Landlord experience - in Tenant years

[Dazz]

Surely one of the best ways of determining how much experience and authority your opinion is based on....

How to work it out ;

If you bought your first investment property in 1982, your second (a duplex) in 1992 and your third property (a quadraplex) in say 2006....your experience would be calculated as follows ;

(1 x 30) + (2 x 20) + (4 x 6) = 94 years.


I imagine anyone with a Steve McKnight type portfolio of 135 houses would soon rack up big numbers.


Can anyone beat handyandy's stated 500+ years ??


Maybe a poll would be good, but I'm an IT fail whale....

 

[The Fence]

Beats my 31 yrs, but 30 of them self managed.

So...Do the PM years count...?

 

[Peter_Tersteeg]

Hardly a relevant argument. One property I've owned for 10 years is currently up for rental and it's in a bad way. I need to put about 2 weeks work into it to get it ready to rent again.

Since owning the property, I've had 3 tenants and for the most part I've hardly given it a second thought.

In other words, I doubt this would give me 10 years experience, but it has been a good investment.

On the other hand, I know people who've had one bad tenant after another, tribunal has become an revolving door. They've put a lot more effort into their property but it isn't a good investment by my standards.

What effect does thousands of discussions with investors and home owners, then organising their finance contribute?

 

[redwing]

There should be a weighting applied for good & bad tenants and Property Managers

 

[Ideo]

I haven't had a single bad tenant so that puts me on about -10.

Based on that formula, 17.

 

[Dazz]

Hardly a relevant argument.

More than happy for you to start your own thread Pete if you think it's irrelevant.

 

[kathryn d]

200 years here

 

[Piston Broke]

I have no experience, I pay someone else to do it.

 

[Peter_Tersteeg]

I have no experience, I pay someone else to do it.

What he said Daz. I tried managing a property once and stuffed it up. It's not for me. I use agents so my total experience over the last 15 years across numerous properties comes down to about 3 very stressful months.

 

[jaycee]

16 years if i worked it out right

 

[toony]

I have 43 yrs experience of paying some else to do it.

 

[cu@thetop]

Surely one of the best ways of determining how much experience and authority your opinion is based on....

How to work it out ;

If you bought your first investment property in 1982, your second (a duplex) in 1992 and your third property (a quadraplex) in say 2006....your experience would be calculated as follows ;

(1 x 30) + (2 x 20) + (4 x 6) = 94 years.


I imagine anyone with a Steve McKnight type portfolio of 135 houses would soon rack up big numbers.


Can anyone beat handyandy's stated 500+ years ??


Maybe a poll would be good, but I'm an IT fail whale....

My figures are pretty dismal, however one tenant had a dog. His name was Harley, a something or other cattledog cross. Am I allowed to calculate "dog years" in which case at 7x human years my figures start to look better?


On a serious note, solicitors are commonly ranked on years PAE (post admission experience). Some one once said you may have 20 years experience doing the same thing over and over, or 5 years doing lots of different things and it would be the latter who is more "experienced".

 

[skater]

Some one once said you may have 20 years experience doing the same thing over and over, or 5 years doing lots of different things and it would be the latter who is more "experienced".

While not as many years as either Handyandy or Kathryn, I have a reasonable amount over 100. Although I don't self manage them, having properties in some low-socio places I have witnessed a lot of interesting things over the years.

 

[Dazz]

I have no experience, I pay someone else to do it.

Obviously the question was your experience as a Landlord, not a PM. Being a Landlord starts the day you purchase an IP and only stops when you sell it.

Outsourcing the PM duties is only one of the tasks a Landlord needs to accomplish, if they choose to do so.

You cannot possibly outsource being a Landlord. You either are or you're not. You either own the property or you don't. You only need to read the fine print in any Management agency contract to realise you cannot outsource the responsibility of being a Landlord....and all that that entails.

Having a good Tenant doesn't mean you stop being a Landlord and gaining valuable experience.

Managing useless and/or useful PMs also doesn't relieve you of the task of being a Landlord.

Happy to here from other Landlords who wish to discuss being a Landlord, and their growing experiences.

 

[wobbycarly]

I have 43 yrs experience of paying some else to do it.

82 years of the same.

 

[Kristine..]

Snap!

82 years for me, too!



And there were some years where the experience verged on the rugged!
But - if it was easy, everybody would be doing it.

 

[Player]

Twelve squared.

All outsourced to PM.

I haven't had any major catstrophes in tenant years such as trashing. Very occasional break-lease and all good in the end with bonds and landlord cover.

In the spirit of learning, the one thing that took me tooooooooooo long to work out was the notion of offering a week or two free rent instead of dropping rent on a new lease to entice enquiry when market forces dictate some softening to rents from time to time and lower demand than previous letting periods. The cost to tenant may work out the same in the wash if ammortised over the first year, however at least there is a higher base from which to work from for ensuing rent rises.

That only took me about 15 (physical) years to work out
It was never mentioned to me by any PM's at that time. It is a technique I use to this day and still some PM's are surprised by it.....Oh! that's a good idea

 

[our obsession]

694 years here, mixture of both, 99.9% has been smooth sailing, the .1% was covered by insurance.

I love it, it involves an end goal of wealth creation, it involves problem solving, developing managerial skills, researching, resourcing, delegating, learning, skillset building/development, networking, and obviously other things just not these things off the top off my head here.

 

[Player]

694 years here, mixture of both, 99.9% has been smooth sailing, the .1% was covered by insurance.

I love it, it involves an end goal of wealth creation, it involves problem solving, developing managerial skills, researching, resourcing, delegating, learning, skillset building/development, networking, and obviously other things just not these things off the top off my head here.

Hey OO,

does that involve multi-letting properties? How many years have you been investing?

Time for a new interview I reckon!

 

[skater]

694 years here, mixture of both, 99.9% has been smooth sailing, the .1% was covered by insurance.

Wow! That's some effort you're putting in there.