Happy Days Folks....!!!!

[brin]

This morning at 11:45 AM I closed on the sale of the last rental property my Mrs. and I owned...after 38 yrs. I am totally out of the rental business..It has been good to us...but not without the travails ...Where are the drum roles...it has not sunk in yet that there will be no more calls about everything you can imagine that can go wrong with a property ...no more tenants sneaking out in the night....Happy days are here again...Those of you who have rentals know how happy I am...:dance1:

 

[J F]

Congrats Bob, must be a helluva feeling. :drink: While I've always imagined it would be great to own rental property, I've also thought about all the headaches associated with it. Good job gettin' out alive. :laughing:

 

[MoKelly]

Glad you are happy. It reminded me of the day I bought our first boat. I took delivery and the saleman said something like --- "This will be the happiest day of your life. The second happiest day will be the day you sell the boat". IN many respects he was correct.

MoKelly

 

[brin]

Congrats Bob, must be a helluva feeling. :drink: While I've always imagined it would be great to own rental property, I've also thought about all the headaches associated with it. Good job gettin' out alive. :laughing:

I have experienced the good , great ,bad and evil tenants from Hades...It has been a trip...rewarding as a whole , that's for sure , but no one should own rental property if they are thinking it is absentee or that no one will absolutely destroy the property and leave you with $10K or more of damage... I got out ahead and alive...LOL

Glad you are happy. It reminded me of the day I bought our first boat. I took delivery and the saleman said something like --- "This will be the happiest day of your life. The second happiest day will be the day you sell the boat". IN many respects he was correct.

MoKelly

Great analogy Mo.....I have had boats and that is just as true for rental properties...pride of ownership followed by pride of salesmanship to get the heck rid of it....LOL

 

[dusty3030]

Oh come on, you will miss digging some random fat ladies hairball out of a shower drain.

 

[J F]

 

[creekbend]

Congratulations. That is one less thing to take care of. Enjoy your retirement with your Wife and Family. Best wishes.

 

[Western]

Now just dont go into the "hoss" business:laughing: I used to help a friend when I was in college, he worked for a guy that owned quite a few properties. I was shocked at some of the "stuff" that had to be fixed. Not for me "brutha" They expect prompt maintenance, but how many do you have to chase down for the rent $$?

 

[ultrarunner]

I started with Residential Rentals a little over 30 years ago and slowly transitioned to commercial which is now the majority.

Make no mistake... owning Residential Rentals in the SF Bay Area is a second job...

Seen many come and go seeking their fortune with rental property and the majority crash and burn...

Still looking for that ideal forever spot and till then... I imagine I will stay in the business...

Have 3 college students moving out Saturday... seem liked good kids and have been so far... just know students are almost always short-timers.

Brin... I don't know how it is where you are... my original rental agreement was two pages consisting of a one lease and a one page condition and inventory... now it is 32 pages with all the mandated forms required.

 

[brin]

I started with Residential Rentals a little over 30 years ago and slowly transitioned to commercial which is now the majority.

Make no mistake... owning Residential Rentals in the SF Bay Area is a second job...

Seen many come and go seeking their fortune with rental property and the majority crash and burn...

Still looking for that ideal forever spot and till then... I imagine I will stay in the business...

Have 3 college students moving out Saturday... seem liked good kids and have been so far... just know students are almost always short-timers.

Brin... I don't know how it is where you are... my original rental agreement was two pages consisting of a one lease and a one page condition and inventory... now it is 32 pages with all the mandated forms required.

Brin... I don't know how it is where you are... my original rental agreement was two pages consisting of a one lease and a one page condition and inventory... now it is 32 pages with all the mandated forms required.

Yep Ultra; when I first started in the rental business in 1975 all that was required was a one page lease and a legal description...so two pages ...Now I know we have a small book of forms...the lease alone is 9 pages, then the lead paint disclosure, radon disc, Move in and Out documents , Landlords disclosure etc...all total 30 to 36 pages depending on age of property...all forms have to be on your computer where we used to be able to just buy the form set forms....and evicting a bad tenant used to be easy..took about 10 days back then...now the tenant can tie you up for months....I wish you success with your commercial rentals....that seems a good move.

 

[Tig]

Congrats Bob. I've always passed on the opportunity to rent properties. I have no patience for the things you have had to put up with. You're a better man than I.

 

[ultrarunner]

Today, after attending a family birthday for a 2 year old I come home to a message that all the front windows in my rental home have been broken...

Seems the ex boyfriend of my tenant's 17 year old grand daughter was upset they broke up... my tenant the grandmother has rented from me since before the grand daughter was born...

Few people regret getting out of the rental business and I say more power to you!

