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Might be out of the Landlord business

select-fireselect-fire Member Posts: 69,479 ✭✭✭✭

Folks that bought two of my rentals this last summer contacted me. They are coming by Sunday to look at my last Home. House on a 1.5 acre lot . Say a prayer I may be finished.


  • montanajoemontanajoe Forums Admins, Member, Moderator Posts: 54,982 ******
  • cbxjeffcbxjeff Member Posts: 16,686 ✭✭✭✭

    I have 3 and if I were younger and bigger I would love to punch the guy that told me that rentals are easy money!

    It's too late for me, save yourself.
  • WarbirdsWarbirds Member Posts: 16,589 ✭✭✭✭

    I will pray for your capital gains tax situation!

    good luck!

  • AlpineAlpine Member Posts: 14,846 ✭✭✭✭

    Been free of that yoke for 3 years.

    Tenants are a real pain in the rear.

    ?The problem with socialism is that you eventually run out of other people's money.?
    Margaret Thatcher

    "There are three kinds of lies: lies, damned lies and statistics."
    Mark Twain
  • select-fireselect-fire Member Posts: 69,479 ✭✭✭✭
    edited October 2022

    I have very long term tenants in the place now..never any trouble. Going to be hard to break them the news of the showing tonight. As far as the capital gains... if sold it will be after the start of the yr. I have sold a lot this yr and do not mind paying the capital gains at all !!!! Just like the lottery... I will pay the taxes cause you are way way way ahead. BTW.. I did make most of my fortune in housing. Only thing different I would have done is flipped more homes sooner instead of putting all my eggs in the basket in rentals.

  • select-fireselect-fire Member Posts: 69,479 ✭✭✭✭

    However since all the TV shows put on how easy it is to make money flipping homes... it is harder to find deals. I can wait a yr or so and see the foreclosures coming down the will appear.

  • allen griggsallen griggs Member Posts: 34,454 ✭✭✭✭

    I need you to do some counseling on my girlfriend. She still owns 5 of 'em. She is down in Atlanta for a week getting the new bay window installed on the rental, an oak tree landed on the house 4 weeks ago. Cost of new window $8 Grand.

    I need to get her committed to the Georgia State Mental Institution. She just won't sell.

  • Mr. PerfectMr. Perfect Member, Moderator Posts: 64,332 ******

    I suppose you can always calculate the CGT into the price of the sale. Or you can do like me (don't recommend, not fun) and live in the house you're flipping. 😖

    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
  • select-fireselect-fire Member Posts: 69,479 ✭✭✭✭

    Not worried at all on CGT. Will make a bundle after paid.... This is a rental home not a flip house.

  • Toolman286Toolman286 Member Posts: 2,371 ✭✭✭✭

    The best day is when you sell a rental. There's always something with tenants.

    We have one rental, which is only because our Best Man had difficulties. He admits we are giving him a deal as we are only looking to break even. However, he somehow feels that he is not responsible for long term upkeep costs, even though he is entrenched there. We can't wait for him to meet a woman & move in with her. NOT THE OTHER WAY AROUND. Then the house will get sold ASAP... 😁😁😁

  • William81William81 Member Posts: 23,244 ✭✭✭✭

    I sold my Father's last rental property after his death.....It was a relief to be rid of it all...

    I hope all goes well for you SF

  • BrookwoodBrookwood Member, Moderator Posts: 11,732 ******

    Over my lifetime I have learned that it was a lot HEALTHIER to just own ONE home at a time. Being a LandLORD once appealed to my English roots, but there is nothing ROYAL about that title!!

    Today, my HOME is my castle and I will defend it with happiness, leisure, and joy! Ammo too if need be! 😎

  • select-fireselect-fire Member Posts: 69,479 ✭✭✭✭

    Meeting with Tenants went well last night. Sunday's showing will happen. Tenant blew my mind when he announced he was a veteran . That had never been mentioned in the 6 yrs they have rented. I advised him to go get a 0 per cent VA loan. They want to purchase the home. He is checking on financing.

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