We've had some sketchy renters over the years in Seattle, but over all it has been good. Since getting out (covered in other threads), moving, and getting back in, it has been very good. Right now, after mortgages, we clear about $2500 a month, which goes back into mortgages. When we retire (5-6 years, praying doog GIF), we will be free and clear mortgage-wise, upping the take to about 5k per month, for 2 rentals at current rates. The key, which we found by accident, is we only rent to military / professional people, who will pay rent on time, and not tear the shit out of everything. We couldn't do that in Seattle. We are currently shopping for a couple more...
Fishpo You and I sound like we were running similar angles on a few things. I have also rolled all profits back into the rentals. First to fix and next to pay down debt. I pulled myself out of Seattle to live in Kitsap about two and a half years ago. I think I remember you saying you were on this side of the water. As long as you aren't fish police we are cool.
When I was at the abyss I tried the novel approach of being honest with our landlord and we worked it out where for a few months I paid it in two or three installments and when were back I paid all the late fees
They really don't want to evict you. Just be a man about it
greenblood - This would have to go on for years for the one bad group to take all my chips off the table.
and bleached anus is right about people making money that bought a long time ago on equity appreciation but mobile home parks and self storage seem like you are setting yourself up to be dealing with the same poor smucks like the guy in the article.
Self storage seems pretty straight forward and while you’re dealing with shit bags like the guy in the article, there isn’t an eviction moratorium for storage units, rent is fairly low so you’re not dying over even a couple deadbeats, and when they finally lose the unit, auction the shit off to the freaks you see on those auction reality shows.
greenblood - This would have to go on for years for the one bad group to take all my chips off the table.
and bleached anus is right about people making money that bought a long time ago on equity appreciation but mobile home parks and self storage seem like you are setting yourself up to be dealing with the same poor smucks like the guy in the article.
Self storage seems pretty straight forward and while you’re dealing with shit bags like the guy in the article, there isn’t an eviction moratorium for storage units, rent is fairly low so you’re not dying over even a couple deadbeats, and when they finally lose the unit, auction the shit off to the freaks you see on those auction reality shows.
Self-storage you can boot people easy. The thing about mobile home parks and self storage is that you have very limited maintenance expenses, almost no worry about wear and tear and damages - most parks you are just renting the dirt.
I like these ideas. I got a good look into a guys finances that did very well with self storage so you make a good point about there being money there. And that is a good point about eviction for non payment.
Rural self storage could also be a play that is similar to Diamonds move with the parking lots. If you put them in small towns that end up blowing up you can make money on the land being worth more.
greenblood - This would have to go on for years for the one bad group to take all my chips off the table.
and bleached anus is right about people making money that bought a long time ago on equity appreciation but mobile home parks and self storage seem like you are setting yourself up to be dealing with the same poor smucks like the guy in the article.
Self storage seems pretty straight forward and while you’re dealing with shit bags like the guy in the article, there isn’t an eviction moratorium for storage units, rent is fairly low so you’re not dying over even a couple deadbeats, and when they finally lose the unit, auction the shit off to the freaks you see on those auction reality shows.
Self-storage you can boot people easy. The thing about mobile home parks and self storage is that you have very limited maintenance expenses, almost no worry about wear and tear and damages - most parks you are just renting the dirt.
Did you listen to the BP episode with the guy whose been killing it with self storage?
That made me very curious about that kind of property.
greenblood - This would have to go on for years for the one bad group to take all my chips off the table.
and bleached anus is right about people making money that bought a long time ago on equity appreciation but mobile home parks and self storage seem like you are setting yourself up to be dealing with the same poor smucks like the guy in the article.
Self storage seems pretty straight forward and while you’re dealing with shit bags like the guy in the article, there isn’t an eviction moratorium for storage units, rent is fairly low so you’re not dying over even a couple deadbeats, and when they finally lose the unit, auction the shit off to the freaks you see on those auction reality shows.
Self-storage you can boot people easy. The thing about mobile home parks and self storage is that you have very limited maintenance expenses, almost no worry about wear and tear and damages - most parks you are just renting the dirt.
Did you listen to the BP episode with the guy whose been killing it with self storage?
That made me very curious about that kind of property.
No, haven't heard that, but I know several landlords who are selling their properties in King County and shifting their business model to self-storage.
greenblood - This would have to go on for years for the one bad group to take all my chips off the table.
and bleached anus is right about people making money that bought a long time ago on equity appreciation but mobile home parks and self storage seem like you are setting yourself up to be dealing with the same poor smucks like the guy in the article.
Self storage seems pretty straight forward and while you’re dealing with shit bags like the guy in the article, there isn’t an eviction moratorium for storage units, rent is fairly low so you’re not dying over even a couple deadbeats, and when they finally lose the unit, auction the shit off to the freaks you see on those auction reality shows.
Self-storage you can boot people easy. The thing about mobile home parks and self storage is that you have very limited maintenance expenses, almost no worry about wear and tear and damages - most parks you are just renting the dirt.
Did you listen to the BP episode with the guy whose been killing it with self storage?
