Landlords

Jack said:
I agree. A lot of Homeowners (well, maybe not that many) look at a House like a car. When it gets 'old' they sell it and buy something newer and more 'modern'. That's not really the point of the OP here.

People don't just leave home then buy a House. There's a big time lapse between leaving home and buying the first House. People Rent in their early life, Landlords fill that purpose. It's a very old 'Occupation'. I think the beef with Landlords is the size of the Rent, most feel it "Too Damn High!".

You mentioned something about inheriting a Rental in another State. I'm guessing the Rent is low and the Renters love the House ... because the Rent is lower than anything else around them.
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With the caveat that they are responsible for ALL repairs and maintenance. When the roof needed replacing they thought they were going to sucker me into. I was like nope, "your pappy replaced the roof your grandpappy replaced before him. You can fix it, have all your stuff get wet, or move so I can sell the place".
 
Kacper said:
With the caveat that they are responsible for ALL repairs and maintenance. When the roof needed replacing they thought they were going to sucker me into. I was like nope, "your pappy replaced the roof your grandpappy replaced before him. You can fix it, have all your stuff get wet, or move so I can sell the place".
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Wow.

I have a vision of buckets being put out every time it rains. If I was the Renter, I'd be worried if I spent $10,000 on somebody else's roof, they would immediately sell the place out from under me.
(Plus, most Renters don't have $10,000 bucks laying around, that's why they are renting)
 
Jack said:
I believe in the larger context of the JPP Playbook, falling under the Column of 'People to Fuck With', PMP has checked the Box marked ... GRIND. (just an opinion)
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Jack said:
Wow.

I have a vision of buckets being put out every time it rains. If I was the Renter, I'd be worried if I spent $10,000 on somebody else's roof, they would immediately sell the place out from under me.
(Plus, most Renters don't have $10,000 bucks laying around, that's why they are renting)
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Nope. They ended up putting a very nice metal roof on the place. My brother visited it a year or so ago on the way to an aunt's house and texted me the photos. I am pretty straight forward with them about it--as long as I am alive and they rent it, I have no intention of raising the rent that was in place when I inherited it or changing the deal as long as the rent at least covers all the taxes and my fire insurance on it. I am not, however, putting any money into the property. If it comes down to that, I will sell it or bulldoze it and let nature reclaim it because being so far away makes it rather impractical for me to deal with. They have plenty of money, and yes they are getting a deal even with the once every 20-40 year reroofing because it has a lot of land and that is what they really keep it for and as long as they pay me at least once a year, I don't really care when they pay me. Sometimes it is a month a pop, sometimes 6 months a pop. I am militant about my local tenant rent, but that place is just one of my out of state inherited annoyances that I think were left to me precisely because I am the only person in the family who didn't want them, expect them, or have any aspirations to do anything with them.
 
Kacper said:
Nope. They ended up putting a very nice metal roof on the place. My brother visited it a year or so ago on the way to an aunt's house and texted me the photos. I am pretty straight forward with them about it--as long as I am alive and they rent it, I have no intention of raising the rent that was in place when I inherited it or changing the deal as long as the rent at least covers all the taxes and my fire insurance on it. I am not, however, putting any money into the property. If it comes down to that, I will sell it or bulldoze it and let nature reclaim it because being so far away makes it rather impractical for me to deal with. They have plenty of money, and yes they are getting a deal even with the once every 20-40 year reroofing because it has a lot of land and that is what they really keep it for and as long as they pay me at least once a year, I don't really care when they pay me. Sometimes it is a month a pop, sometimes 6 months a pop. I am militant about my local tenant rent, but that place is just one of my out of state inherited annoyances that I think were left to me precisely because I am the only person in the family who didn't want them, expect them, or have any aspirations to do anything with them.
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That's pretty magnanimous of you. I'm guessing after 3 generations, the place is a bit 'rough' for the 'wear and tear'. If you're only recovering the Property Taxes and Landlord/Homeowner Insurance and you have no Mortgage on the place, it's not even a Tax Write-Off. I hope they call you "Mr. Santa Claus" in any correspondence.
 
