We currently have 7 renters, its pointless to put money in the bank, when we buy one we buy it right and pay cash. We have I bonds, I rarely buy them now, the old ones are paying well up to 6%, latest ones I bought paid 2.60 and now they have lowered the amount you can buy to $5000 each from $30000 years ago. Some money is in a money market, some in 401K, its not doing well now, some IRA's that were rolled over are in CD's, sad situation on earnings. But our rentals are doing well. I will not get into stocks, I do hold about $10k of Walmart that's the only one. The market used to have stocks that were value with the likes of Big Blue, GM, Ford, companies like those, now its gambling and I don't gamble with our money.
We are looking at buying 2 more if I can get them right. Also after hubby retires we have 6 lake lots, not on the water, but they were for RV's. We have one RV rented and another we need to get ready to rent. Both of those we will rent are 35 ft old Silver Streaks but nice RV's. We intend to put 4 more up there and rent them out. Older single ladies and men or young singles or even a couple are going to need something they can afford. Rent prices here are pretty high.
I screen carefully with the help of my old realtor. I have good tenants all, most have been with us 10 and 12 years. The last 2 going on 2 years now and another a year. I don't have any problems with late payments. The rental market has changed drastically. I used to get sterling credit. Now I know 99% of what I get has their credit destroyed. I'm not concerned, I find out why. If its a house foreclosure or medical bills and hasn't occurred recently and they are not continuing to wrack up bills, I will take them, but only after a personal interview. I am a pretty good judge of character, only had one eviction in 15 years. They were the only ones I didn't get a chance to interview. I let my realtor handle it, when I met them I told her they won't be here long, she said oh they are good people. Didn't last 3 months before they started breaking rules on the lease. I am a good landlord, yes I will pat myself on the back. We take care of issues quickly, but mainly make sure the house is in excellent condition before we rent. I do not rent to smokers ever, to people with pets never. In fact its written into the lease a $500 fine for bringing one in $20 a day extra and eviction proceedings will be started immediately. Have bought houses practicall destroyed by dogs and many void your insurance now. Also I stipulate the length of time guests can stay and the number of vehicles. When you have your expectations set up front then they know what is expected of them. We provide nice, energy efficient housing and expect renters to take care of it.
I don't jack rents a good renter in hand is worth many in the bush! And we treat our renters nice. We are pretty much friends with all of them yet they know I expect them to pay and take care of the property. I have black, white, and hispanic, single moms, and older people, and one working away from home. I'm pretty diverse. I was an accountant so I take care of the books and all the tax issues. When hubby is home he does all the maintenance, when he is gone if we need something I have a guy I can hire to fix things. So far its worked well. I have only had 1 late night call over a gas leak and we got that repaired quickly. AC this summer has been something I have received more calls on then anything since we have had them.
I don't mind it, but I told hubby if I die he better sell, he is not the same judge of character as I am.
