Adding a rental to distant hunting property

[gjs4]

Heres my take

I got in at a great price, with everything always being worth more than the investment, maybe even "way more".....to the point of if we quit renting (and the goal was AirBnB with a property manager- targeting parents for the nearby college and the outdoor tourists for area attractions) we are okay. It s also a separate parcel we can sell. Your experiences are not falling on deaf ears, just think we have some differing scenarios.

Have never had a passive revenue stream. Have never had a concrete reason for write offs at this place until now.

The hunting there is not what I am after, and it is not a forever home.

My appetite for BS is small....so i will pull the rental plug quick if this has drama.

 

[West_Fork]

I kind of feel the same. If I manage to make a livable salary from trading, I won't get back into real estate.

I made good money in real estate, but some people just suck. When I was the point of contact, I was constantly being bothered for all manner of nonsense, and it took up too much of my time for what it paid me. I could probably have done a better job vetting my tenants, but I was new to the game, and just needed the income. I'm sure I would have had a different experience if I'd had more time to dedicate to it and had another source of income as a cushion.

When I had a property manager, I was constantly going to court because of deadbeat tenants not cutting the grass, or leaving things in the yard. I was living overseas, and suddenly I had to use up part of my vacation time to go to court to explain that the issue had been resolved, and I was getting my name attached to all these violations of city ordinances.

On paper, it was an outstanding investment, but the hassle makes me question whether or not it is worth going down that road again. If I have other options, I probably won't bother with real estate again. It's unfortunate, because I am seeing a lot of opportunities that will most likely make someone a lot of money, but it probably won't be me.

I suffered about $20k in damages from my last renter, as well as lots of stolen memories. They even tried to steal my grandfather's burial flag. I had two different police officers tell me how they tried and gave up on rentals, one even lived next door to his rental and still suffered financial loss and endless problems. I have managed rental property for about 25 years. It is not worth it unless you have multiple properties pulling income and eating the tax burden.