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A lot of people chasing a 'passive' income dream becoming hosts and landlords. I'd imagine they are probably the worst because they're not understanding that th

by sct202 3y ago

A lot of people chasing a 'passive' income dream becoming hosts and landlords. I'd imagine they are probably the worst because they're not understanding that they're entering a service oriented business.

aidenn0 3y ago
We have a spare bedroom that my wife would like to rent out (could probably get over $1k/month in revenue for it). As long as we aren't hurting for cash, I'm avoiding it because of how much I don't want to be a landlord.
- bombcar 3y ago
  The safest way to do this is to rent the room to a local business/church/school that needs regular housing for qualified visitors. Otherwise you’re dealing with random public in your house with all the issues associated with that. At least with renting to a business you have some sort of middleman.
polygamous_bat 3y ago
Tell me about it! My own landlady is one of the tiktok "real estate investors" who didn't understand that she can't get out of legally mandated minimum heat requirements because "I bought an old house and it's gonna cost me $10k to redo the heating!" She also used to run an Airbnb on the floor below me until this summer, so go figure.
- fakedang 3y ago
  Unfortunately, my dad and uncle are also turning a similar tone and I'm not sure if they're trolling or not. They inherited a 200 Yr old house and want to convert it into an Airbnb without any modifications, save for revamping the toilets and bathrooms. "We'll sell this as an experience of staying in a 200 yr old battered house to all those backpacking tourists, and charge a $100 a night for it!". Mind you, this is also a house where, the last time I visited, I was greeted by the foul smell of a dead fox which had somehow gotten inside. facepalm
  - bombcar 3y ago
    There is a general conception that real estate is an instant “I win” button and it is very, very hard to dissuade people of this. You have to research “tenants from hell” on YouTube to get a bit of an understanding of it, but even then the successful landlords often don’t even correctly account for all the finances and times and work out what they really made. One bad tenant (or one bad uninsured disaster and there are thousands of possibilities here) can destroy years of leveraged appreciation.

by sct202 3y ago

aidenn0 3y ago

We have a spare bedroom that my wife would like to rent out (could probably get over $1k/month in revenue for it). As long as we aren't hurting for cash, I'm avoiding it because of how much I don't want to be a landlord.

bombcar 3y ago
The safest way to do this is to rent the room to a local business/church/school that needs regular housing for qualified visitors. Otherwise you’re dealing with random public in your house with all the issues associated with that. At least with renting to a business you have some sort of middleman.

polygamous_bat 3y ago

Tell me about it! My own landlady is one of the tiktok "real estate investors" who didn't understand that she can't get out of legally mandated minimum heat requirements because "I bought an old house and it's gonna cost me $10k to redo the heating!" She also used to run an Airbnb on the floor below me until this summer, so go figure.

fakedang 3y ago
Unfortunately, my dad and uncle are also turning a similar tone and I'm not sure if they're trolling or not. They inherited a 200 Yr old house and want to convert it into an Airbnb without any modifications, save for revamping the toilets and bathrooms. "We'll sell this as an experience of staying in a 200 yr old battered house to all those backpacking tourists, and charge a $100 a night for it!". Mind you, this is also a house where, the last time I visited, I was greeted by the foul smell of a dead fox which had somehow gotten inside. facepalm
- bombcar 3y ago
  There is a general conception that real estate is an instant “I win” button and it is very, very hard to dissuade people of this. You have to research “tenants from hell” on YouTube to get a bit of an understanding of it, but even then the successful landlords often don’t even correctly account for all the finances and times and work out what they really made. One bad tenant (or one bad uninsured disaster and there are thousands of possibilities here) can destroy years of leveraged appreciation.