Renting out property?

[TeddyParticipant 70]

From your own experiences, what are the pros and cons of renting out properties such as houses, apartments, duplexes, etc. Would you rent out property to a family with small children?

[BeerParticipant 11832]

Two big cons for me are I live in a high tax state…property taxes are high and we have a state income tax, which blows since rental income gets taxed as income. Those things would have pinched my profit margin quite a bit. The other con was I don’t plan on staying in the area I’m in now forever, and I really didn’t want to accumulate a few properties just to end up moving out of state/country at some point and having to pay/trust a property manager. It just seemed like the better option to me to dump money into dividend paying stock where I’ll only pay capital gains tax rates and no matter where I move in the future dividends just get paid right into my online brokerage where I have easy access.

Pros though, if you don’t live in a s~~~ty high cost of living/high tax state and you don’t plan on moving too far away from where you are, and you don’t mind managing your own properties, you can make a nice little income stream for yourself. It will take time to build your empire but if you get a decent collection of rentals paid off you pretty much will get to retire whenever you want.

For the tenants though, the advice I got from a friend of mine who is a property manager was to always check their credit score. You never know if they are up to date on everything, or are s~~~ bags who plan on paying you for a few months then stiffing you and seeing how long the free ride lasts before you go through all the channels to get them evicted. I don’t think it being a family with kids tells you any more about their financial history than it would if you just said it was a single person with a pet hamster.

[RoyDalParticipant]

I retired on rental property. It can be made to work. Heed the previous posts.

Society asks MGTOWs: Why are you not making more tax-slaves?

[uchibenkeiParticipant 7965]

Buy where the Chinese are buying and migrating to. They drive prices through the roof.

I bathe in the tears of single moms.

[Anonymous 2]

I got a property. here’s my advice.

1. get a boat instead, a yacht or barge. (less bills, less bulls~~~, no council tax, no mail, police don’t bother you (you move along))
2. If you’re letting, don’t use estate agents.
3. Let to a couple of blue pill muther f~~~ers. Blow their rent money on useless s~~~, its funny.
4. Put your mortgage to interest only. F~~~ paying that s~~~ back unless it’s your pocket change.
5. Don’t take deposit, the government gets to pocket that s~~~, instead take 2 months rent.
6. make sure the house is all nice 4 them c~~~wanks. Overkill fix anything that breaks.
7. Don’t befriend your tenants.
8. Send them a monthly reminder of their payment.
9. Jump on them the minute they dont pay.
10. try to get away with not giving them a contract. It’s only used to f~~~ the landlord.
11. If they f~~~ with you bounce them. They don’t have documents backing them up!
12. F~~~ whores, write down the serial number on the notes you hand them. then you have a receipt for sex. They can’t claim rape.

[Author]

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