LGBTQ non-profit founder is finally arrested on fraud and money laundering charges

[GTOguy]

Originally Posted by LATB

I could never be a landlord. I just don’t have the patience for it. I used to think that commercial was the way to go. And the landlord/property owner does have better rights than a residential landlord. But from what I have seen in recent years even that is a PITA.

Knowing what I do now, I would have invested in storage unit or truck parking lot properties. Minimum maintenance, maximum profits. Apartments can make lots of $$$ but can be a big headache, just like houses. No regrets, but it's far from stress-free, particularly in areas that have rent control and tenants have all the rights. Here in CA, squatters can move in and take over a home legally. It's insane.

[LATB]

Originally Posted by GTOguy

Knowing what I do now, I would have invested in storage unit or truck parking lot properties. Minimum maintenance, maximum profits. Apartments can make lots of $$$ but can be a big headache, just like houses. No regrets, but it's far from stress-free, particularly in areas that have rent control and tenants have all the rights. Here in CA, squatters can move in and take over a home legally. It's insane.

A developer friend brought me into a mini storage project years ago. I was a minority investor. We were going to keep it and manage it. But an offer was made upon completion and we took the profit and ran.

[Swany00]

In DC too, wonder if they'll give her a lighter sentence, then again, there really isn't much light about that moo cow at all

[Mick]

Originally Posted by LATB

A developer friend brought me into a mini storage project years ago. I was a minority investor. We were going to keep it and manage it. But an offer was made upon completion and we took the profit and ran.

IMO, there is no "easy" landlord job. Residential you deal with asshole tenants. Commercial you deal with companies going out of business, and when that happens, it is common to end up with a long vacancy of paying taxes and utilities with no income. A guy I knew tried to talk me into doing the "self-storage" thing, but I talked to some folks doing that, and basically you are dealing with the same assholes who rent apartments.

I thought about that last one for a while, and came to the conclusion that the perceived need to rent a storage unit off site from their residence, is a major red flag that person does not have their life in order.

[Rodnok1]

Originally Posted by Mick

In 15 years of being a landlord for 5 apartments, I had one bad tenant. That dude cost me 50 Gs, and everyone involved said I got off easy.

We had rentals when I was growing up, some were great and some scum of the earth.
Parents dumped them all after getting burned badly. The protections given to scumbags was unreal.
I did repairs to rentals for a few years on the side, I couldn't believe the amount of damage and straight up disgusting conditions people left. I've passed on being a landlord many times since then.

[Tikiman]

Originally Posted by Mick

IMO, there is no "easy" landlord job. Residential you deal with asshole tenants. Commercial you deal with companies going out of business, and when that happens, it is common to end up with a long vacancy of paying taxes and utilities with no income. A guy I knew tried to talk me into doing the "self-storage" thing, but I talked to some folks doing that, and basically you are dealing with the same assholes who rent apartments.

I thought about that last one for a while, and came to the conclusion that the perceived need to rent a storage unit off site from their residence, is a major red flag that person does not have their life in order.

Those storage rental places are popping up all over my area like a bad rash. No idea who is using them, but they must be filling up as fast as they build them because they keep on building them.

[Tikiman]

Originally Posted by Rodnok1

We had rentals when I was growing up, some were great and some scum of the earth.
Parents dumped them all after getting burned badly. The protections given to scumbags was unreal.
I did repairs to rentals for a few years on the side, I couldn't believe the amount of damage and straight up disgusting conditions people left. I've passed on being a landlord many times since then.

I own a small house right in town and have two people living there. Aside from the fact that they are smokers and the place stinks, they keep it neat and clean. In the past two years, however, the place has needed work on the heat pump, a new sump pump, and trees pruned back.

[DJ_Critterus]

Originally Posted by Tikiman

Those storage rental places are popping up all over my area like a bad rash. No idea who is using them, but they must be filling up as fast as they build them because they keep on building them.

In my area, we see storage units and drive-thru car washes popping up like weeds.

[Rodnok1]

Originally Posted by DJ_Critterus

In my area, we see storage units and drive-thru car washes popping up like weeds.

Same here... I'm suprised at the number of storage units popping up.

[Unsuspicious]

Money laundering and/or parking. Maybe the trendy storage buying tv shows makes people think they just have to build the units and wait for people with good shit to miss rent.

[vettemed]

Property next to my office has been a vacant wooded lot forever. 2.5 acres. Just got sold (just under $1M) and the buyer is planning to build 120,000sf 4-story self-storage facility. There must be money in the idea.

[Dan47]

I don't mind being the LL for my current property. I have good, long term tenants and except for occasional repairs, it's been good to me.

[Onebadcad]

This is yet another self-storage facility going up in my town, looks to be 6-stories, 200,000+ SQFT, on VERY prime real estate.

[IB4TL]

Originally Posted by Rodnok1

That's rare.. I know a few people renting houses lost their asses from no rent coming in for months upon months.

There were a handful of tenants that refused to pay rent & took their stimulus money & went on vacation

The people I worked for (husband & wife) owned everything. They developed the land and built 12 apartment buildings on it.

They could afford to float it

[6spdC6]

Originally Posted by Mick

IMO, there is no "easy" landlord job. Residential you deal with asshole tenants. Commercial you deal with companies going out of business, and when that happens, it is common to end up with a long vacancy of paying taxes and utilities with no income. A guy I knew tried to talk me into doing the "self-storage" thing, but I talked to some folks doing that, and basically you are dealing with the same assholes who rent apartments.

I thought about that last one for a while, and came to the conclusion that the perceived need to rent a storage unit off site from their residence, is a major red flag that person does not have their life in order.

I have had a couple opportunities to go into rental property. I did a lot of work on the two flats in the house next door dad owned contiguous to our home/business. Dad had a very handy friend and he showed me a lot so I had a little background in the subject. (My father was a great undertaker, not a person to work with tools)

So when approached by friends to partner up I did check things out but did refuse. A few years later a brother pipe fitter and a electrician looked to get a 8 apartment facility asked me to join in. We would take our turns on after hours calls and our skill level we could do a lot of the normal maintenance work ourselves.

Again I refused and over the course of time I feel I made the right decision.
They ran into the usual problems dealing with the public and were glad when they could sell that money pit and relax.

Owning rental property I would have missed out on a lot of the serious OT I made at my normal employment. That and I run my own stock portfolio long before the Exon Valdez puked out all that crud. I do all right on the stocks and I do not have to worry about no heat calls at 2.30AM on a Saturday night or if the tenants are going to pay on time this month.

Thats my story and I'm sticking to it!