3 ms·

> Personally, I never rent out a place unless I know how to do an eviction in the local jurisdiction. I hope I never would have to, but not knowing how is a goo

> Personally, I never rent out a place unless I know how to do an eviction in the local jurisdiction. I hope I never would have to, but not knowing how is a good recipe to lose your shirt and possibly any future gains you could ever hope to have. I know how to do an eviction in my local market and did one in my former life as a landlord. That is precisely why I will never be a landlord again.

lazide 4y ago
If you don’t mind me asking - what was the hard/never want to do it again part? Paperwork grind and cost? Nastiness/emotional side? Something else?
- scarface74 4y ago
  It’s the grind especially when you are juggling a real job. The eviction process in my state - first you have to give them your own personal notice. - if they don’t pay in 7 days. Then you go to court and file paperwork with the court - then once the tenant gets served they have a certain amount of time to reply to the notice - then they can make up any reason to dispute it - then you have to wait on a court date after you win. They still have a certain amount of time to pay. If they don’t… - then the Marshall again serves a notice - then you have to schedule a time for the marshal to oversee the eviction. - then you have two hours to remove everything from the house on the street while the marshal is supervising. You must have a crew of 5. - while all this is going on, you can’t enter the house or harass the tenants in any way. - then you have to clean the place up and fix any damage. - then you have to find and screen new tenants. There is a reason standard underwriting only gives you credit for 75% occupancy. The effort is not worth the money. I spent years grinding out rental property between 2002-2010 and even if the housing market hadn’t crashed, I would have been better off focusing on my career. From 2010-2020, by concentrating on my career I tripled my compensation without having to relocate. Not bragging, it’s about that of a mid level software engineer at any BigTech company in the US (I work remotely at BigTech in the cloud consulting department). Even now if I cared to, I could put in 6 months to a year worth of practicing coding interviews and probably increase it by another $100K. Residential real estate is not “passive income” by any stretch. I am better off just investing my income from my 9-5 in REITS if I wanted exposure to real estate.

lazide 4y ago

If you don’t mind me asking - what was the hard/never want to do it again part? Paperwork grind and cost? Nastiness/emotional side? Something else?

scarface74 4y ago
It’s the grind especially when you are juggling a real job. The eviction process in my state - first you have to give them your own personal notice. - if they don’t pay in 7 days. Then you go to court and file paperwork with the court - then once the tenant gets served they have a certain amount of time to reply to the notice - then they can make up any reason to dispute it - then you have to wait on a court date after you win. They still have a certain amount of time to pay. If they don’t… - then the Marshall again serves a notice - then you have to schedule a time for the marshal to oversee the eviction. - then you have two hours to remove everything from the house on the street while the marshal is supervising. You must have a crew of 5. - while all this is going on, you can’t enter the house or harass the tenants in any way. - then you have to clean the place up and fix any damage. - then you have to find and screen new tenants. There is a reason standard underwriting only gives you credit for 75% occupancy. The effort is not worth the money. I spent years grinding out rental property between 2002-2010 and even if the housing market hadn’t crashed, I would have been better off focusing on my career. From 2010-2020, by concentrating on my career I tripled my compensation without having to relocate. Not bragging, it’s about that of a mid level software engineer at any BigTech company in the US (I work remotely at BigTech in the cloud consulting department). Even now if I cared to, I could put in 6 months to a year worth of practicing coding interviews and probably increase it by another $100K. Residential real estate is not “passive income” by any stretch. I am better off just investing my income from my 9-5 in REITS if I wanted exposure to real estate.