Apartment Complex Owners - Society's Biggest Fools ?

Discussion in 'Clean Debate Zone' started by protectionist, Oct 20, 2014.

  1. WinterBorn
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    WinterBorn Gold Member

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    Because rent is not the only bill a resident will have.

    If rent is $600, and they average $150 in utilities, $50 a week in groceries ($200 per month), $350 on a car (car payment, insurance, gasoline, and maint) their bills will total $1,300 per month. So they are already $200 in the hole if they make $1,100 per month. And that does not include the ever increasing cost of medications, which cause more out-of-pocket costs even with Medicare/Medicaid.

    $1,100.00 per month is only $13,200.00 per year.
     
  2. Picaro
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    Picaro Gold Member

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    I rented three houses for over 15 years. I never checked any of that stuff and did just fine with renters, but then I didn't advertise via papers ads or signs, just word of mouth among people I knew. Average length of time was some 8 years, with active military staying about 4 years on average. The base closed a while back, so no new military coming in except for weekend training stuff and even my brother stays in the barracks on base when in town.

    Sold them in 2004, and never got back into real estate; prices were outrageous even in the 2008 bubble bust. They still are.

    If I didn't already own a big place and some 20 acres of pasture and parkland, I would look at fourplexes or something like that, nothing big, but still in the high end of the market. The high end and the very low end are the only really 'booming' markets', and that is because of the swarms of dufus house flippers who watch all those late night real estates scam infomercials on TV.
     
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    Last edited: Aug 21, 2018
  3. protectionist
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    protectionist Platinum Member

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    Where I live, we have almost all the cats fixed.
     
  4. protectionist
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    protectionist Platinum Member

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    All of that is already taken into account, just by reviewing a prospective renter's HOUSING payment record of the immediate past 3 years. With All rents paid on time, no reason to deny rental, and lose money.
     
  5. protectionist
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    protectionist Platinum Member

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    1. My income has nothing to do with affirmative action. I've been out of college for 40 years, and am retired, and out of the workforce for 9 years.

    2. If you think requiring an income of 3 times the rent protects landlords, you're very dumb. Only thing LL needs to see is a 3 year housing payment record that's up to date. And an income that is the same as during that 3 year period.
    Note: the highest incomes are the least reliable. They are most often young people with jobs. Could be $5K/month now. Next week could be nothing. Social Security and VA pensions keep on going.

    Yes, this is priceless - how ignorant you are,
     
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  6. protectionist
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    protectionist Platinum Member

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    Not a rule with most people I know. Not at all. The correct rule is, if you've been paying your housing OK, and nothing's changed... you're good for housing. THAT is the smart "rule". Anything else is stupid.
     
  7. WinterBorn
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    WinterBorn Gold Member

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    All the stray cats? Riiight.
     
  8. WinterBorn
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    WinterBorn Gold Member

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    Or reviewing their entire credit record to see if they can afford rent.

    If someone makes $1,100 a month, as my example showed, cannot afford $600 a month rent. Especially if they have any medical issues that will require expensive medicines.
     
  9. WinterBorn
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    WinterBorn Gold Member

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    Then apparently you don't know many people who decide on home loans or rental approvals. It has been that way for decades, at least.
     
  10. protectionist
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    protectionist Platinum Member

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    Never heard of the word "almost" ? You heard right.
     

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