A mere 3 years for me. But if my 90 y/o grandmother were on BP, she would own the record. She still owns and has rented out the first house she and my late grandfather bought, in 1946. They moved out of that house in 1948, so we are looking at going on 66 years.
The house is impeccibly maintained. It is also a 900 sf ranch in very, very well-off town (Avon, CT.) She has recieved many offers from people who want to scrape it off and rebuild on the lot. But there is no way she will sell while she lives, for sentimental reasons.
Besides, the thing has been a miniature goldmine for decades.
It was dated when she moved in, so needed a new kitchen, new cabinets, new paint, new bathroom fixtures, got rid of popcorn ceiling, new carpet in bedrooms, bathroom fixtures. Tile throughout held up pretty well so did not need to do anything there. Structurally it was fine considering it had been 20 years. Nothing I was not expecting.
Took about two weeks to rehab and got it re-rented immediately at a higher rate.
It was dated when she moved in, so needed a new kitchen, new cabinets, new paint, new bathroom fixtures, got rid of popcorn ceiling, new carpet in bedrooms, bathroom fixtures. Tile throughout held up pretty well so did not need to do anything there.
Rob, thanks for your response. Do you plan to get another 20 years?
I became a reluctant landlord when the housing bubble burst, and the home I just bought sunk underwater like the Titanic. I was a real estate agent, and my income quickly went to almost zero. I had to decide whether to $%!*can it back to the bank, or rent it. For better or worse, I decided to rent it. That was about six years ago, and I still have the original tenants. Fortunately, I screened my tenants carefully. Unfortunately, the home is still underwater.
Our first buy and hold was purchased in June of '08. Like Matt's, it is underwater but getting better. The market was crashing when we bought it and thought we had gotten a good deal. Our first tenant was there for 2.5 years, second one for 2 years, third one for 10 days (a disaster) and the last about 14 months. It's in a C neighborhood.
My longest was 20 years but I finally sold it off...a mistake actually to sell and I should have converted it to my shared housing model. Next longest that I currently hold is 9 years. I have four males sharing the upstairs and a couple in the basement I built out into a 2bed/1ba apartment when I separated from my ex. I bought it for $117k put $30k in it for $147k and at the time it was worth $220k. Today, it would appraise for about $80k but it kicks me $2,250 a month in rent! I will keep it until I pass it onto my kids at some point.
We moved and rented our home in late 2000 or early 2001. Those people stayed about 7 years, and then the current tenants moved in, and they've been there the last 7. So 14 years for us.
A mere 3 years for me. But if my 90 y/o grandmother were on BP, she would own the record. She still owns and has rented out the first house she and my late grandfather bought, in 1946. They moved out of that house in 1948, so we are looking at going on 66 years.
The house is impeccibly maintained. It is also a 900 sf ranch in very, very well-off town (Avon, CT.) She has recieved many offers from people who want to scrape it off and rebuild on the lot. But there is no way she will sell while she lives, for sentimental reasons.
Besides, the thing has been a miniature goldmine for decades.
A mere 3 years for me. But if my 90 y/o grandmother were on BP, she would own the record. She still owns and has rented out the first house she and my late grandfather bought, in 1946. They moved out of that house in 1948, so we are looking at going on 66 years.
The house is impeccibly maintained. It is also a 900 sf ranch in very, very well-off town (Avon, CT.) She has recieved many offers from people who want to scrape it off and rebuild on the lot. But there is no way she will sell while she lives, for sentimental reasons.
Besides, the thing has been a miniature goldmine for decades.
She looking to sell? LOL Actually looking in the Avon area...
20 years. Grandpa sold full interest in the first duplex to us in 1994.
He sold partial interest in the second duplex to us in 1995. We bought more properties from other sellers in 1995, 2005, and 2010. All in B grade neighborhoods. We will be ready to buy another property in 2015, if not sooner.
My longest was 11 years, sold in 2004. My current longest is 6 years. I used to think in terms of buy and hold forever, but now have a trade up philosophy.
19 years. I bought a multi-family building in 1995 from the FDIC that I still own. Nice to still own a property from the last crash! Property has been a great earner for years.
@Matt Rosas...6yrs and counting..One of my best tenants. Rents for $725 3br 1 bath in C neighborhood.....I have never increased rent...Purchased from a retiring investor at a great price!