Comments on: Duplex Updates: Big Value Increase $$, New Roof, and Missing Rents

By: Joel

Joel — Thu, 09 Dec 2021 15:02:29 +0000

In reply to old fart. Had to laugh at the name. My grandpa calls himself old fart. Even today when he writes to us letters he signs his name OFGP (old fart grandpa). Anywho, love that your duplex has worked out so well over the years. Having steady income is the goal, and appreciation like that is always nice too!

By: old fart

old fart — Thu, 09 Dec 2021 02:50:59 +0000

I have a duplex I’ve owned since 1980? (I’m an old fart) and used to deal with collecting the rent, screening tenants, repairs, etc., etc.). I ended up switching it over to a property management company that charges 8% of the gross rental….. Best thing I ever did!

My involvement now is a once-a-month email I receive stating $~1800 dollars has been deposited to my checking account. There are one-off communiques about needing new carpet or a patio door replacement, but overall, it’s worked well for me….

If ya don’t look the hassle of dealing with the minutia with tenants, this is an alternative.

Finally, I purchased the duplex for 70K, Zillow says; it’s worth 280K with a depreciated value of 40K. . Lotta capital gains for me if I sell it, gotta love capitalism!

By: Joel

Joel — Mon, 06 Dec 2021 15:09:20 +0000

In reply to Mrs. FCB @financialchainbreakers. I used to lose sleep about this stuff. But then I started caring less and less (and selling our properties is helping, too). Some things are just out of my control, so i'm doing my best not to worry about it (harder than it sounds that's for sure!!)

By: Mrs. FCB @financialchainbreakers

Mrs. FCB @financialchainbreakers — Mon, 06 Dec 2021 13:50:18 +0000

OMG I lose sleep when my tenants don’t pay on exactly the 1st of the month, even though they have until the 5th. So your situation sounds like a nightmare, even though it could have been a lot worse. Well done.

By: Joel

Joel — Sun, 05 Dec 2021 14:36:48 +0000

In reply to IF – Impersonal Finances.

All the ups and downs as a landlord help you grow a thicker skin. That’s why I like to celebrate the little wins (even though this event technically is a loss) it’s important to laugh it all off and keep chugging along. :)

By: IF - Impersonal Finances

IF - Impersonal Finances — Sat, 04 Dec 2021 18:39:32 +0000

Love the forgotten rent income! Obviously sucks that you got screwed out of it a few years ago, but that’s literally found money today! And I’m sure an interesting learning experience as a landlord haha.