were you really when you called BP instead of the police at 4am? Most “well known”. Vegas hotels have security and cameras so I’m pretty sure you were fine and not even an ambulance was called.  If you’re only complaint is yelling and a slammed person would you have been just as scared if a guy yelled “ahole” and pushed his friend against your door like drunk ahole’s do? Maybe next time spend an extra $20 and stay in an A class neighborhood vegas hotel.