Re: rental burnout - Saab General Bulletin Board - Saabnet.com


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Re: rental burnout
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Posted by DougM [Email] (#211) [Profile/Gallery] (more from DougM) on Tue, 23 Oct 2012 17:11:01 Share Post by Email
In Reply to: Re: rental burnout, K-Saab [Profile/Gallery] , Tue, 23 Oct 2012 15:54:31
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I am taking over tenants which the previous owner has leased the properties to, so I have no plans on raising rents or changing much of anything. I have spoken with three of the four renters over the years, since we are all neighborly. Only one knows my intentions to buy, and he was actually relieved they weren't going to be taken over by a slumlord. Two of the other tenants are older women(sisters) who have been there for a few years, and are very respectful neighbors. The only ones I haven't met are actually "one of the best they've ever had" as described by the owners. I have been inside and out of these properties for the past 18 years, and have lived in one and rented another for the same period of time. My uncle and his two sons are home remodelers, and they have also done work inside each. If I need something done that I can't do, I can call them to do it, and have the cash flow to pay for it. They are over built and not maintenance nightmares. The family I am buying from has been renting them since they were brand new in 1959 and 1961 - they paid cash to build them, so they have been making good money for 50 years already - now it's my turn. I think living next door with respectful tenants will be a plus, so I think I can handle this venture. Sometimes we may rent to a bad one, but that comes with the business - I have a lawyer who can handle evictions if needed. This to me is an opportunity to almost double my income overnight - and I know these properties, so I know my risk is very low. I have the financial means to make this deal happen right now, so I'd be pretty dumb if I didn't jump on the opportunity. I really don't care about appreciation and equity, but cash flow and tax deductions are on my list.
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