 

[jerrybob]

Bob.....congrats on the rentals.....must be a great feeling. Because we're buddies and I care......if you want......I could call you once a week at three in the morning and pretend to be a renter.....just for old times sake??? :thumbsup: Seriously.....time to enjoy life!!!!!:drink:

 

[brin]

Oh come on, you will miss digging some random fat ladies hairball out of a shower drain.

Oh much worse than that left in toilets over the years...LOL....and shower and tub abuse never even imagined..Nahh, I don't think I will miss it...

Congratulations. That is one less thing to take care of. Enjoy your retirement with your Wife and Family. Best wishes.

Thanks creekbend !

Now just dont go into the "hoss" business:laughing: I used to help a friend when I was in college, he worked for a guy that owned quite a few properties. I was shocked at some of the "stuff" that had to be fixed. Not for me "brutha" They expect prompt maintenance, but how many do you have to chase down for the rent $$?

Worse most leave in the middle of the night to parts unknown...they just forfeit the deposit and ignore the lease...It is not practical to chase them all over the US to find them and sue them and they know it...and the courts seem to always favor the tenant,,

Congrats Bob. I've always passed on the opportunity to rent properties. I have no patience for the things you have had to put up with. You're a better man than I.

No , You are a smarter man than me..Tig....you never drank the Kool aid and got rentals....I did well over the years but it is no part time job and certainly not absentee nor is it stress free....LOL

Today, after attending a family birthday for a 2 year old I come home to a message that all the front windows in my rental home have been broken...

Seems the ex boyfriend of my tenant's 17 year old grand daughter was upset they broke up... my tenant the grandmother has rented from me since before the grand daughter was born...

Few people regret getting out of the rental business and I say more power to you!

Ultrarunner....sorry to hear about the vandelisim...just sickening...I feel your pain...It always comes out of the blue when you least expect a problem , doesn't it.?

Bob.....congrats on the rentals.....must be a great feeling. Because we're buddies and I care......if you want......I could call you once a week at three in the morning and pretend to be a renter.....just for old times sake??? :thumbsup: Seriously.....time to enjoy life!!!!!:drink:

Tell you what pal of mine, Jerrybob, if I ever get nostalgic and begin to miss the harassing calls from tenants I will call you first and you can be the first to call me pretending to be a renter....

 

[jinman]

Congratulations ex-landlord Bob. Now, you don't have to play devil to the tenants from Hades. Aren't all landlords devils?

My last rental was a home I was selling. I sold it to a handyman who rented it for six months while fixing it up for resale/flip. The rental went well until he almost had the house done. A woman who lived in section 8 housing came by and saw the house. She had new job and wanted to think about buying the house. For some reason, that made her drug soaked boyfriend jealous. He drove her car to the house and aimed for the support between the two garage doors. He smashed in the support and garage doors. So right before closing the sale, I had to make an insurance claim. Oh well. . . they paid up and I passed the money on to the handyman who was able to completely renew the garage front and doors.

 

[ultrarunner]

Looking back a lot of landlord tenant issues are caused by the personal relationship problems tenants have with boyfriends/girlfriends/spouses or children...

Amazing how fast a situation can go from cloud nine to all out war...

In a perfect world all the bad tenants and landlords would find each other and leave the rest of us in peace...

I'm off to fix windows this morning... I know I will collect eventually for the damage... the policy in my city is whatever happens is on the property owner and once rectified... the owner can go after the party responsible...

It use to be so much simpler when a landlord could just give a tenant a notice to move... now, we must give a specific reason from a list of 7 approved reasons... thus, setting up the possibility for protracted litigation.

 

[brin]

Gee Jim, Your rental kicked you in the butt on your way out....just wouldn't let you go...LOL That is a perfect example of some of the crazy things landlords have to endure....and yes we are always the bad guy and for some reason all tenants pay all their other bills before they pay their rent....I never have understood that logic...

I know you were glad to get out too.....If I ever post that I have bought another rental house...kick me !!! Hard.

 

[brin]

Looking back a lot of landlord tenant issues are caused by the personal relationship problems tenants have with boyfriends/girlfriends/spouses or children...

Amazing how fast a situation can go from cloud nine to all out war...

In a perfect world all the bad tenants and landlords would find each other and leave the rest of us in peace...

I'm off to fix windows this morning... I know I will collect eventually for the damage... the policy in my city is whatever happens is on the property owner and once rectified... the owner can go after the party responsible...

It use to be so much simpler when a landlord could just give a tenant a notice to move... now, we must give a specific reason from a list of 7 approved reasons... thus, setting up the possibility for protracted litigation.

Here in Georgia your tenant or you would be able to seek to have the boyfriend arrested for criminal damage to property right away....No need to wait for repairs...and the judge would order them to pay restitution....I hope you get paid....

 

[brin]

OK - I gotcha....whole different situation, there are areas here that would be the same way....you know how to handle it...enemies like that you don't need and you are right the young urban don't place any value on life and look at prison as an alternate lifestyle and badge of honor..Be Careful !