POLL: How many years?

[Aldo]

I'm curious. How many accumulated years of landlording experience do we have here? I'll start. I have over 28 years as a landlord. Please don't feel embarassed if you are a newbie. Like any newbie, I was once one also and I'm proud to have been one. All replies are important because every year we can add to the final number increases our credibility to new-comers to this site.

If you pefer, simply add a response with a number. That's all we need for this survey. Thanks in advance.

[REI-NY]

Well me and my husband have managed a property for the last 3 years, he is reponsible for all repairs or finding the company to get them done. We get a small fee of the top for just collecting rent plus something for having to run around when repairs are needed.

Its not much but it is a start, I was thinking about this the other day. That is experience just the same thanks

Michelle

[Dan Auito]

13 for me, fourplexes, triplexes, duplexes, condo's and single family homes are my specialty.

I'm looking to go commercial in the near future.

[Jim FL]

13 for me, fourplexes, triplexes, duplexes, condo's and single family homes are my specialty.

I'm looking to go commercial in the near future.

Sure, I'll chime in.
8 years as a landlord myself.
It often feels like 80, because I've had my fair share of tenants over the years.
Mostly single family, but a few smaller multi-units and a couple smaller commercial buildings here and there as well.

[Aldo]

With just 4 posts in this thread, we're already at 52 years of LLing experience. C'mon, let's get that number up where it should be. All of you can make a difference and, knowing Dan's superior discretion, no-one will ever know that you are privately talking to another landlord.

To absolutely assure your privacy, attach a $7.00 bill to the back of a signed quit-claim deed to a strip mall and email it to me yesterday.

Seriously, I'd really like to see that number grow.

[Dan Auito]

Why is it that I get this uncontrollable urge to laugh my rear end off after reading Aldo's posts? Does anyone else ever get these strange vibes! :icon_knab :lol:

[Aldo]

The ability to add a touch of humor here is one of the things that makes this site so great. I look forward to every visit to this site because I feel I'm stopping in to say HI to some friends. Landlording is as serious as a heart attack - in fact, it's worse because landlording can cause a heart attack. Humor breeds a certain closeness which, in turn, breeds trust and confidence. That's the reason breeding is so important. Oops! Went off track there for a sec. Anyway, adding an appropriate touch of humor to a serious matter can often bring that matter into the proper perspective making it more manageable. Perfect examples might include shots I gave DUMMIE from MortgageEliminationOrg (who, by the way, never did give a name or direct phone number).

To insure that no disrespect is intended there, I should point out that DUMMIE is the acronym for Delivering Unproven Mortgage Mitigation Info to Everyone.

[Luci Marcum]

I'm curious. How many accumulated years of landlording experience do we have here? I'll start. I have over 28 years as a landlord. Please don't feel embarassed if you are a newbie. Like any newbie, I was once one also and I'm proud to have been one. All replies are important because every year we can add to the final number increases our credibility to new-comers to this site.

If you pefer, simply add a response with a number. That's all we need for this survey. Thanks in advance.

I am glad you asked this Aldo. I do not have any experiance as of yet, but am considering renting my house in Arizona. My concern is finding good tenants, upkeep (we will be out of state if this happens), etc. I am not sure if this is fact, but I was told in order to evict someone in AZ they have to be 6 months in arrears (where would I even go to research this?).

What are your thoughts :SM032: ? The only reason I am considering this is that the housing market where we are is appreciating at approximately 30%/yr.

[Aldo]

I have a firm policy of not owning a property that I can't get to in 15 minutes. With long-distance landlording you have virtually no control over the property. If you are fortunate enough to locate a good and trustworthy management company, you might be okay but, even with that, the property will not be managed as you would manage it yourself. I also like the ability to drive past my castles on a regular basis. I often see something that a property manager may overlook or, worse, consider unimportant.

I, of course, don't know AZ law, but don't believe for a minute that a tenant can't be evicted for non-payment for 6 months. Try going to the AZ state web site to see if you can access the landlord/tenant laws. If not, contact a local landlords' association or an attorney for that info.

