quote:Originally posted by retiredat49: Bottom line was OK...only because we bought our properties right, spent a lot of our time and money to renovate and update the properties, managed them properly, and sold them before the recent decline in the real estate market here in MI.
What pisses me off is that we have over $12k in money judgments owed to us, and we only owned the properties for a little over 3 years...That erases ALL of our profit from the actual rental income...not to mention the costs to clean the mess and repair the damage they leave behind.
The sad thing is...the deadbeats were the straw that broke the camels back, and the reason we sold all of our residential rental properties...
quote:Originally posted by T e x:
quote:Originally posted by retiredat49: Hated it Tex...the "deadbeats" took all the fun...and profit out of it.
Sold them all last year.
Funny thing is that the courts around here DO NOT go easy on landlords, and give tenants a LOT of latitude, but every eviction that I attempted was granted easily...why...irresponsibility
Score:
People with legit reasons for not paying their rent - 0
People that were blatantly irresponsible - 8
Sounds like you made the right move, bro.
Obviously, that's not a market for everyone.
Trust your bottom line is OK...
as pitched, numbers not piling up for me...
lol, remember, I ain't the quickest with math.
Are you saying $12k divided by 3 years?
Or that result, plus?
Shoulda went like this...
Total gross yearly rental income - Total yearly expenses (mortgage, taxes, insurance, etc.) = Total Gross Profit
$27,000 - $23,000.00 = $4,000.00
The actual numbers went like this...
Total actual yearly rent collected - Total yearly expenses = Total gross profit
$23,000.00 - $23,000.00 = $0.00
We got screwed out of the 4k profit every year for 3+ years by tenants not paying rent, court costs, etc.
posted
Propertymanager this type of business your in sounds like something you consider your speciality.(Run down buildings) Seems to me that someone that specializes in this should be expecting these type of problems much more than the average landlord.
I would think you allow for these problems as a cost of doing business. By figuring the extra costs of non paying tendants, which i am sure your not absorbing, then why the gripe. Maybe you charge to much for rent in the areas you pick these cheap properties up in.
If you know what you are buying like you claim you do, then you are getting a hugh break in what you buy, or maybe even stealing it in the sense of the word. So really these tenants you want out so bad you should be thanking for allowing you to buy dirt cheap properties. You are using these peoples misfortune to make profit and buy cheap yet whinning all the way to the bank.
But then again maybe you expected to make more from these people and underestimated the game your in and maybe thats the real problem.
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posted
You are using these peoples misfortune to make profit and buy cheap yet whinning all the way to the bank.
that's why i said find a new job...
there's always been a segment of the human population that fits that description, always wil be. the "druggies" are prey to the dealers who are doing much better than you are, (i guarantee).
heck th e drug dealer used to have to spend 30 or 40% to to make their cash legit. who knows? maybe the money you are borrowing at the bank to buy the properties came from them...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
I ask because... on the one hand you invoke the basic American principle, which is, WORK, DUDE!
on the other hand, you seem to be in slavery to the idea that anybody who can't put a Mercedes in their driveway is a loser.
That's ironic that you think that because I didn't post anything like that. Maybe you were reading bdgee's poorly written 3rd grade rants.
I admire and have respect for ANYONE that works hard to pays their bills. I did NOT say anything about rich people or people with a Mercedes. Some of the other posters posted pictures of their Mercedes, so who's fixated on their car or their possessions? Not me. I respect all my tenants who pay their bills and who are honest, law abiding citizens.
I do NOT respect deadbeats, drug addicts, drunks, or other riff-raff that is too lazy to work and pay their bills. My problem with them is that they are stealing from the people they stiff and that they are getting my tax dollars when they do not deserve them. People that are able-bodied and able-minded should be free to choose not to work and I certainly shouldn't be expected to pay their housing; their food; or their medical care.
posted
yet you don't mind paying for the CEO of a Corp having a 100 million dollar yacht after he loses money for the shareholdrs and lays off 30% of his "working stiffs" ?
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
I would think you allow for these problems as a cost of doing business. By figuring the extra costs of non paying tendants, which i am sure your not absorbing, then why the gripe.
That is right, all these things are factored in the operating expenses. In fact, throughout the United States, operating expenses run 45% to 50% of gross rents. Obviously, I still make money even with the deadbeats, however that is NOT the issue. The gripe is that these deadbeats are not only stealing from me but they are stealing from the American public by taking tax dollars they do not deserve. It's really very simple.
If you know what you are buying like you claim you do, then you are getting a hugh break in what you buy, or maybe even stealing it in the sense of the word. So really these tenants you want out so bad you should be thanking for allowing you to buy dirt cheap properties. You are using these peoples misfortune to make profit and buy cheap yet whinning all the way to the bank.