That made me very curious about that kind of property.
No, haven't heard that, but I know several landlords who are selling their properties in King County and shifting their business model to self-storage.
If you’re thinking self storage, it’s a good pod to listen to. The guy said something like 80% of all multi family buildings are owned by major corporations but 80% of self storage are still mom & pops type businesses.
I like these ideas. I got a good look into a guys finances that did very well with self storage so you make a good point about there being money there. And that is a good point about eviction for non payment.
Rural self storage could also be a play that is similar to Diamonds move with the parking lots. If you put them in small towns that end up blowing up you can make money on the land being worth more.
You god damned money changers sure do get nosey about the finances these days. I feel like I had to download 30 documents the last time I changed some money.
I have a few coworkers who got into the self-storage business, and now they don't work where I work anymore because their storage facilities do juuuuuust fine.
Here's another one: Shipping containers. Due to construction, I've had one sitting in front of my house for the last three years or so. You bill for delivery and pickup, collect $120 per month, do nooooooothing. They're indestructible and made of thick steel. No maintenance. No bullshit. Just drop it off, collect rent. Can be bought for about $3K each retail, probably less in numbers.
Know a couple of guys who got into the self-storage game and echo same sentiments as others. In "bad" times they run 85% full, in good times sold out with a waiting list.
Maintenance on them is minimal.
Have a customer who's brother in law got into the shipping container game, and has made generational money on it. He has said the space has become more crowded with companies doing the same thing and the containers are going for crazy prices that are in bad shape physically. When he started 10 years ago it was just the opposite. Cheap containers in almost new condition.
It appears you most certainly did make money as a landlord. Correct me if I’m wrong:
With the numbers you provided it appears you’re almost $100k into the mortgage, a ROI of 5.75% - that’s assuming you made no profit from rent, just breaking even. A $100/month profit takes that to 6% ROI.
That’s not including the appreciation, which I’m sure is significant. In the Seattle area for that time span it’s a ~90% increase for the median home. Even half of that isn’t too bad, where else are you getting that kind of investment with 25% down?
greenblood - This would have to go on for years for the one bad group to take all my chips off the table.
and bleached anus is right about people making money that bought a long time ago on equity appreciation but mobile home parks and self storage seem like you are setting yourself up to be dealing with the same poor smucks like the guy in the article.
Self storage seems pretty straight forward and while you’re dealing with shit bags like the guy in the article, there isn’t an eviction moratorium for storage units, rent is fairly low so you’re not dying over even a couple deadbeats, and when they finally lose the unit, auction the shit off to the freaks you see on those auction reality shows.
Self-storage you can boot people easy. The thing about mobile home parks and self storage is that you have very limited maintenance expenses, almost no worry about wear and tear and damages - most parks you are just renting the dirt.
Did you listen to the BP episode with the guy whose been killing it with self storage?
That made me very curious about that kind of property.
No, haven't heard that, but I know several landlords who are selling their properties in King County and shifting their business model to self-storage.
If you’re thinking self storage, it’s a good pod to listen to. The guy said something like 80% of all multi family buildings are owned by major corporations but 80% of self storage are still mom & pops type businesses.
It appears you most certainly did make money as a landlord. Correct me if I’m wrong:
With the numbers you provided it appears you’re almost $100k into the mortgage, a ROI of 5.75% - that’s assuming you made no profit from rent, just breaking even. A $100/month profit takes that to 6% ROI.
That’s not including the appreciation, which I’m sure is significant. In the Seattle area for that time span it’s a ~90% increase for the median home. Even half of that isn’t too bad, where else are you getting that kind of investment with 25% down?
$100/mo "profit" doesn't even cover maintenance. Also, property taxes continue to increase, etc. The biggest factor is how long ago did you buy the property. Otherwise, a lot of landlords are making money on appreciation when selling (btw we now have a capital gains tax which probably gets expanded in the future).
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Rural self storage could also be a play that is similar to Diamonds move with the parking lots. If you put them in small towns that end up blowing up you can make money on the land being worth more.
That made me very curious about that kind of property.
Here's another one: Shipping containers. Due to construction, I've had one sitting in front of my house for the last three years or so. You bill for delivery and pickup, collect $120 per month, do nooooooothing. They're indestructible and made of thick steel. No maintenance. No bullshit. Just drop it off, collect rent. Can be bought for about $3K each retail, probably less in numbers.
No extra charge for the birth defects of your children
I kid
Maintenance on them is minimal.
Have a customer who's brother in law got into the shipping container game, and has made generational money on it. He has said the space has become more crowded with companies doing the same thing and the containers are going for crazy prices that are in bad shape physically. When he started 10 years ago it was just the opposite. Cheap containers in almost new condition.
With the numbers you provided it appears you’re almost $100k into the mortgage, a ROI of 5.75% - that’s assuming you made no profit from rent, just breaking even. A $100/month profit takes that to 6% ROI.
That’s not including the appreciation, which I’m sure is significant. In the Seattle area for that time span it’s a ~90% increase for the median home. Even half of that isn’t too bad, where else are you getting that kind of investment with 25% down?