Bloggers who own rental properties - Where are you? | Personal Finance & Lifestyle | Yakezie Forums

If you own rental properties and blog about them can you send me your latest post.

HOLY CRAP, Krantcents!!!  That's amazing!!!  Did you have a ton of mortgages or did you pay off one before moving on?  I ask because I would love to be a real estate mogul but am trying to avoid multiple mortgages…

Dominique, you can click here for my latest landlording post since it won't link to URL's.  Good luck with whatever list you are putting together!  I will be writing another landlording update next week most likely since we finally paid off the rent house.  :-D  Yay!

Post edited 10:35 am – April 12, 2013 by Dominique Brown

Budgeting in the Fun Stuff said:

HOLY CRAP, Krantcents!!!  That's amazing!!!  Did you have a ton of mortgages or did you pay off one before moving on?  I ask because I would love to be a real estate mogul but am trying to avoid multiple mortgages…

Dominique, you can click here for my latest landlording post since it won't link to URL's.  Good luck with whatever list you are putting together!  I will be writing another landlording update next week most likely since we finally paid off the rent house.  :-D  Yay!

Thank Krystal! I'm mainly looking for more like minded people to link to :-)

Budgeting in the Fun Stuff said:

I know I should have paid more attention, but how do you feel about landlording (what is like-minded for you)?    I think I am loving it but nothing awful has happened yet…

Crystal,

I have a property management company do all the land lording. I set the criteria and guidelines and enlist people to follow my orders. Since they are doing what they are told.. my job consists of analyzing monthly property statements, approving repairs over 500 bucks and my favorite part… identifying new properties to buy. However, my properties are 700 miles away from me, so I have to do it this way, but now that I think about it.. if my properties were 5 minutes away from me I would do it the same way. I wanted passive income and this way is truly a passive income model.

Post edited 11:24 am – April 12, 2013 by Dominique Brown

Budgeting in the Fun Stuff said:

If I ever had more than 3 other properties to manage, I would use a property management team too.  You have a great setup!  With just our one rent house, it just would be wasteful to outsource right now for us.  It has literally only had 3 problems since last October and maybe has taken about 15 hours of my time to take care of.  But I can totally see myself reaching the "enough" point at 3 or so properties…

Good point. So when are you buying the next one?

Budgeting in the Fun Stuff said:

HOLY CRAP, Krantcents!!!  That's amazing!!!  Did you have a ton of mortgages or did you pay off one before moving on?  I ask because I would love to be a real estate mogul but am trying to avoid multiple mortgages…

Dominique, you can click here for my latest landlording post since it won't link to URL's.  Good luck with whatever list you are putting together!  I will be writing another landlording update next week most likely since we finally paid off the rent house.  :-D  Yay!

I know this is contra to PF philosophy, but paying off mortgages is not the goal.  It is one of the few investments that you can leverage your investment at a low interest rate (2-3%).  In fact, I went to other way and leveraged properties to add assets.  I did not need or want current income, instead I wanted growth and to build assets.  Very contra PF philosophy!   

Budgeting in the Fun Stuff said:

If I ever had more than 3 other properties to manage, I would use a property management team too.  You have a great setup!  With just our one rent house, it just would be wasteful to outsource right now for us.  It has literally only had 3 problems since last October and maybe has taken about 15 hours of my time to take care of.  But I can totally see myself reaching the "enough" point at 3 or so properties…

Personally I never liked management companies because you may pay them a fee, but they do not care about your property as much as you do.  Think about your end game, right now houses are starting to become expensive again and interest rates are low.  Think about where you want to be in 10 or 20 years and work backwards.

Post edited 11:54 am – April 12, 2013 by Dominique Brown

krantcents said:

Budgeting in the Fun Stuff said:

If I ever had more than 3 other properties to manage, I would use a property management team too.  You have a great setup!  With just our one rent house, it just would be wasteful to outsource right now for us.  It has literally only had 3 problems since last October and maybe has taken about 15 hours of my time to take care of.  But I can totally see myself reaching the "enough" point at 3 or so properties…

Personally I never liked management companies because you may pay them a fee, but they do not care about your property as much as you do.  Think about your end game, right now houses are starting to become expensive again and interest rates are low.  Think about where you want to be in 10 or 20 years and work backwards.

I agree on the "Think of your end game" statement. It depends on if you want another job or our want to run a business. If you plan on being active in real estate don't hire a management company. If you want true passive income hire one.

Here are my two landlord posts.  We go back and forth on whether or not to buy more rentals, or get a hobby farm, first.

Jason@LiveRealNow said:

Here are my two landlord posts.  We go back and forth on whether or not to buy more rentals, or get a hobby farm, first.

LOL.. I read the march update. I definitely would make the tenants handle their own snow services or raise the rent :-). Secondly, do you plan on adding more. Usually with 1 house it's not worth it. It wasn't until we got 3 that I realized this is a viable model