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We were headed back home from my kids band concert. We have a property with a house and an old milk shed in a small village between the school and where we live. As we drive by my wife notices two cop cars sitting there. We swing around the block and pull in. One of the cops comes up to the window and informs me some lady had broke into my shed. She got caught because she grabbed a mattress from the side of the road somewhere and was dragging it to my shed.

So we are sitting there watching the cops deal with this Lady. One of them is searching her 3 purses and the other is talking to her. It turns out she hitchhiked from the U.P. (Upper peninsula) and picked up a couple warrants along the way. The cop searching her shit pulls out a little purple (mini purse?) and opens it up. From there he pulls out a crack pipe and a small baggie of ???. The cop finally came back to my truck and took my info and asked if I store medication in the shed. I said no and he said we could leave. We took off just as two more cops were pulling up.

Fucking crack heads man.

We were headed back home from my kids band concert. We have a property with a house and an old milk shed in a small village between the school and where we live. As we drive by my wife notices two cop cars sitting there. We swing around the block and pull in. One of the cops comes up to the window and informs me some lady had broke into my shed. She got caught because she grabbed a mattress from the side of the road somewhere and was dragging it to my shed. So we are sitting there watching the cops deal with this Lady. One of them is searching her 3 purses and the other is talking to her. It turns out she hitchhiked from the U.P. (Upper peninsula) and picked up a couple warrants along the way. The cop searching her shit pulls out a little purple (mini purse?) and opens it up. From there he pulls out a crack pipe and a small baggie of ???. The cop finally came back to my truck and took my info and asked if I store medication in the shed. I said no and he said we could leave. We took off just as two more cops were pulling up. Fucking crack heads man.

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[–] • 1 pt

Former Landlord here, between that and tenants who don't give a shit about your property I'd rather risk my assets in the market.

[–] • 1 pt

When my sisters and I came into some money we thought we'd be smart and get rich by getting a rental property. That was our first mistake.

Then we bought a house with good potential literally a month before the market crashed in '08. That was our 2nd mistake.

Then we decided to hold onto it until the market recovered. That was our third mistake.

We finally unloaded it last year, taking a $80K loss on the original purchase price. The rental income minus the direct costs of maintaining the property for those 13 years worked out to about a $85K profit. So we didn't lose money on the sale but $5000 for 13 years of continual work and grief is a joke. And that doesn't take into account my time, which was considerable. and the opportunity cost of having the money tied up.

During my tenure as a landlord I got to know lots of tradespeople who dealt with landlords regularly. After awhile a clear trend became obvious. The only way to make money in the landlord business is to be a slum landlord: Have lots of properties, maintain them at the absolute minimum, and be absolutely ruthless the second a tenant is behind in rent. That single mom with 3 kids who just lost her job? She's outta there!!!!!

How do you know when a tenant is lying? Their lips move.

[–] • 0 pt

That is so close to the exact amount of time I owned my property [previous house I couldn't dump because of the crash so I rented it out], how much I made [minus taxes, insurance, repairs] and how long it took for the tenants to leave it in need of $20k in repairs. I dumped it for half of what I bought it for and was glad to had barely broke even. I made 10% average per year on my investments meanwhile.