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JustRalph
11-11-2013, 07:22 AM
http://www.charlotteobserver.com/2013/11/10/4452995/charlottes-wall-street-landlords.html#.UoDJ1bK9KSN

Interesting piece on Real estate investors taking over the Charlotte market. Quick evictions are new

You might recognize one of the names........

delayjf
11-11-2013, 02:37 PM
They are busy here in CA. I talked to a couple the other day who got out of the market because they kept loosing bids to investors who were willing to pay cash.

I don't know what the laws are in NC, but they will have a tougher time evicting anyone that quickly in CA. For starters, if they buy a home occupied by a renter they are obligated by the terms of the lease.

TJDave
11-11-2013, 02:44 PM
I don't know how these guys do it. I have a few rental properties and my biggest headache is removing deadbeats. If tenants decide to make it difficult it can take forever.

HUSKER55
11-11-2013, 04:26 PM
not if you wait till they are gone and put their stuff out on the street and change the locks

redshift1
11-11-2013, 05:00 PM
I don't know how these guys do it. I have a few rental properties and my biggest headache is removing deadbeats. If tenants decide to make it difficult it can take forever.


Common practice (in California) now is to quit paying rent or mortgage and wait out the almost year of legal eviction maneuverings. Average rent is 2k per month so 24k savings in a year for those who make that decision. Of course their credit record is affected adversely. Essentially a form of fraud without real penalty.

.

Actor
11-11-2013, 05:05 PM
not if you wait till they are gone and put their stuff out on the street and change the locksTalk to a lawyer before doing any of that. Depending on which state you are in, and on which jurisdiction within the state, some or all of that may be illegal. Even if they are not paying the rent they may still be legally in possession. Entering their home and putting their stuff on the street (without a court order) may be burglary. Changing the locks is illegal in most states. Ask your lawyer.

Actor
11-11-2013, 05:19 PM
Common practice (in California) now is to quit paying rent or mortgage and wait out the almost year of legal eviction maneuverings. Average rent is 2k per month so 24k savings in a year for those who make that decision. Of course their credit record is affected adversely. Essentially a form of fraud without real penalty.

.Negatives more than seven years old (ten years for foreclosures) cannot appear on one's credit record. They can just wait it out. It's common for people to declare bankruptcy and have excellent credit ten years later.

Foreclosure is the big whammy of credit records. I personally know someone who got in deep financial trouble. He was able to sell his house, thus avoiding foreclosure, but he declared Chapter 7 on all the rest of his debt. Within two years he was able to buy another house, a better, more expensive house than the one he sold.

JustRalph
11-11-2013, 05:22 PM
not if you wait till they are gone and put their stuff out on the street and change the locks

I had one in June abandon. I spent 10k fixing it up and hauling his stuff away.

No rent for 5 months. I'm out 17k total for the year. Yesterday the IRS sends me a letter. They want to examine my taxes for 2011 due to my rental properties. Or I can just send them a check for $4800 and they'll call it even.....

Being a landlord is so much fun.........

davew
08-02-2020, 06:02 PM
rental disputes and evictions will be rising in next few months thanks to governors around country wanting to 'save everyone'.

this one did not end well

https://www.yahoo.com/news/tenant-arrested-allegedly-decapitating-landlord-153135286.html

mostpost
08-02-2020, 06:17 PM
rental disputes and evictions will be rising in next few months thanks to governors around country wanting to 'save everyone'.

this one did not end well

https://www.yahoo.com/news/tenant-arrested-allegedly-decapitating-landlord-153135286.html

Beheading your landlord is excessive.

woodbinepmi
08-02-2020, 06:17 PM
I had a tenant who hadn't paid rent since the beginning of this mess, thank goodness they aren't allowed to use it as an excuse here, judge kicked his lazy ass out a month ago.

jay68802
08-02-2020, 06:21 PM
I had one in June abandon. I spent 10k fixing it up and hauling his stuff away.

No rent for 5 months. I'm out 17k total for the year. Yesterday the IRS sends me a letter. They want to examine my taxes for 2011 due to my rental properties. Or I can just send them a check for $4800 and they'll call it even.....

Being a landlord is so much fun.........

:lol::lol::lol:

In Nebraska it is a little different. At most I will be out 3 months of rent. Most "enjoyable" moment was helping another landlord redo his rental because the tenants had kept a goat inside. Gas mask........

baconswitchfarm
08-02-2020, 06:39 PM
In Kentucky it takes 30 days to put people out if they don't pay. The Lexington paper did a story that landlords won 99 percent of all eviction cases over a three year period. The paper would like to fix it so people can not pay and stay much longer, for fairness sake.

garyscpa
08-02-2020, 06:49 PM
:lol::lol::lol:

In Nebraska it is a little different. At most I will be out 3 months of rent. Most "enjoyable" moment was helping another landlord redo his rental because the tenants had kept a goat inside. Gas mask........

Just have been a good looking goat.:D

jay68802
08-02-2020, 06:55 PM
Just have been a good looking goat.:D

Might have been good looking, but not the best odor. Had to remove all the floorboards, drywall, and insulation to get rid of the smell.

JustRalph
08-03-2020, 12:05 AM
For the record

My post was from 2013.

I dumped all my rental property in 2015.

I actually ended up making decent money after all was said and done. But I am so glad I’m out of it

ElKabong
08-03-2020, 02:10 AM
For the record

My post was from 2013.

I dumped all my rental property in 2015.

I actually ended up making decent money after all was said and done. But I am so glad I’m out of it

For the next 2 years we're buying as many (older) properties as we can in east TX. Renting for a coupla yrs or so until the market goes back up. I believe the economy will rebound

Not looking fwd to the rental period tho. It's a nightmare but the rental market out there is pretty good for owners (tight)

fast4522
08-03-2020, 02:43 AM
For the record

My post was from 2013.

I dumped all my rental property in 2015.

I actually ended up making decent money after all was said and done. But I am so glad I’m out of it

The risk of going under water with several property's can be stressful even if it does not happen. Was your involvement in rental property a five year plan that had set investment retirement?

JustRalph
08-03-2020, 10:54 AM
The risk of going under water with several property's can be stressful even if it does not happen. Was your involvement in rental property a five year plan that had set investment retirement?

2008 crash turned me into a landlord. 3 houses

Never again.

tucker6
08-03-2020, 11:06 AM
I was a landlord once. Never again. Never paid on time and it got worse from there. I felt blessed that the deposit covered the last month and that they moved out on time. I had an $800 repair bill and a week of cleanup but have reminded myself that it could have been much worse.

biggestal99
08-03-2020, 11:31 AM
I had one in June abandon. I spent 10k fixing it up and hauling his stuff away.

No rent for 5 months. I'm out 17k total for the year. Yesterday the IRS sends me a letter. They want to examine my taxes for 2011 due to my rental properties. Or I can just send them a check for $4800 and they'll call it even.....

Being a landlord is so much fun.........

question:

Why would you put yourself though so many hassles.

There are much better way to make money.

The stock market for instance.

High volatility perhaps isn’t you thing.

But you wouldn’t have to hold your breath waiting to see if you tenants paid the rent.

Allan

JustRalph
08-03-2020, 03:17 PM
You must have missed post 19

baconswitchfarm
08-03-2020, 04:27 PM
question:

Why would you put yourself though so many hassles.

There are much better way to make money.

The stock market for instance.

High volatility perhaps isn’t you thing.

But you wouldn’t have to hold your breath waiting to see if you tenants paid the rent.

Allan

There is no better way to make money than real estate . That is why every rich person you meet has it, no matter what their money came from. I made a great living being a professional gambler but got rich investing that money into real estate.