Anyone Here Own Rental Property?

**PHFIRENO7783** · 06-27-2007, 03:58 PM

So i'm thinking about buying a duplex. It's only like 3 or 4 mins away from my current house.....Anyone here own a rental or rentals? Got any advise? The property is listed for $129,900 but the own has contingency on it. Each unit has 2 BR, 1 Full Bath, Kitchen, Family room, and unfinished basement and 1 car detached garage per unit. Taxes are kinda high, but where aren't taxes high in PH?

My agent is going to get back to me tomorrow about if both units are already rented and any other things.

Any advise /info would be great

Thanks

**One Sweet Day** · 06-27-2007, 04:02 PM

we used to have rental properties. the hard part is getting good responsible tenants. lots to consider. my best advice though would be to make sure that if you are making them responsible for utilities, to make them get it in their name! I know a few people that just had it included in their rent, or had them pay, but it was in the owners name...really bad idea. but it is a nice extra income. if well managed can also be easy.

**PHFIRENO7783** · 06-27-2007, 04:12 PM

Originally Posted by One Sweet Day

the hard part is getting good responsible tenants. lots to consider. my best advice though would be to make sure that if you are making them responsible for utilities, to make them get it in their name! .

My parents own a 35+ apartment complex and thats what they make all the tenants do with the utilities. For sure 100% thats what I would do....Im not paying for them keep that house heated in the winter and cooled in the summer or lights left on for hours and hours at a time

**SonofaBish** · 06-27-2007, 04:13 PM

my parents used to own a rental at IUP.... rented it out to college students, so you can't get a less responsible set of tenants... LOL... When they sold it last summer, they wanted me to buy it, and i really wanted to, but i didnt want to have to deal with the hassels of fixing stuff everytime something breaks.... Me in pittsburgh, it in Indiana... thats too far to drive to light the pilot light on the furnace...

definitely a great idea to get some rental properties tho!

**PHFIRENO7783** · 06-27-2007, 04:15 PM

Did you have them pay rent in your name or did you "INC", "LLC", etc... yourself a business?

**One Sweet Day** · 06-27-2007, 04:21 PM

Originally Posted by PHFIRENO7783

Did you have them pay rent in your name or did you "INC", "LLC", etc... yourself a business?

at the time, in our name, but I would do it as a business now. esp. for tax purposes. you could write a bunch of stuff off.

**PHFIRENO7783** · 06-27-2007, 04:22 PM

Originally Posted by One Sweet Day

at the time, in our name, but I would do it as a business now. esp. for tax purposes. you could write a bunch of stuff off.

That is my plan

**One Sweet Day** · 06-27-2007, 04:23 PM

Originally Posted by PHFIRENO7783

My parents own a 35+ apartment complex and thats what they make all the tenants do with the utilities. For sure 100% thats what I would do....Im not paying for them keep that house heated in the winter and cooled in the summer or lights left on for hours and hours at a time

yeah, my family has owned several properties including an apt. building. I would like to get myself in the position to do it again. We still own three properties in pa, and three and nc, but we no longer rent them out.

**PHFIRENO7783** · 06-27-2007, 04:30 PM

Someday that Apartment complex will be mine and my sisters and at that time I hope to be able to buy her out.....Most of my friends own property and a few have done VERRRY well....Im not looking to get rich over night but its good to have a few things going....So I won't have to work till im 65 or 70.

thanks for all the help.....

**One Sweet Day** · 06-27-2007, 04:34 PM

thats cool. only other thing I would say is to keep the account for rentals in a volunteer account...I have one that I actually use as my car fund. I earn 12% interest and take out of it for insurance and everything. Its nice because you earn the interest, but you don't get penalized for withdrawls.;) use it for repairs and such, and have rent payments deposited right into it!

**J-rod** · 06-27-2007, 07:08 PM

here is my experience in it.

1. never rent to friends or family. (we are owed over 2k in back rent from "friends")

2. always have a written lease

3. watch what you say about any particular class/race/gender of people online. a guy i know is currently being sued over a black joke he made online in a thread about his rental units.

**One Sweet Day** · 06-28-2007, 09:08 AM

Originally Posted by Jared

here is my experience in it.

1. never rent to friends or family. (we are owed over 2k in back rent from "friends")

2. always have a written lease

3. watch what you say about any particular class/race/gender of people online. a guy i know is currently being sued over a black joke he made online in a thread about his rental units.

very good point Jared!