We have one in MWC, that we kept that we raised our kids in, we just now have a rental mgnt company, up until then we had great luck with family renting it for the past 14 yrs.
I had 7X 3-B/brk//1-1/2ba/2car when I retired at 55 - sold 1/yr after that - they were very good for me as I did the maintenance -- I also know people who hire people to do all for 10% + actual maintenance costs[they have a guy who is reasonable$$] rents have skyrocketed due to slojoe's boarder policy and trillions in covid welfareTalking to my neighbor and he had 3 rent houses. Now he has 5. Just curious about your experiences, good or bad as a (slumlord)landlord.
You would have to be a handyman or have a crew of maintenance people. My ex SIL husband had about 25 + and would buy houses.
Just curious because the last several houses in my family were sold to out-of-state investors or locals.
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I had a home in Midwest City that I rented to my son and his wife. I only charged them the house payment that I owed on the place which was $230.00 per month and twice they stiffed me on rent and I paid the payment myself. They had a dog that chewed up the low voltage wires to the thermostat and burned that out along with the transformer in the furnace. I decided to move back in and I gave them ten $100 dollar bills cash and his wife was upset at me.
They did move out but left trash all over the house, took some personal things I had and then I found that they had a rabbit in the house that chewed up the baseboard and drywall. I have since sold the house.
So, I would not rent to a family member at all nor would I want one to live with me. I tell my wife that they treat the clerks at 7-11 with more respect than they give me.
They did move out but left trash all over the house, took some personal things I had and then I found that they had a rabbit in the house that chewed up the baseboard and drywall. I have since sold the house.
So, I would not rent to a family member at all nor would I want one to live with me. I tell my wife that they treat the clerks at 7-11 with more respect than they give me.
When wife and I married, we each owned a home. Hers was bigger so kids and I moved into hers and use mine as a rental for about ten years. Always had great renters as we only rented to coworkers knowing how much they make and were stable workers with a lot of time on the job except for one that was the son of my wife's boss.
He called me one day and said his parents 50 year wedding anniversary was coming up in a couple of months and he was short of money. Asked if he could paint the house (it needed painting) in lieu of two months rent.
Heck ya! I bought the paint and he did a bang-up job getting it done.
The last renter was a Hispanic couple. The husband worked at the plant. Great guy but he wouldn't bring the rent check to work. Had to go to the house. Every time I went the house it was spotless, leaving with the check and some amazing burrito's and Tamale's. After they left we put the house on the market as it had doubled in price in the housing market so we paid off wife's home.
Over those ten years, had to do a little plumbing, no electrical, and no carpentry, all of which I can do, but they took care of the place. Every renter got their deposit back as they left it ready to move into.
We had great luck but have a friend's son that has about 25 really low budget rentals. He is constantly repairing, replacing, and rebuilding them after they are destroyed by the renters, but it's his full-time job, and he is getting by. The workload cost him his first wife. He has a new one that works with him so it might work this time.
He called me one day and said his parents 50 year wedding anniversary was coming up in a couple of months and he was short of money. Asked if he could paint the house (it needed painting) in lieu of two months rent.
Heck ya! I bought the paint and he did a bang-up job getting it done.
The last renter was a Hispanic couple. The husband worked at the plant. Great guy but he wouldn't bring the rent check to work. Had to go to the house. Every time I went the house it was spotless, leaving with the check and some amazing burrito's and Tamale's. After they left we put the house on the market as it had doubled in price in the housing market so we paid off wife's home.
Over those ten years, had to do a little plumbing, no electrical, and no carpentry, all of which I can do, but they took care of the place. Every renter got their deposit back as they left it ready to move into.
We had great luck but have a friend's son that has about 25 really low budget rentals. He is constantly repairing, replacing, and rebuilding them after they are destroyed by the renters, but it's his full-time job, and he is getting by. The workload cost him his first wife. He has a new one that works with him so it might work this time.
I'd like to get several rent houses in Stillwater near the campus for student tenants. Upfront costs would be much more but can also get a bit higher rent. It's probably something I'll shoot for in a couple years once my son graduates from OSU.
We know a couple/family back in CA who I've known for years as I played youth sports with their kids. THey own 3-4 rent houses in a San Luis Obispo, CA. It's a small college town. Was chatting with them about 5-8 years ago. THey said they really enjoy having them and the income is great. THey only rent to college kids as they are close to campus and what was interesting was they said they NEVER rent to girls and will only rent to boys. Asked why. What they told me, and it makes sense after thinking about it is this: The girls will call about every single small issue with the house. THe sink is clogged, the shower is clogged. the sink is dripping water underneith, window won't close, etc, etc. Every little issue they call about. THey are easier on the home but every little call out to fix even the minor problems cost a fair amount of money. The boys, they will unclog sinks and showers, if something is leaking they most likely will see if tightening something up fixes it or fix whatever is broken within reason. At the end of they year there is some additional cost for cosmetic repairs and a bit more wear and tear but said, overall, the boys are way less costs as tennents.
We know a couple/family back in CA who I've known for years as I played youth sports with their kids. THey own 3-4 rent houses in a San Luis Obispo, CA. It's a small college town. Was chatting with them about 5-8 years ago. THey said they really enjoy having them and the income is great. THey only rent to college kids as they are close to campus and what was interesting was they said they NEVER rent to girls and will only rent to boys. Asked why. What they told me, and it makes sense after thinking about it is this: The girls will call about every single small issue with the house. THe sink is clogged, the shower is clogged. the sink is dripping water underneith, window won't close, etc, etc. Every little issue they call about. THey are easier on the home but every little call out to fix even the minor problems cost a fair amount of money. The boys, they will unclog sinks and showers, if something is leaking they most likely will see if tightening something up fixes it or fix whatever is broken within reason. At the end of they year there is some additional cost for cosmetic repairs and a bit more wear and tear but said, overall, the boys are way less costs as tennents.
In general, do not engage in business w someone you can't fire.
My girlfriend of about 1 year owns 7 low income rentals near Twin Oaks, they all sit together on a small patch of land like a compound, she always avoided me going there until about a month ago when she needed help moving out some left behind furniture and other junk, After we worked for a bit I was standing outside looking around and she said “ I hadn’t brought you out here before because I didn’t want you to think I was a slum lord” I looked around again and said “ You ARE a slum lord”. She just laughed and said “ yep, pretty much”. 
In all fairness she did inherit them in the condition they are in now, she does keep them in good repair but the tenants don’t take care of them very well and she tried to rent to Cherokee tenants so if they can’t pay the rent at anytime she writes up an eviction notice and the tribe pays it for them.
In all fairness she did inherit them in the condition they are in now, she does keep them in good repair but the tenants don’t take care of them very well and she tried to rent to Cherokee tenants so if they can’t pay the rent at anytime she writes up an eviction notice and the tribe pays it for them.
At one point, I had 28 rentals...27 of them in Edmond and all paid for. I got tired of people (like ones on this thread) that yell "I HATE LANDLORDS" while only being in a situation that makes them have to rent.
When FJB jumped on TV to tell renters they don't have to pay rent because China released a new virus, I decided to sell. Government and entitled renters keep me from ever getting back into them.
FF to today and I only own 6 rentals but now have over 2 dozen commercial buildings.
Commercial >>>> Residential. I get to deal with business people that understand how the World works.
When FJB jumped on TV to tell renters they don't have to pay rent because China released a new virus, I decided to sell. Government and entitled renters keep me from ever getting back into them.
FF to today and I only own 6 rentals but now have over 2 dozen commercial buildings.
Commercial >>>> Residential. I get to deal with business people that understand how the World works.
Mao was right about landlords
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