/biz/ - Business & Finance

>>18846451
your father sucks cocks in hell

>>18846484
I'll suck yours if you pay my rent

>>18846451
following, my old man has lots of properties and I may be in this position in the future

>>18846451
Personally I would firesale two of them just to raise the cash you’re clearly lacking. Then I’d use the money to hire a property manager or take sufficient courses that I could do it muh self.

>>18846484
This

>>18846547
I'd touch base with him desu. I'm picking up the ashes right now because my father didn't really leave a great plan. His mind got fried by drugs and just being senile. I think poking through his documents, things went wrong for him in 2017...word around the office too is that he was too nice to be a property manager and so I think they really drove him mad. But yeah, didn't renew his life insurance policy, will was stashed in a box and really is incomplete. I'm an only child too...so that's something

>>18846564
Yeah, I definitely think that sounds like a good idea. All the bills are behind, but if I can get rid of them for a profit and get ourselves into the green WITHOUT the IRS and debtors taking everything I make, then I think I'll be good. I'd like to net ~1000 after putting aside money for repairs and shit a month if I can, because then with that, my dad's SS going to my mom, and my own income, I can probably support her until she passes. Thanks for the advice.

Reason I don't manage them myself is because I don't live in the city anymore, and I wouldn't be comfortable doing it anyways even if i DID have my CCW permit. Thankfully, the property manager DOES so I don't mind working with him.

>>18846451
>Larping this gay

>inheriting property is such a foreign concept that some retard thinks this is a larp

Land ownership is a precious thing, don't sell it. Just get everything ship-shape and retire off the rental income.

>>18846734
Yeah I don't plan to. I'm a millennial with student debt senpai, if this let me achieve any stability in my life going forward I would welcome it.

>>18846484

fpbp

Honestly your dad fucked up hard. Rather than getting a real job he expected others to pay his bills for him. Now all that laziness has come crashing down on you. Of course, being the son of a “landlord” you deserve as well. You’re family are leeches on society. You’ve accomplished nothing of value and you’ve never contributed to society. I’ll laugh when the banks take your properties and give real people the ability to live without dropping more than half their paycheck on your “property”

>>18848006
Actually my dad was an extremely successful real estate agent who helped a lot of people find and buy a home. There has been a huge outpouring of people who have reached out to offer help. And desu if he had actually run his property management as a business, he probably would not have been stressed, because apparently there is a running joke that a tenant would come in short on cash and he would give THEM money. I guess the running joke on biz is OH LANDIESSSSSS but money that just sits idly is a waste. God bless friendo

>>18846451
Sell everything.

>>18846507
Show face.

>>18848254
Your dad sounded like a great man. RIP

>>18848254
I meant to troll you because there was a 99 percent chance your dad was a fucking piece of shit. Pretty surprising he wasn’t. RIP in peace anons dad ???-2020

>>18848440
Yep. He wasn't the greatest of guys I know, but his passing was pretty untimely and I think he just got stuck in a hole that he couldn't get out of. I would have loved to have had more time with him, or wish I had saw the signs. But my relationship with my mom was never "great" and so I just assumed it was 100 percent marriage quarrel. He never was open with me that he was struggling with anything. Sad indeed.

>>18848469
Cheers friend, we are all just big shitposters here, and a lot of landies are pretty shitty. I live in a college town where the average rent is like 1400 for a studio so I'm used to it at this point.

>>18848254
You are going to fail in landlording. Your dad did great. But you fall for the lowest of the lowest twitter tranny to bite you into justifying yourself.

keep the properties, keep track of daily finance needs/bills needed. Fix whatever you need to fix to turn a profit if you're not. Don't spend any money on personal shit. fuck your student loan. let it sit and make minimum payments. dont accumulate any credit/personal loan debt. continue collecting checks for rent payments, save all of it for 5 years before you spend any money on personal shit and use all of the 5 year savings to keep the units profitable. dont be a dumb fuck and sell all of the properties for a quick buck.

>>18848552
>NO YOU CAN'T RESPOND
>IF YOU RESPOND THEY WIN
Leaf?

>>18848589
Nah, I am an EU fag. But here is my essay. My parents owned 1 apartment house with 5 renters and 2 single houses with 1-2 apartments each in a mid-size city in okay-area (Western Europe, first world). Not pretty but they are all rented out. The return is decent but they are doing the management and by themselves.
They sold one of the houses for a decent price and I persuaded them to buy a nice apartment in the best area in the capital. By selling the house they could pay down 50% of the costs of the apartment and took a credit for the other half. Now I am still in Uni and don't want to move there yet. BUT
this single apartment does more in rent than the apartment house with 5 renters. Plus the renter is an MD and just has paid his rent every first of the month without any discussion at all. Moreover, since buying the apartment 5 years ago the price has risen about 30%.

