Are there any Landlords Here?? - Posted by Nick

Posted by Dave on May 08, 2002 at 22:20:49:


Actualy, if you do a good job of selecting tenants, landlording is not bad. I have had single family homes and appartment complexes. I would say that about 5% were “Problem” tenants. Some were doozies, but most were just a poor fit to the rental that I had put them in…my mistake. We all have to learn by doing, so I don’t often make the same mistake twice…usualy.

The long term tax benefits, the apreciation and the financial strength that income property produces make it well worth getting good at. In my opinion, investing in flips as opposed to holding is like the diference between a glider and an aeroplane. The glider has to keep looking for an updraft. The aeroplane has power of it’s own. But they both fly!
As for financing, some lenders will not let you have more than 5 or 6 mortgages, but no limit on contracts. Others don’t care. It’s not a big issue in my opinion. If you show positive cash flow and/or income suficient to service your debt and stay within their ratios, they will keep making you loans. If your ratios don’t meet their guidelines they won’t. Hope that answeres your questions.

Good luck!


Are there any Landlords Here?? - Posted by Nick

Posted by Nick on May 07, 2002 at 21:48:57:

I have been looking around this forum and see almost everyone is interested in flipping, Lease Options, Options etc. Do any of you guys buy good deals and keep them as rentals? That is what I am interested in doing. If not could you recommend a forum for the real estate accumulators. Also since I am on the subject how many of you own rentals, how many and how long did it take you to accumulate them? Thank you in advance. Nick

Re: Why not do both? - Posted by Dan-FL

Posted by Dan-FL on May 09, 2002 at 08:22:28:

I have 19 SFR and it took me 4 years,but I also flip houses to other investors and do one retail flip a year.I live off the cashflow from the rentals and keep the money from the one retail flip each year for any problems that come up and bite me.

Re: Are there any Landlords Here?? - Posted by Mark (SDCA)

Posted by Mark (SDCA) on May 08, 2002 at 11:06:48:

Yes, Im strictly buy and hold. I have bought roughly one a year for the past 10 years or so.
If you have specific questions about landlording, feel free to post.


Re: Are there any Landlords Here?? - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on May 08, 2002 at 10:25:27:

I like to point out to others who are buying a property, what is their exit stategy; and what is their backup when they answer.

Example: Purchase a duplex on L/O, then sell it to another within 30-60 days. Ok, but what if you don’t sell in 3 months? My stock answer is that you will now become a landlord by default. Either the tenants are still in the duplex and you are technically the landlord, or you need to get tenants so that you are not making the payments on an empty duplex.

If you have tenants, or get tenants, you are now a landlord even though it was not your original game plan.

There are some that do buy/hold as a strategy, but I bet there are also some who turn into landlords by accident. :slight_smile:

Re: Are there any Landlords Here?? - Posted by Marcos

Posted by Marcos on May 08, 2002 at 08:07:28:

Yes, I have rentals. I will probably always have rentals. I do the other stuff as well.

As far as another board with rental information, try they have a Q&A Session that is pretty good.


Yes - Posted by ken in sc

Posted by ken in sc on May 08, 2002 at 07:30:09:

There are plenty of landlords on this site. I agree, there is a lot of emphasis on the “quick buck” here. But there are many people who post that own rentals, and many who do both short term deals and long term holdings. If you ask rental questions, I am sure you will get responses.

I have mentioned to some of the successful long term landlords that they should post their “success” stories just like those who made $10,000 in a few weeks. It would be helpful to many who are considering the long road of financial independence via rentals to hear of peple who have been down that road other than the "Guru"s who are selling products. If noone has done it by the time mine are paid off, I will do it then. Give me about 5 more years.


Re: Are there any Landlords Here?? - Posted by Shawn J Dostie

Posted by Shawn J Dostie on May 08, 2002 at 07:13:40:

yes, I have 6 units and am growing them. Like most aspects of the real estate, I have been looking for motivated sellers. In my opinion, If you buy as a rental, as long as the cash flow is sufficient to meet expences and allow for some positive, then it is a good buy. I don’t neccessarily look for the steal of the millenium because I confine myself to a small area. As I grow, maybe I’ll expand my range.

Just my thoughts,

Re: Are there any Landlords Here?? - Posted by Dave

Posted by Dave on May 08, 2002 at 24:30:25:

Yes, Nick there are some landlords out here! I buy, sell, option and keep some for rental income. The whole works. Some propertys lend themselves to renting for long term income and some don’t. I try to keep about 20 units for income and rotate them by selling a few each year. I get the tax shelter and price appreciation as well as cash flow. It took me about five years to become self sustaining, and Ive been doing it for about 30 now.


Lol, that’s how I got started. - Posted by Marcos

Posted by Marcos on May 08, 2002 at 12:07:30:


Re: Are there any Landlords Here?? - Posted by Mike(NY)

Posted by Mike(NY) on May 08, 2002 at 17:34:22:

I’m starting out, but after some good advice (Johnboy) and others…after I gain substantial reserves, I wouldn’t mind buying and holding.

I realize that landlording is a pain and property management sucks. But it may remain a goal of mine.

One question I’ve been meaning to ask…what about financing?

At some point do banks stop lending because you are over-leveraged? In other words, everything is being paid, but your a millionaire on paper. What options to you have? What do you guys do?