Comments on: 1 Month of Being a Landlord…

By: J. Money

J. Money — Sat, 31 Aug 2013 11:44:35 +0000

Ack, I know! Scary!! Hope you’re good for another 12 months too at least :)

By: J. Money

J. Money — Sat, 31 Aug 2013 11:43:58 +0000

In reply to Crystal. Hot damn! $800 extra a month is no joke. I'm just waiting to *break even* on our side, haha... but eventually we'll make money depending on how long we can hold tight over the years ;)

By: J. Money

J. Money — Sat, 31 Aug 2013 11:42:20 +0000

In reply to Taynia @ The Fiscal Flamingo.

Woahhh! Now THAT is crazy! Haha… and also makes me even more confident we did the right thing, haha… thanks for sharing :)

By: J. Money

J. Money — Sat, 31 Aug 2013 11:41:10 +0000

In reply to EJ. Yeah, companies do take notes for stuff like that for sure, but there's no country-wide list or anything that everyone has access to I don't believe. Other than their "credit" if they didn't pay rent and it was all reported/etc. If a person was bad though and went to go rent somewhere else, it would be up to the new property owner to do a background check and call the previous places they lived to see if they were good or not. In those cases they would find out quickly, but often times they either a) don't check or b) the tenant lies or puts other info on so they don't get caught. But the info *is* out there.

By: J. Money

J. Money — Sat, 31 Aug 2013 11:37:48 +0000

In reply to Christine @ ThePursuitofGreen.

That is my biggest fear!!!! And probably every home owner’s too – whether you’re living in it or it’s a rental. Glad everyone was safe! And that you personally didn’t have to pay for it :)

By: J. Money

J. Money — Sat, 31 Aug 2013 11:36:38 +0000

In reply to nick. Oh wow, what made you two end up selling it in the end? Just tired of dealing with it? Or was a good time for real estate prices?

By: J. Money

J. Money — Sat, 31 Aug 2013 11:35:54 +0000

In reply to jacob | iHeartBudgets. That's the goal!

By: J. Money

J. Money — Sat, 31 Aug 2013 11:34:56 +0000

In reply to Drew. Thanks man. You can easily avoid the 16+% gross if you managed the property yourself fyi :) Not that it makes it that more exciting, haha...

By: moneystepper.com

moneystepper.com — Wed, 28 Aug 2013 09:01:02 +0000

Pretty unlucky for the first week!! This month marks my 12 month anniversary of being a landlord and I’ve yet to have any troubles. That said, all my trouble came the week before I rented out when the boiler blew up and, in an entirely unrelated incident, the whole flat flooded and everything needed to be refitted (including ceilings) and decorated!

So, maybe like me, you’ve had all your problems for a few months. Good luck with that. However, stay on guard as “these things come in threes”!!!

By: Crystal

Crystal — Wed, 28 Aug 2013 05:45:29 +0000

Cool update! We’re going into month 10 of landlording. So far, so good. We’ve had a small leak in a pipe in the laundry room, and an air conditioning/heater issue (fried wires). Plus we had to repaint the entire bottom floor when we moved out and have the place professionally cleaned. But the numbers so far look great. $12,000 brought in, $1500 going out for all of that stuff, $2500 for mortgage payments before we paid it off, and $3000 for property taxes and landlord’s insurance. So, we’ve totaled $5000 over 10 months and should be clearing $800 a month from here on out. It may not make us millionaires, but it’s another form of diversification, right? We are thinking about buying another rental property next year.