| so you want to be a landlord? let me tell you why it is depressi |
2009-11-18 17:40:40 |
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so you want to be a landlord? let me tell you why this job is depressing, here is a list of craps we went thru just this month so far..
1. a water drain pipe busted in a SFH, nobody knew, so we had standing water in claw space to pump out, we end up have to cut the floor, replace the main service line to septic and I decided to replace all the cabinets (not necessary but these old cabinets are pretty much all run down). cost $1300 in materials, and $1600 labor
2. water heater leak in a duplex, found the tank cracked, only 5 years old. replacement cost $400, labor 3hours.
3. drain pipe leak under bathtub in one SFH, can not access thru craw space, again have to cut the floor, new tiles, cost $150, labor 9 hours.
4. furnace down in a SFH, replace blower motor and safety switch, cost $200, labor 3 hours.
5. well pump fail in a 5-plex, had to replace the pump in 4 inch well and pressure switch, cost $800, labor $250.
6. flood, it was not cause by broken pipe, but by a tenant that we evicting, she moved out but intentionally pull stuff down the drain and leave the water run over night, so you know the rest of the story. labor 5 hours.
6. broken refrigerator, SFH, we have 1 in storage, labor to replace it, 1hour. repair, 1 hour.
7. broken microwave oven, SFH, it was a brand new whirpool, didn't even last 2 years. replacement cost $300.
8. a utility company power line down new SFH, they dig up the road, fill back but I have to finally clean up, cost 10 hours.
9. cross my fingers, hope nothing else go wrong, but here comes the winter......
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| haha, worst comes to worst, I will give up my lake home. |
2009-11-16 07:57:52 |
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haha, worst comes to worst, I will give up my lake home, seems like it is the only toxic asset I own that is not producing any, and it already lost 200k in value.
not just the rentals, all 5 legs of my businesses had come to a halt last 12 month. I have been cautiously preserve cash since beginning of 08, my income for 08 was down 50% compare to 07, and I'll be down another 30% from 08, don't expect I hit 200k this year.
this down turn in economy has cost me about 1.1 mil in net worth on paper, but again, I had nothing to start with, and I flopped twice before, and each time, RE survived me, and I bounced back stronger than before. |
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| not pessimistic but cautious, you must know I don't draw a paych |
2009-11-16 07:57:18 |
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not pessimistic but cautious, you must know I don't draw a paycheck like most others here.
in my 20 years of self-employ, this is the worst time, I been laying people off since beginning of the year, trimming down expenses in all level, my goal is to survive but expansion.
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| debt free investments during these hard time is not a bad idea. |
2009-11-16 07:57:07 |
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debt free investments during these hard time is not a bad idea, you can always refe cash out when you ready to expand.
the goal is to achieve maximum cash flow, 10 debt free properties can replace most portion of your regular income. |
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