RENTS?

[JustRalph]

Originally Posted by fast4522

Ralph is a shrewd businessman, not likely to lose a dime on a move like that. And at the same time have a level of self insurance his team will be there if he or his wife need or both need some down time. The effort goes unspoken of hours put into a business and the vacations missed.

It was well worth it. He was driving 45-90 minutes to work (Houston traffic) and living in a crap hole. This guy started as a server 5 yrs ago and turned down being promoted after about 2 yrs but eventually I talked him into it. Worked out a unique package for him. He makes about 50k a year in real salary and has several small benefits that are unique to our business. The very low rent with paid utilities is part of that package on top of the 50k. He lives 15 minutes from the restaurant now.

He’s turned out to be the first manager we have had (we’ve owned the business 5+ years now) that can pretty much handle everything. We actually get our days off most of the time now. I went thru 3 other managers over the time it took me to get this guy to accept a managers slot.

My wife works 4 days a week now, but still 50-60 hours a week. But 3 days off makes a huge difference. I work about 10 hours a week in the store (if things are going well) and about 10-15 more in my home office. I’m on the phone with my wife 2-3 times a day for personnel ( I am the HR Guy) issues, ordering things (equipment parts-silverware-to go stuff- motors and chemical supplies etc etc)

There are times of the year when I’m working more doing insurance audits-God forbid Workers comp stuff-insurance claims and lawsuits etc. I also do security related stuff every day. Cameras-police contacts etc. Every other week, payroll for 50 employees. I don’t know about being shrewd……..but I’ve learned to run a business….and we are successful.

[mostpost]

Originally Posted by chrisl

Being a landlord is terrible. Tenants have all the rights. I had a few, years ago. Best thing I did was to get rid of them. They trash your unit, you fight for the rent. Try evicting someone. Fixing shit that they break 24/7. You give people breaks, help them out, and get burned. I was way to nice to be in that game.

Of course we don’t really know what kind of landlord you were, or what kind of tenants you had. The previous building owner was great. Any time I had a problem, it was fixed quickly. Parking lot was plowed in a timely manner.

I have wood floors. Over the years they became worn and in not such great shape. I mentioned it to the building manager one day when he was in fixing something else. A few days later he told me that the owner was going to come look at my floors. Long story short, she had all my wood floors-bedroom, dining room, living room completely refinished. She also replaced the tile floors in the Kitchen and Entryway with a much nicer flooring.

Fast forward several years. My much loved Casey-a cat-had become quite old and not always able to find his litter box or use it properly. The result, severe, deep urine stains on the floor, particularly in the dining room. I tried covering the floor with pee pads, but it was too little, too late.

After a time Casey passed and I contacted my landlady. I asked if she could have the damage repaired and I would reimburse her since I was responsible for the damage.

It turned out refinishing would not do the job. They had to replace that portion of the floor entirely. It ended up costing me $770 which I paid off in 11 $70 installments.

My point is landlord and tenant can get along if there is mutual respect. There are bad landlords and there are bad tenants. There are also good tenants and landlords.

[Richie]

Originally Posted by chrisl

Generous acts like that are very rare these days. I am sure he appreciates that.
I am such a bleeding heart at times. I was to nice.

i hear you, in the 80's when i was a landlord, we gave a free month of rent at xmas for a family that we felt could use it, within 6 months the place was trashed and we evicted, they left the place in shambles. Being a landlord is not for everyone.

[Inner Dirt]

Originally Posted by JustRalph

Speaking of utilities my gas bill is up 150% at y business. Nothing I can do about it.

I Just got off the phone with my trash pickup company………for my business….they raised my rate 23% this last month.

I was told it was all about fuel and basic inflation. I told them I was going to start shopping the little guys in the area (the company I use now is a huge National corp) and they transferred me to an account rep.

In the end I negotiated a new 3 yr deal at 5% increases the next 3 years as the max. 5% this year and 5% the 2 after that. You have to chase every damn penny when in business

I wish I had a gas bill, my house is heated with electric, the machine shop is electric supplemented by heating oil. If I had natural gas it would probably save $300-400 a month in the winter time, fortunately I pay slightly under the national average for KWH. I am not keeping it toasty either, 62 degrees.


Trash dumping is free, but you have to haul your own. When I was in California 12 years ago I paid $75 a month for a 2 yard dumpster emptied weekly.

[ElKabong]

Originally Posted by JustRalph

Been there done that. I sold all mine about 6 yrs ago……

.

Our venture into rental properties lasted less than 9 months. Sold them all in 2020. "Pride of ownership " is real. Most renters treat their homes as a temporary arrangement and it showed

I don't understand WHY someone of adult age wouldn't own a home. Medical conditions, just divorced, I can see the temporary need. But to place your financial health in a landlord's hands is too risky imo

[Inner Dirt]

Originally Posted by ElKabong

Our venture into rental properties lasted less than 9 months. Sold them all in 2020. "Pride of ownership " is real. Most renters treat their homes as a temporary arrangement and it showed

I don't understand WHY someone of adult age wouldn't own a home. Medical conditions, just divorced, I can see the temporary need. But to place your financial health in a landlord's hands is too risky imo

Just divorced my friend and I rented a house on a golf course close to the beach in San Clemente Ca. The front was a lot of rock, decorative bark, low maintenance. Weeding still needed to be done. The next door neighbor asked if I did not mind disclosing how much I paid for the place. I told him I was splitting the rent with a friend, that neighborhood was too rich for my blood at the time. The guy told me he never saw a renter pull weeds before.


I was only a landlord myself for 3 years, never again. I was a young home owner and had to move for work, it was the early 80's recession, so I just wanted to have not much of a negative cash flow. I bought the place new and only lived in it myself for less than two years.



Most of my being a renter was houses, if anyone damaged anything I repaired it immediately, and if nickle and dime stuff broke I just fixed it myself told the landlord and took it off the rent. They never asked for receipts. I just usually charged them cost of parts plus pizza and beer. Way cheaper than calling an electrician, plumber, etc.

[jimmyb]

Originally Posted by mostpost

I live in a 57 unit Apartment Building. We have one, two, and three Bedroom units plus a couple of studio apartments. It’s located in a nice middle class suburb of Chicago.

Last September we got new owners who have been doing a lot to fix the place up. The building was not in terrible shape but it is over sixty years old.

My lease is not up until October, but I have recently been hearing from people who’s lease is up. One fellow with a one bedroom, one bath had his rent raised $40-about a four percent increase. Not unreasonable. But a lady. Who lives in a two bedroom, two bath apartment is facing a $250 increase-a 20% raise. Yet another lady, in an identical two bedroom is facing a$150 a month increase.


Can anyone here explain those large discrepancies. They are upgrading the apartments as people move out, but these are all people staying in the same apartment.

Maybe someone here has experience owning or managing an apartment building or complex.

Your boy Biden says price hikes are Putins fault. You believe everything he says, don’t you?

[Bustin Stones]

I told my son and his wife not to ask their landlord for anything. Just do it yourselves. All the landlord had to pay for was replacing a 50 yr old HVAC system and a garbage disposal. They haven't seen a rent increase in 13 yrs.

[Inner Dirt]

Originally Posted by Bustin Stones

I told my son and his wife not to ask their landlord for anything. Just do it yourselves. All the landlord had to pay for was replacing a 50 yr old HVAC system and a garbage disposal. They haven't seen a rent increase in 13 yrs.

Glad to see they are rewarded for being good tenants, win,win.

[Actor]

Originally Posted by mostpost

You know that never occurred to me, but it does make sense.

It's a system known as capitalism.