What I would do in your case is to sell them slowly off and buy in high-quality areas and solid buildings that can stand the test of time. Take your time, I reloaded listings like a maniac for 4-5 months until I found that apartment and knew the city really well to that point that with 1-2 pictures from the outside I could approximate the street. You might make more holding 3 properties in great locations with quality renters than 12 properties where your management company leeches, your renters might have a high chance of missing rent, and so on. Once you have this set up you can go on with your life with minimum interference. Keep in mind that finding one good undervalued real estate deal can mean 3-4 years of regular your salary.

But you probably should go first to the bank check out the mortgage situation, find out how much there is still to pay, tell them your situation and figure out if you can even get out of these contracts if you sell something off. In Europe, there are some good property owner associations that when you become a member you get free legal advice. Find them too

>>18848891
Cheers laddie. I actually really appreciate that thought and I think you're 100 percent right when I really think about it. Of course, I need to be able to support my mom and that's gonna be my largest goal, but it may be a good idea to sell a few and then buy a house in a nicer area for that exact reason, especially if the market is gonna crash. Hell, my dad even talked about how his biggest regret was buying a bunch of properties vs a few higher quality ones. Max he owned was 18, but he's been selling them off since its a sellers market. So I'll probably look to sell maybe half, especially the shitty vacant ones, keep the nicer ones, then maybe look to purchasing a nicer one.

>>18849015
There is an attraction to these shit tier properties. They always get a higher return on investment. But most people overlook the amount of work they have to put in administrating these problem-ridden objects or the cut they have to pay the administration firms. If you don't want to take over a substantial part of your life you have to size it down. Real estate is a lot muddier than clean-cut stock and crypto pricing. You can win by micro knowledge and out-of-market deals. But its also a lot less liquid, meaning you might have to hold out for half a year or more for the right opportunity. If you still have a sellers market use it. Europe seems to be slowing down already. Might take until Autumn to fully see the effect.

>>18849203
So here's a question that I'm curious about -- a few of these are in foreclosure. Only reason they aren't going to auction is because the courts aren't dealing with this shit, and so that's good news for ME because it means they aren't going anywhere.

Now, I'm sure that the banks, especially in this time, would be willing to work with me and I could catch up the mortgage on them. But the question is for these where they are vacant and behind on rent...is it worth keeping them? Particularly the ones where I'll owe taxes on them. I think I can isolate them to LLCs so I don't get gang banged if I take all of them into my name, but I'm wondering if it's a matter of "yeah spend everything you can to hold onto em" vs "let them go if they're a shitpile and will require a large investment." If it was a year ago, it might be different but the current political climate is worrying.

>>18848254
Honestly I’d much rather have a bunch of random dudes like anon owning land than massive corporations. My reasoning is that people are 50-50 if you get fucked, but a megacorp will fuck you 100% of the time then come back for seconds.

OP I was in a similar position don't sell unless you have to or if you can sell and reinvest it into shitty student accommodation for ez gains

property only loses value when people fuck the economy up

>>18849474
I guess you can only get that answered by talking directly to the banks. Over here foreclosure means lots of trouble. Juggeling around with LLCs owning real estate is here super tax-sensitive that only makes sense when you have great legal and tax advice. Don't you have some sort of property owners association in your city? Their advice should be the most neutral and valuable you could get at the moment for very little money.

>>18846451
Sell the shitty ones, keep the nice ones. Kick out the niggers and minorities. Live in one for free.

>>18849607
Yeah that's the hope. Will have to part with a few no matter what I think... Just don't have the capital to kick into them all to get them going, but hoping I can sell them quickly and get the ball rolling.

>>18849616
Good idea. I can talk to the realtors of my dad's company, but I'm hesitant because I know they will want to sell them for commish, and may just be too out of touch to care about the impending doom the economy is going through.

>>18846451
Sell 2-3 properties. off the bat. put the money from 1 of the properties all into gold...give the rest to your mom. Tbh you should actually sell them all except maybe 2 or 3. Housing is going to get fucking rocked. Deflationary collapse of all asset prices coming.

>>18849607
dont listen to this idiot. The economy is fucked. Its all inflated prices. Sell most properties. At least sell half.

>>18849944
Also valid. But if rich chinks buy up all the real estate, prices won't really drop

>>18846451
I own a property managment company. What state are you in? I would be willing to give advice or at least get you going in the right direction.

>>18848254
Real estate buisness is one step above used car salesmen

>>18846451
coom now or coom later. i always coom in the end.

https://youtu.be/SKoy2pgjl3s

>>18851834
He handled it like a god.

>>18851080
basically the same thing. government creating bullshit jobs by requiring licenses to do simple tasks.

>>18846451
>kick out delinquents
>use rent money to build yourself a castle

>>18851008
Colorado

>>18851080
You don't need to be a real estate agent to sell a house friendo, but considering how much agency you get when you are selling a property, there is a valid reason why you wouldn't just want any schmuck

>>18848006
why do I love watching marxists seethe so much? your tears are delicious