Dan Lane of The Rental Income Podcast interviewed MoveIn.Space founder Josh Rosenthal about buying [residential real estate] rentals for appreciation and not cash flow. This strategy is required in areas with high home prices, where monthly rent can not possibly follow the 1% Rule or the 2% Rule.
Excerpt from the Rental Income Podcast
Josh talks about his long-term investing strategy and renting out your backyard separately from the house.
. . . this style of investment has the same inherent renter risks as doing the cash flow strategy.
I’ve had tenants that have tried to skip out on rent. They’ve abandoned the property. They’ve destroyed the property.
You need to have the ability to wait and even sometimes lose money each month.
TurboTenant aims to be the easiest landlord software to use. They also have a great price for landlords and property managers — 100% free.
TurboTenant Recommends MoveIn.Space
In their article “What You Should Know About Property Inspections“, they say
. . . a condition report can be as simple as a checklist that you and your tenants complete together. Plus, if you choose an online version, you can even upload photos and easily email a copy to your tenant. Websites like MoveIn.Space allow landlords and tenants to easily document the property’s condition online.
When presenting decisions that a landlord should take when asking themselves “Should You Turn Your Residence Into a Rental?“, Susan Johnston Taylor wrote about MoveIn.Space in U.S. News & World Report.
. . . MoveIn.Space . . . is designed to help landlords and tenants document each property’s condition. While renting units to young professionals, . . . “you definitely get people who are very delicate with the property, but sometimes they can be a little more boisterous,” . . . “It was like that when I moved in’ seems to be the biggest line,”
People with criminal records (ex-cons) become automatically treated as social pariahs once they get out of jail regardless of their offense. Landlords could be extra meticulous with this, or they could be particularly lenient.
The LA Times had an interesting editorial pertaining to helping former inmates secure housing without compromising the safety of landlords and their fellow tenants.
It’s quite a tricky subject, considering that a simple rejection made by a landlord could become grounds for a lawsuit. Yes, ex-convicts have the right to be treated the same as every other citizen, but landlords have a duty to fulfill. They have to protect their property and protect their tenants.
So, is it fair to look into a person’s criminal history before letting them sign the lease? Eh, 50/50. It’s definitely concerning if their offense, for example, is arson. Or maybe they’re a registered sex offender and you’re a landlord who has families as tenants. So, yes. It could be a factor. However, if their offense isn’t as serious as you’d expect, then maybe giving them a chance won’t be too bad.
Again, as a landlord, it’s still your call. If you were faced with the decision, what would you do? Share it with us in the comments below!
Rent is constantly rising, no matter where you go and your landlord’s the only one winning. It’s the right time to rethink your strategy and ask yourself if being a landlord would be more suitable than being a tenant. CNBC made some good points in their article about rising rents and how landlords are making some cold, hard cash from their tenants.
What’s not to like about being a landlord? If you’re a tenant (a renter), you must already know that a good percentage of your paycheck turns into rent money. Imagine being the receiver of a handful of people’s rent money every month. Pretty good, right?
Bills and expenses are starting to be worth so much more than the paycheck of every working-class citizen out there. Millenials aren’t as fearless as their parents and grandparents when it comes to purchasing property, so they’re the ones that are most likely to rent. There’s a surplus of millennials out there– they never seem to run out. Maybe investing and owning some property might be well suited if you’re the type of person that would rather receive rent money than give it.
Then again, if you’re 100% convinced that you should be a landlord instead of a tenant, never ever underestimate the expenses attached to owning a property. There’s always a catch with things that are just too good!