Author Topic: Real Estate Ty-cats  (Read 2669 times)

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Online 420seriouscat69

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Re: Real Estate Ty-cats
« Reply #50 on: July 26, 2018, 09:55:50 AM »
Sounds like if you want to sit on the fence of potentially making a profit, dealing with ppl you can't control living in your spaces, putting a lot of time and effort into keeping crap nice, etc. It's a great idea!

Offline BIG APPLE CAT

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Re: Real Estate Ty-cats
« Reply #51 on: July 26, 2018, 09:57:58 AM »
'strophe I didn't see the part where you factored in closing costs either, or is this a property you already own and are considering converting to a rental?

Offline XocolateThundarr

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Re: Real Estate Ty-cats
« Reply #52 on: July 26, 2018, 10:13:41 AM »
I'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year.  Anyone had experience with that?

Offline catastrophe

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Re: Real Estate Ty-cats
« Reply #53 on: July 26, 2018, 10:14:57 AM »
'strophe I didn't see the part where you factored in closing costs either, or is this a property you already own and are considering converting to a rental?

Not as concerned about those since it is a one-time expense, but yes it gets factored into overall profitability.

Offline Rage Against the McKee

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Re: Real Estate Ty-cats
« Reply #54 on: July 26, 2018, 10:27:49 AM »
If you need a management company to manage your 1 building rental empire, you probably are in the wrong business.

Offline wetwillie

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Re: Real Estate Ty-cats
« Reply #55 on: July 26, 2018, 10:37:27 AM »
I'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year.  Anyone had experience with that?

Why don’t you just rent a lake house a few times a year?
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Offline chum1

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Re: Real Estate Ty-cats
« Reply #56 on: July 26, 2018, 10:46:58 AM »
Everyone here is factoring in equity, right?

Online 420seriouscat69

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Re: Real Estate Ty-cats
« Reply #57 on: July 26, 2018, 10:48:59 AM »
Everyone here is factoring in equity, right?
Pretty sure everyone but catastrophe

Offline LibDerp7BubbleBoy

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Re: Real Estate Ty-cats
« Reply #58 on: July 26, 2018, 11:10:12 AM »
PILE ON!!!!!!!

Hyperbolic partisan duplicitous hypocrite

Offline catastrophe

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Re: Real Estate Ty-cats
« Reply #59 on: July 26, 2018, 11:10:48 AM »
Damnit Wacky. That is expressly why I only included interest in my “cost” calculations, which Dr Daris subsequently roasted me over not calculating the “full mortgage payment.”

Offline Rage Against the McKee

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Re: Real Estate Ty-cats
« Reply #60 on: July 26, 2018, 11:12:11 AM »
Forgetting the property tax and insurance was a pretty big blunder, catastrophe.

Offline wetwillie

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Re: Real Estate Ty-cats
« Reply #61 on: July 26, 2018, 11:15:48 AM »
Also paying 200,000 for a house that rents for 1400 is not good business.
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Offline catastrophe

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Re: Real Estate Ty-cats
« Reply #62 on: July 26, 2018, 11:33:17 AM »
I’m starting to consider not even posting my research results ITT for you ingrates.

Offline Kat Kid

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Re: Real Estate Ty-cats
« Reply #63 on: July 26, 2018, 11:36:08 AM »
I can't believe how many bloodsucking landlords we have around here.
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Offline Dlew12

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Re: Real Estate Ty-cats
« Reply #64 on: July 26, 2018, 11:38:23 AM »
good to own land


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Offline wetwillie

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Re: Real Estate Ty-cats
« Reply #65 on: July 26, 2018, 11:40:34 AM »
When the bullets are flying, that's when I'm at my best

Offline XocolateThundarr

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Re: Real Estate Ty-cats
« Reply #66 on: July 26, 2018, 12:43:24 PM »
I'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year.  Anyone had experience with that?

Why don’t you just rent a lake house a few times a year?

The thought was to use the VRBO deal to help pay for it.  Most of the places I have been looking at rent for about $500 per night.  Seems like if you have a desirable property, it wouldn't take long to pay for itself.  Once it's paid for, quit renting it and enjoy your private getaway.