I am not USING these deadbeats at all. In addition, they do not have "misfortune". They have made a choice to be a deadbeat; a drug addict; a drug dealer; a drunk; or just plain LAZY. That is not a misfortune.
Moreover, I don't want ANY tenants out. In a perfect world, every tenant would pay their bills and stay out of trouble. That is how I make the most money - by keeping the tenants happy and all units full. It is the tenant's choice to be evicted. They understand the lease. They understand that they MUST pay the rent. When they choose to spend their rent money elsewhere, they guarantee that they will be evicted.
posted
Change the target of his ranting and insults and hate from tenants and the poor to jews or blacks or christians or whatever and every one of his assaults will dovetail neatly into the hateful diatribes of Nazis or the KKK or extremist moslems or whatever other bunch that insist it knows everything (usually via word from God directly) about whatever group they want to blame for the ills of their view of reality.
And, like this one, anyone who might differ with their BS and slurs or the publication of them is loudly denounced by them and becomes another target of hate and ridicule.
So, again like this one, they divide, in their minds and shallow ethic, all of society into two groups......those that accept and champion their degrading attacks and those that they are free to slander and insult.
Eventually, they would, through ever present din of their rhetoric, with any opposing views shouted into silence, have the very basic connotations and denotations of right and justice defined by the bias and hate they preach.
Personally, I don't excuse the general German population and place total blame on the Nazis in the Germany of the 1920s and 1930s or even into the 1940s. Had that general German population not chosen silence in response to the slanders and hatred in the early days of Hitler's rise to power, he may never have reached real power, the German Republic may have stood in place, and there may never have been a WWII, millions dying on battle fields, millions of civilians dead in massive aerial bombings, millions dying in gas chambers because they were labeled with being lazy and deadbeats and socialist and just not of THE kind of which the Party approved.
We can't undo what history provided us and try it another way back then in Germany, of course, but we need to note that, like then, in one after another situation throughout history, whenever a society allows itself to become passive to a bigoted point of view, really bad and harmful and unethical things that any sane human being born with natural human emotions finds repugnant seem to result.
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posted
Change the target of his ranting and insults and hate from tenants and the poor
Once again, since you are wrong and don't have anything productive to say, you simply twist the words of anyone that thinks differently than you.
I certainly don't hate tenants - they are my customers and they pay my bills. I also don't hate the poor - again, they are my customers and pay my bills. In fact, I don't hate anyone, although you would like to twist things that way. This is not an issue of wealth or "having a Mercedes in the driveway" as another poster said. This is an issue of able-bodied and able-minded people working instead of being lazy and receiving a government handout (which is what the left loves). The left has virtually enslaved the lazy with handouts so that they will vote for the left. And look what Jesse Jackson and the libs have done to the African American population. If that isn't a crime, I don't know what is.
A truly compassionate way to treat these people would be to cut off their handouts and give them a hand-up instead. The best thing that could possibly happen to the poor is to get a job that would not only allow them to support their family but also give them back their dignity.
You can't give someone a job that doesn't want a job because they are receiving government handouts. In addition, I would certainly not hire someone who had a history of being a deadbeat. I work hard and like to work with others that work hard. I don't have money to pay slackers.
posted
No, you certainly can't, if you are spending all your time and effort insulting and demeaning them.
Why on Earth would anyone with an ounce of self respect or pride be willing to work for or with anyone that displays the constant and open hate you do for them?
posted
I certainly don't hate anyone, although in the absense of having anything significant to say, you certainly would like to twist things that way. However, I certainly do not have ANY respect for anyone that is a lazy deadbeat. I know the socialists think everyone deserves respect, but I believe that respect is earned, not bestowed when you are born. In addition, I have never seen a deadbeat with any pride. What do they have to be proud of? Being lazy?
Work and success are what builds pride - not sitting at home watching the Price is Right on your bigscreen TV while your kids go hungry.
posted
"the price is right" is on?...gotta go watch it while my kid goes hungry!....
who does that? and ,if they do,?...then ,of course, they should go get a job .or if they have one then feed your dam kid! no one is saying otherwise ,if you would listen! ..
posted
Propertymanager you sound like a real fun guy to be around. Hopefully you do not drink.
Is there anything you enjoy or like to do?
Thank you. I like to snowboard, scuba dive, ride my motorcycle, go camping, go to the shooting range (sorry, I know that makes you leftists cringe), etc.
posted
it's a shame ain't it? i used to cacth these 30 lb rainbows out of Lake Michigan, i threw 'em back (PCB's) some people ate 'em, but if the US Govt says kids and women of child bearing age shouldn't? i don't either... of course? global warming is completely different, right?
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
i mean lake Erie is only the 11th largest lake in the world... even tho it's the smallest of the five great lakes it still holds 116 miles3 of water.... polluting that to death was easy huh?
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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