All Forum Posts by: Tim J.

based on your requirements list I would go with Buildium

No one arguing for rent control, rent stabilization, or "just cause" nonsense understands basic economic concepts, and holds beliefs that are fundamentally opposed to the principles of liberty and freedom, upon which the US was founded.

It would be great if we could just laugh along with them at the joke, but their efforts and scare tactics are still getting implemented and causing long-term harm.  

https://www.aier.org/article/the-perpetual-tragedy-of-new-yo...

https://aoausa.com/the-destructive-power-of-rent-control-by-...

At the very least, the concepts of rent control and "just cause" violate the 5th amendments' takings clause.  The Supreme Court allowed rent control as an emergency measure in the early 1900s.  Anyone who promotes the idea of taking rights (ability to enter into contracts, right to use one's property for legal use) away from one group and handing them to someone else is promoting harmful, anti-American ideals.  Period.  

One should also consider, if it really is for public benefit, why then should property owners be the only ones to suffer from the effects?  Shouldn't everyone bear the cost burden of subsidized/lower rents? 

Taking by force is evil.  That goes for thugs on the corner, as well as for thugs in legislatures.  

Quote from @Scott Trench:

Quote from @Tim J.:

Quote from @Scott Trench:

@Wesley W. Good points here! I agree that this type of situation is very possible and a real risk in blue areas. But, the average situation is unlikely to play out like this. The average renter does not stay for a decade or two, even in rent controlled areas. While it is possible, and more likely than in areas that are not rent controlled, investing is, for many investors, a game of probabilities, and each time a tenant leaves is an opportunity to reset rents at market - which rises much faster than rent control. 

It's all a decision-making matrix. I think that I'd have a hard time investing in San Francisco, for example, personally. But, I think it's too simplistic to say that blue state policies hurt landlords. They hurt housing supply, which can, in many cases, but not all, increase returns for investors.

That's absolute nonsense. 

Perhaps you’d care to provide a counterpoint?  a reminder that I’m not suggesting that the policies are good - I think they are bad. I just think that bad policy can limit supply, driving long term rent growth and long term housing price growth - the opposite of their intent. Do you disagree? 

Where do you get your data from about length of tenancy in rent controlled areas? 

Rent control also usually co-exists with other onerous anti-landlord policies. 

RE:
"They hurt housing supply, which can, in many cases, but not all, increase returns for investors."

That is an absolute horrible way to look at the issue.  Bad policies that may allow SOME investors to make more money because of short supply neglects the following:


- the marginal increases in the net worth of some investors is far outweighed by the overall losses to other investors and the community because of lost opportunity, etc in that market.


Your last comment is all that really matters - the policies that we all seem to agree are bad -have the complete opposite effect of the intent (but it is not a good basis for an investment strategy)

Frankly I am not really sure what your point is.  You make some hugely general statements that are highly suspect (length of tenancy in rent control units, and that blue states policies are not necessarily anti landlord) - both of those are completely opposite of my experience and those whom I speak with about such things.  

Quote from @Scott Trench:

@Wesley W. Good points here! I agree that this type of situation is very possible and a real risk in blue areas. But, the average situation is unlikely to play out like this. The average renter does not stay for a decade or two, even in rent controlled areas. While it is possible, and more likely than in areas that are not rent controlled, investing is, for many investors, a game of probabilities, and each time a tenant leaves is an opportunity to reset rents at market - which rises much faster than rent control. 

It's all a decision-making matrix. I think that I'd have a hard time investing in San Francisco, for example, personally. But, I think it's too simplistic to say that blue state policies hurt landlords. They hurt housing supply, which can, in many cases, but not all, increase returns for investors.

That's absolute nonsense. 

Government overreach.  Pandering to the constituents.  Knee-jerk reaction.  Just like rent control, it ends up costing more money and reducing supply - the exact opposite of what the ostensible goal was.  

Too many ignorant and stupid people in politics.

Buying a property as a result of paying $10,000 to some "expert"/masterclass is all one needs to hear to know how that will turn out. 

Cut your losses and move on. A run of the mill house as a short term rental in Pittsburgh is exactly what happens when folks try to chase the trend and follow bad advice. 

The good news is, as others have said, you are not alone in making a significant mistake in the REI journey. It's all recoverable. Lick your wounds, learn from it, and move on.

Kudos to you for recognizing a problem and then posting it up here. 

Best wishes

Post the author and name of the "masterclass" you paid for.

So this is some kind of communal organization - there is a "mentor" at the top, and a bunch of "mentees" who do work for each other/for the mentor.

Hopefully the asset is all in your name and your name only. 

Congrats on getting a rental property so early in life.

So you are saying you got a crew of six people to work for free for a week?

50 miles away is not that far.  Also, you don't have to be physically present/so close to self-manage.  You need the right team of people to get things done.  You can self manage.  

I suggest you come up with a checklist of all the things/interactions that you expect to happen and then come up with a plan on how to handle it.  What steps to take, who needs to be involved, etc.

I think that you will find that you can manage the property with the right set of people in your contact list.