Offline Brock Landers

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Re: Real Estate Ty-cats
« Reply #67 on: July 26, 2018, 12:52:27 PM »
I'm looking forward to catastrophe rebounding from this rough start and eventually becoming a modern day Mr. Potter.

Online 420seriouscat69

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Re: Real Estate Ty-cats
« Reply #68 on: July 26, 2018, 01:14:10 PM »
Just messing with ya, bud.  :D

Offline ChiCat

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Re: Real Estate Ty-cats
« Reply #69 on: July 26, 2018, 02:04:46 PM »
For real, though.  Has anyone actually used a property management company to focus on the leasing, rent collection, coordinating repairs, etc.?  This is a must for me.  This whole money-making scheme is DOA if that doesn't work.  I've heard folks with good property management companies only need to spend 1-2 hours a month on a property, but this has admittedly come mostly from people trying to sell turnkey properties.

I worked in property management briefly and while they can definitely cut down on your level of work, they also can be quite expensive.  They will likely take a cut and then if the tenant needs something fixed, you'll either pay the PMC a high hourly to fix or pay them a high hourly (less hours tho) to outsource, which will also be billed to you. 

I would find a potential company to go and talk to.  If there is something similar to what you are looking for that's on the market, go to the company and talk to them about their comps in the area and fees (might have to pretend you're going to buy that property).  That should give you a much better estimate of their costs because they aren't going to be $28. 

Offline pissclams

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Re: Real Estate Ty-cats
« Reply #70 on: July 26, 2018, 02:10:56 PM »
For real, though.  Has anyone actually used a property management company to focus on the leasing, rent collection, coordinating repairs, etc.?  This is a must for me.  This whole money-making scheme is DOA if that doesn't work.  I've heard folks with good property management companies only need to spend 1-2 hours a month on a property, but this has admittedly come mostly from people trying to sell turnkey properties.

I worked in property management briefly and while they can definitely cut down on your level of work, they also can be quite expensive.  They will likely take a cut and then if the tenant needs something fixed, you'll either pay the PMC a high hourly to fix or pay them a high hourly (less hours tho) to outsource, which will also be billed to you. 

I would find a potential company to go and talk to.  If there is something similar to what you are looking for that's on the market, go to the company and talk to them about their comps in the area and fees (might have to pretend you're going to buy that property).  That should give you a much better estimate of their costs because they aren't going to be $28. 

You mean to tell me that i have to pay the plumber to fix the toilet on top of the $28 a month I pay to the property management company ?
wtf kind of crap is this


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Offline catastrophe

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Re: Real Estate Ty-cats
« Reply #71 on: July 26, 2018, 02:19:10 PM »

What is a normal repair budget for a year?  $3,000 to fix just the necessary stuff? 

 :don'tcare:

Offline catastrophe

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Re: Real Estate Ty-cats
« Reply #72 on: July 26, 2018, 02:20:17 PM »
I'm looking forward to catastrophe rebounding from this rough start and eventually becoming a modern day Mr. Potter.

I'll PM you my tricks if I hit it rich.

Offline Kat Kid

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Re: Real Estate Ty-cats
« Reply #73 on: July 26, 2018, 06:48:37 PM »

What is a normal repair budget for a year?  $3,000 to fix just the necessary stuff? 

 :don'tcare:

Like literally every other question you asked, it is highly dependent upon what property you are the landlord of and is so broad that no one could possibly answer it, further indicating that this is something you probably aren't close to prepared to take on.

Buy mutual funds or ETFs.
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Offline wetwillie

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Re: Real Estate Ty-cats
« Reply #74 on: July 26, 2018, 06:57:11 PM »
I'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year.  Anyone had experience with that?

Why don’t you just rent a lake house a few times a year?

The thought was to use the VRBO deal to help pay for it.  Most of the places I have been looking at rent for about $500 per night.  Seems like if you have a desirable property, it wouldn't take long to pay for itself.  Once it's paid for, quit renting it and enjoy your private getaway.

Sounds more promising than the OP’s scenario, let’s map this thing out ITT.
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