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Bloggers who own rental properties – Where are you?

UserPost

1:11 pm
April 11, 2013


Dominique Brown

Washington, DC

Member

posts 510

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

3:11 pm
April 11, 2013


krantcents

Member

posts 909

Although I do not own any rental properties at the moment, I used to own as many as 44   units and a shopping center.  It was the way I achieved financial freedom 28 years ago. Here are some of my articles:

http://www.krantcents.com/how-…..t-property

http://www.krantcents.com/shou…..-or-a-reit

http://www.krantcents.com/rent…..sting-tips

krantcents  – Making Sense of Money

Website:   http://www.krantcents.com

Fan Page:  http://www.facebook.com/krantcents

Follow me onTwitter:  @krantcents

RSS feed: krantcents

9:35 am
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

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!

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

10:33 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

krantcents said:

Although I do not own any rental properties at the moment, I used to own as many as 44   units and a shopping center.  It was the way I achieved financial freedom 28 years ago. Here are some of my articles:

http://www.krantcents.com/how-…..t-property

http://www.krantcents.com/shou…..-or-a-reit

http://www.krantcents.com/rent…..sting-tips

Krant,

 

44 rental properties and a shopping center.. that's an impressive amount of properties. Did you own them free and clear? On your own? and most importantly, why would sell them all and get out?

If I owned 44 properties in the area I invest that would be equal to 33k per month before expenses. Between 20-26.4k after expenses per month or 316k per year… That's no small potatoes to give up especially in my scenario when I'm managing the manger. I can only assume you did the property management yourself and it became very time consuming.

10:35 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

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 :-)

10:37 am
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

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

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

10:44 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

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)?  Laugh  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.

11:18 am
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

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…

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

11:24 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

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?

11:28 am
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

Not for a while (at least a year, maybe more).  We want to pay down our last remaining mortgage a bit before we start thinking about it.  We also want to wait until after next year's tax returns so we can show 2 full years of pure self-employment income for both of us when applying for loans.  Our weird employment history over the last 2-3 years made this last purchase more of a headache than it needed to be.

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

11:30 am
April 12, 2013


krantcents

Member

posts 909

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!   

krantcents  – Making Sense of Money

Website:   http://www.krantcents.com

Fan Page:  http://www.facebook.com/krantcents

Follow me onTwitter:  @krantcents

RSS feed: krantcents

11:30 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

Budgeting in the Fun Stuff said:

Not for a while (at least a year, maybe more).  We want to pay down our last remaining mortgage a bit before we start thinking about it.  We also want to wait until after next year's tax returns so we can show 2 full years of pure self-employment income for both of us when applying for loans.  Our weird employment history over the last 2-3 years made this last purchase more of a headache than it needed to be.

ahh… gotcha. Well since you're waiting, I say bone up on some real estate reading. I highly recommend "The Millionaire Real Estate Investor" and "Buy it, Rent It, Profit". You will learn a lot with those two books.. I sure did

11:32 am
April 12, 2013


krantcents

Member

posts 909

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.

krantcents  – Making Sense of Money

Website:   http://www.krantcents.com

Fan Page:  http://www.facebook.com/krantcents

Follow me onTwitter:  @krantcents

RSS feed: krantcents

11:37 am
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

Thanks you two.  I will look into those two books, Dominique.  And we will definitely take a closer look at how rental properties are going to factor in to our 10-20 year goals, Krantcents.  Thanks!

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

11:39 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

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.

11:57 am
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

krantcents said:

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!   

Unfortunately, you can't leverage past 4 properties per credit report these days. Now there is hard money lenders and other ways to get the money, but they come at a price. I tried this approach a few years ago and was greeted with the harsh reality. So, I moved to an all cash model. Fortunately, the area I invest the properties are cheap.. but it seems you and I had different real estate models. I'm a cash flow model and you had the equity model. Gotta Love real estate and all the different strategies it allows a person.

12:28 pm
April 12, 2013


Jason@LiveRealNow

Member

posts 727

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.

12:37 pm
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

Hobby farm!  Then I will visit whether or not you lost our bet.  Wink  I'll need a cat-free barn area to camp out in though…

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

1:22 pm
April 12, 2013


Dominique Brown

Washington, DC

Member

posts 510

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

9:53 pm
April 12, 2013


Budgeting in the Fun Stuff

Member

posts 3048

Now that our one house is paid off, that's $1200 a month received in rent for a house that is only costing $3000 a year in property taxes and landlord's home owner's insurance.  Before, we had to take into account $505 a month for the mortgage too.  Yay for Houston property!

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook


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