In my opinion, you would do well to sell the property. (There are folks here that can help you do a 1031 exchange.) I have been predicting a crash in RE prices during 2005 for almost a year. I firmly believe it's going to happen and, to date, things are going exactly as I expected. Interest rates went up 2 full points in 2004 and it ain't over yet. Expect increases totaling another 3/4 point by late spring/early summer. That will serve to create a something of a buyers' market due to fewer first-time buyers. Add to that the number of foreclosures on homes that owners thought they could afford before their Adjustable Rate Mortgages actually adjusted. I'd guess that within two years the market will be overrun with foreclosures and, frankly, I can see a lot of smaller banks going belly up. With all those bargain-priced foreclosures out there, you've got to know what that will do to R.E. prices. If you saw a 30% value increase in 2004, I'd bet my last late fee that it was the last one you'll see for many, many years.

Guess I could ramble on, but I think you can understand I'd rather be in front of the parade than be the guy with the shovel and bucket following the parade.

[karlpie]

I'm curious. How many accumulated years of landlording experience do we have here? I'll start. I have over 28 years as a landlord. Please don't feel embarassed if you are a newbie. Like any newbie, I was once one also and I'm proud to have been one. All replies are important because every year we can add to the final number increases our credibility to new-comers to this site.

If you pefer, simply add a response with a number. That's all we need for this survey. Thanks in advance.



I've been studying and finding properties for years now but have never taken the plunge into landlording. Getting close but no cigar yet. So my answer to your question is "0". I would have left a "0" alone, but the system does not allow you to entry only one character! :)

[REIaddicted]

I've been studying and finding properties for years now but have never taken the plunge into landlording. Getting close but no cigar yet. So my answer to your question is "0". I would have left a "0" alone, but the system does not allow you to entry only one character! :)


I have not entered in to the arena of landlording YET! I am looking for duplexes. The area near the university has the potential to be a cash cow... or so I have heard :SM083:
Lisa

[CharleyB]

To Aldo;
My wife and I can add 13 years to your total in commercial, residential and agricultural leasing.
Some of it was not much fun though.
CharleyB

[brian-gibbons]

:lol: Love to have a beer some day, Aldo.

Me, first property bought was a foreclosure in S Phx, AZ in 1986,
$30K purchase,
appraisal as in bad shape $58,000,
bought it with Hard Money:

(btw, I learned this through Robert G Allen and Wade Cook)

10 points ($3,000) rolled into note, no money down)
15% Interest only (about $4500 div 12 =
1 year call (balloon)
$375 a month Interest Only payments

Got in 2 weeks early to make it liveable....it SMELLED AWFUL!
Painted it and cleaned the carpets for about $800 (I WAS ABOUT BROKE, SINGLE, 27 and HAD A REPO ON MY CREDIT REPORT!)

Rent (Market) was about $250 a month back then, with $200 extra option payment to build a down payment to a ex-BK CH 7, they exercised their option to buy when they hit a 20% position, I think about the 30th month.

$200 a month was TAX DEFERRED, btw! Rent was not.

Made good money on that. You can do the math!

Sorry, Landlording experience: 19 years, mostly RTO. Would have done Sub2 and or Private money lender (HINDSIGHT IS 202-20!!! :oops: )

Best wishes to all!


Brian

[Dan-Fl]

I got into this about 4-5 years ago by building two sfh on the property with my main residence. It has been good to me. I got in at the worst time but so far my longest vacancies have only been 2 months, although, they seem long when you have them.
It is fun and worthwhile thus far. Learning is always fun, and so is making a few dollars.

[wexeter]

I started in 1989 with SFR and then worked up.

[txrigdiver]

2 years part time and coming up on one year full time, Tax deed sales, hud foreclosures (reo's) and managing rentals.
3 years.

[Pasquini]

13 years in the business

0 years landlording

[dealmaker]

Landlord on SFHs since '78, the most I ever had at once was 16. Started selling off the rentals in '96 and sold the last in Dec. '02. Still do rehabs and flips, got one going on right now in fact.

So the short answer, to the extent that I'm capable of one: 27.

dealmaker

[OzarkVU]

Add my two years to the total. I'm really an absentee landlord. The SFR is in Missouri, and I'm in Germany. Some day it will be our retirement home. Meanwhile, a management firm is taking care of business for us. It represents my first foray into landlording. Once I get back to the States, I hope it won't be the last. It's rather nice having someone else pay for the mortgage.
Ed :SM022:

[topher]

just starting my third year. four sfh rentals, rehabbed 3 of them.
just found the site, thanks for all the info.

[Dan Auito]

Glad to have you with us Topher. Welcome to the crew! Dan :SM040: :SM128: