All Forum Posts by: Henry T.

I'm not an attorney thank god, but if it's revocable, it's up for grabs.

On the surface, if you're making $1200 on a 132k all in,  I'd say that's a winner and you should hang in there if you can, if you're reasonably competitive. Screen wisely and find yourself a good tenant.

You should always raise, even if it's just a little bit. Tell me where there isn't an increase?  If they leave from a small increase they were going to leave anyway.  Lots of good points here.

 True. Just saying that there may be better ways to get your passive income than dealing with tenants. The last thing I want in my old age is tenants. I don't care what anybody else says, that's just me from 40 years experience. I hope to be pounding nails at 100, building is always fun.

I've made many great investments in the Seattle area, but things have changed. When the local city council votes in anti-landlord legislation, you sell and leave the area.

I always like what you have to say Mike.  I think I'm always in a hurry and just  cut to the chase. I don't know if I always need to be right, I just drop my bomb and move on, but can admit when I'm wrong, I think? I'm just a slave worker bee, the brains behind eloquent commentary will have to come from others. Oh oh, I'm feeling insecure all of a sudden.

If you're thinking of being a landlord it may be too late for you in your 50's. If you self manage it can be very stressful dealing with tenants, especially if you have no experience. Everything may start out great until its not, then what?  If you hire property management there goes your profits. Know the laws and know how to screen a property manager or you'll be sorry. It's complicated and not for the squeamish. But if you're gung ho, you can find rentals that offer good returns in some parts of the country, (not in Seattle) that hopefully pay a nice rent while also appreciate into the stratosphere..  Like others said, diversify and don't spend all in one place. Money market funds, t-bills, low stress and easy. Also,  research and find some stocks that pay a nice dividend. A little here, a little there.

It sounds like you are in over your head with no experience. Either sell it or learn what it takes to be a general contractor or DIY. I'm not saying you can't do it, but you have to do a deep dive on research of logical improvements so that you don't waste your money. Fixers in a desirable area is what everyone wants, easy to sell if you choose to.

I've always understood that a landlord can always enter for an emergency. You have that right. How can you do that if she changes the codes? Install your set and be done with it. If you did allow her to install with conditions, she pays, and she must provide a workable over-ride key for the landlord. AND she must change it back on move out or pay for that cost as well.

I have one that I limit by septic,  and the truck is very hard on the driveway too, so I want to limit its visits. Tell your single applicant that aside from the small tank, the drainfield is very slow, it will backup if more than one person. You don't have the space for a larger drain field. Nor do you have $30k to pay for a new one. You've lived there yourself and know its limitations.  Just some random ideas for you. Put it in your ad to weed out a family of 13. But as far as weeding out bad tenants, follow some strict screening guidelines.  You'll find many posted here.