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Your retirement plans . . .
- Thread starter robav8r
- Start date
ABMD
Bullets don't fly without Supply
I hear that all the time "I don't want to be a landlord.". It's 2024, a rental property owner isn't a landlord unless they want to be. I outsource that to a property manager which comes with many benefits. Time-saving: Delegating tasks such as tenant screening, background checks, and property listing to a property manager frees up your time for other activities(family, your own home). Stress reduction: Avoiding the day-to-day responsibilities of managing a property, like handling tenant concerns and maintenance issue. Tax advantages: The expenses associated with hiring a property manager, including their fees, are often tax-deductible, providing a financial benefit. Consistent income: With a property manager in place, you can enjoy a steady and reliable income stream without the direct involvement in the operational aspects. Efficient tenant placement: Property managers often have resources unavailable to me to quickly find suitable tenants. This last go-round, they had an approved tenant in less than a week. There's no telling how long it would take me to do that. Simplified tax reporting: Property managers typically provide comprehensive income statements, simplifying the process of reporting income and expenses during tax time.
I dig it and I’m happy for you…just not my bag.
I was a landlord for ~4 years, even with a property manager there was still enough to deal with that it was a pain in addition to all the other stuff I had to deal with. Not getting rented for months at a time didn't help. So while an okay option it definitely is not for everyone.
With the wife being a native Canadian (not exactly overseas...) that is always an option for us but health care and housing costs, and possibly taxes, would be big deterrents right now. As long as we have good insurance we are better set up down here for health care, if we don't up north is better. Canada is also undergoing a serious housing crunch right now, with costs climbing up there much faster than here and her home town (Vancouver area) pretty much unaffordable for us now. Still an option in the future but not our top choice right now.
FWIW, there is a U.S. VA clinic in Manila.
We had our turn as a long distance military landlord and ended up selling it. Too much headache and we wanted the equity to buy our primary home. Paying a property manager 8-10% off the top would've killed any profit, so it was out of the question and we self managed.
The time to buy real estate was mid 2000s in the booming metros, or 2010-2014 in distressed areas, then locking in any bottom financing in 2019-2021. Specifically post 2020, there's tons of dumb money in the market and the margins just aren't there unless you're willing to be a slumlord. Anyone who bought a regular ass house in San Diego or DC in 2011 purely out of timing feels like Warren Buffet.
<rant> Lastly I have an ethical qualm about the institutional investors, private equity, small investor syndicates, and even individual investors gobbling up two family, multi family, cheap single family properties. These people are bad. They'll gladly talk bout "doors under management", "cashflow", "FIRE", and their fucking Tesla, but they have little to no actual investment in the community. Regulatory capture by conservative policies has made tenant's rights a joke. FYIGM in all the worst ways while people who actually live there suffer under yearly rent increases or can't buy a starter house because they get outbid by PE with no inspections/contingencies. </rant>
As my parents and in-laws have gotten older I have seen how much specialty care they needed and I don't think a VA clinic is going to cut it.
hlg6016
A/C Wings Here
I served in the 80's and have no rating, I don't think they will be too much help.
It’s never too late to get a rating. A lot of vets in your situation are getting rated these days. Even a rating of 0% unlocks benefits.
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There used to be a Playboy Club there to, but I digress . . . .
exNavyOffRec
Well-Known Member
A property manager is great but can't really help much if tenant decides to stop paying or does something else to require eviction, some renters may seem like the best people in the world when they move in but in several states it is nearly impossible to get tenants out when don't want to pay anymore/evicted for other reasons and don't move. I was helping a veteran who has some mental/physical issues, the person handling the money stopped paying rent and then found out they were going to evict. Due to mandatory mediation we now have from the point a landlord decides to evict you are looking at 3 months before mediation happens, then if they side for the landlord you need to get the sheriff to serve the eviction notification, which can vary between 3-6 months. The good news is we worked everything out, she is paid up and someone else is handling her finances.
Having rental properties can be a very good thing if you have them in the right state, I am not in the right state.
I loose version of our plan is a home with an ADU, Casita, or similar. It depends somewhat on where we land, but I'd really like to have an on-site unit. Plan is to rent to traveling nurses, who tend to be a low maintenance bunch. AirBnBs are too much work and people are hard on them.
This may not happen, but if we can make it work we will.
I 1000% agree with this rant. I suppose I have the means now to participate if I wanted to, but it personally bothers me.
Black Rock and Vanguard are gobbling these up like free pizza at a frat party . . . .
Whatever your plans are,get a fucking shingles vaccine if you had chicken pox as a kid. It was on my to-do list, but just struck with a vengeance on abouat the whole of the left side of my face, including an eye swollen shut.
Believe me, you want no part of it!
Believe me, you want no part of it!