Can you make money being a landlord these days?
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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. -
The only thing I hate worse than paperwork Snow? ...listening to people bitch about paperwork.
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5G cell towers on your land
No extra charge for the birth defects of your children
I kid -
Bitching is a time honored tradition here. You should see the abuse I take on my shitty little board.Number1AtNumber2 said:The only thing I hate worse than paperwork Snow? ...listening to people bitch about paperwork.
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I lived in an apartment once with a cell tower on the roof. @oregonblitzkrieg was right. My mind ain’t been right since.RaceBannon said:5G cell towers on your land
No extra charge for the birth defects of your children
I kid -
Sadly, your mind is going to be even less right after the cyborg 'vaccine' takes its toll.YellowSnow said:
I lived in an apartment once with a cell tower on the roof. @oregonblitzkrieg was right. My mind ain’t been right since.RaceBannon said:5G cell towers on your land
No extra charge for the birth defects of your children
I kid -
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.
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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? -
THIS. My all-tim favorite BP podCFetters_Nacho_Lover said:
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.BleachedAnusDawg said:
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.CFetters_Nacho_Lover said:
Did you listen to the BP episode with the guy whose been killing it with self storage?BleachedAnusDawg said:
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.CFetters_Nacho_Lover said:
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.Number1AtNumber2 said: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.
That made me very curious about that kind of property.
https://youtu.be/FcDvRO1kqWg
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$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).RatherBeBrewing said: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?