Kacper said:
For 4 generations my family has been renting the same property to the same family for three generations. Not sure why. I don't even want it. I am thinking about giving it to them the day they give me their notice to save me the cost of a bulldozer.
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just sell it to them at the same rent price


You be the bank


go to a lawyer and have it set up
 
Kacper said:
Nope. They ended up putting a very nice metal roof on the place. My brother visited it a year or so ago on the way to an aunt's house and texted me the photos. I am pretty straight forward with them about it--as long as I am alive and they rent it, I have no intention of raising the rent that was in place when I inherited it or changing the deal as long as the rent at least covers all the taxes and my fire insurance on it. I am not, however, putting any money into the property. If it comes down to that, I will sell it or bulldoze it and let nature reclaim it because being so far away makes it rather impractical for me to deal with. They have plenty of money, and yes they are getting a deal even with the once every 20-40 year reroofing because it has a lot of land and that is what they really keep it for and as long as they pay me at least once a year, I don't really care when they pay me. Sometimes it is a month a pop, sometimes 6 months a pop. I am militant about my local tenant rent, but that place is just one of my out of state inherited annoyances that I think were left to me precisely because I am the only person in the family who didn't want them, expect them, or have any aspirations to do anything with them.
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looking some gift horses in the mouth huh?


I got nothing

In fact I had to help my parents in their old age

I couldn't have lived with my self if I had not
 
evince said:
looking some gift horses in the mouth huh?


I got nothing

In fact I had to help my parents in their old age

I couldn't have lived with my self if I had not
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Nope. It was the perfect act of spite--stick the person who didn't want them with them and stick the people who wanted them without them. One day I might do the same ;) It is old family property people have wanted to keep in the family for whatever reason. I am the least likely to have to sell them I guess or at least the one least likely to sell them (not that I wouldn't if push comes to shove).
 
evince said:
just sell it to them at the same rent price


You be the bank


go to a lawyer and have it set up
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Oh that family has paid for that property many times over. It is more a game I guess at this point. They don't even live in it full time. It is their weekend getaway to hunt/fish/camp/torture people and bury their bodies or whatever floats their boat.
 
Jack said:
That's pretty magnanimous of you. I'm guessing after 3 generations, the place is a bit 'rough' for the 'wear and tear'. If you're only recovering the Property Taxes and Landlord/Homeowner Insurance and you have no Mortgage on the place, it's not even a Tax Write-Off. I hope they call you "Mr. Santa Claus" in any correspondence.
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Have no idea what the inside looks like. Have never been in it. Just did the drive by once and seen some photos from the outside. In fact, I am fairly certain the person I inherited it from hadn't been in it many times themselves. We are proper absentee slumlords :laugh:

I guess if an insurance company is still willing to insure it, it can't be but so bad.
 
Kacper said:
Have no idea what the inside looks like. Have never been in it. Just did the drive by once and seen some photos from the outside. In fact, I am fairly certain the person I inherited it from hadn't been in it many times themselves. We are proper absentee slumlords :laugh:

I guess if an insurance company is still willing to insure it, it can't be but so bad.
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Yeah.. You said the magic word ... insurance.
I'd be a little concerned some guy would have an 'accident'. Then .... he'd own my house, and I'd be renting the same place from HIM? :(
 
Jack said:
Yeah.. You said the magic word ... insurance.
I'd be a little concerned some guy would have an 'accident'. Then .... he'd own my house, and I'd be renting the same place from HIM? :(
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That depends on where you live really. My state is fairly pragmatic about that---unless the landlord knew of a concealed defect and didn't disclose or mitigate it, then the tenant or their guest are on their own. Know someone who ran into this. They got sued when someone fell from a rotten porch, but the case was tossed on motion pretty early on as 1) they very clearly knew it was not usable; 2) had it taped off themselves so nobody would use it for a year and 3) decided one day, maybe they could make it down them steps on their own because they didn't feel like walking around the house.
 
Kacper said:
Oh that family has paid for that property many times over. It is more a game I guess at this point. They don't even live in it full time. It is their weekend getaway to hunt/fish/camp/torture people and bury their bodies or whatever floats their boat.
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Do you have another one of those available? Grind and I would split the cost. I'll do the hunting and fishing and he can chop up and hide the bodies.
 
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