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Passive income is the best!!!

97guns

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Getting ready to leave for 104 days in Asia soon and getting my finances in order, I’ll be collecting over $16k in rents while sipping on whatever they drink out there I hear Vietnam has some bangin coffee
 

hoarder

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I was just thinking.....government employee wages should be classified as passive income, shouldn't it?
 

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I hear Vietnam has some bangin coffee
Oh Yeah! They do. While we were in Saigon I drank coffee every morning from the street vendors two doors down. We stayed with family, about two miles from the center of Ho Chi Minh City (Saigon).

If you have time stay a bit in Hanoi, the stuff they sell (clothes, merchandise, ect) in the open street markets will blow you away, the culture there is rich and vibrant.

Take lots of picture and have a good time.

BF
 

97guns

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97guns, if you have any questions about VN feel free to ask.

BF


I just booked the first 6 nights in Ho Chi Minh, somewhere close to walking street. I plan to move to a few different hotels and parts of the city for ease of exploring
 

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97guns

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Do you recommend single over multi? Or why do you seem to prefer single?

No real preference but in the rental market I’m in there were very few multi units, there were a few duplexes but they were old. I went with newer single families with the thought that the roof and other high expenses would be years down the road, so far that thought process has worked out, I’ve replaced a few ac units and all the units have pretty new water heaters, all my units have high wear flooring throughout the house, they can drive their Harley in there and I can still sleep like a baby in Thailand
 

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Since I had my own interpreter (my wife) I could explore relatively cheaply; taxis are cheap for natives but tourists get a special rate <grin>. Riding the bus is ok if you know where it is going (speak vietnamese?). You write down address, show it to the taxi driver and he gets you there (taxis are plentiful - don't have him wait). Just make sure you also have the address of your hotel along also. Streets are safe in Saigon, but I wouldn't recommend walking around much at night — people always seemed to give me the stink-eye after dark. Visit the antiques district, you'll be impressed. Just be aware that almost all the 'antiques' are fake.

BF
 

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Congratulations!

My life goal is to retire off of passive income and live in Asia by the beach.
 

97guns

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Since I had my own interpreter (my wife) I could explore relatively cheaply; taxis are cheap for natives but tourists get a special rate <grin>. Riding the bus is ok if you know where it is going (speak vietnamese?). You write down address, show it to the taxi driver and he gets you there (taxis are plentiful - don't have him wait). Just make sure you also have the address of your hotel along also. Streets are safe in Saigon,
BF

I have my personal Thai interpreter but we don’t speak a lick of Vietnamese, I know Vietnamese food because the Vietnamese community in my area is huge. I plan to use Uber, just found out they are there but I will be taking the hotel printout with me... I learned a long time ago to point and show and not speak
 

JayDubya

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Should be a real nice trip, enjoy.

If you can, please log in every once in a while & give us updates. Especially if you can provide any info regarding becoming an ex-pat and making things work there.

Don't worry 'bout this place, we'll keep everything under control until you get back.
 
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anywoundedduck

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I have passive income called Social Security. I see that many retirees are moving to Thailand and living like kings on much less than half of my income.
I would do it, except for Medical. I am not sure how Medicare works overseas. I will be 71 in a couple months.
I think medical is the main sticking point for seniors thinking about moving to Shangrii-la.
 

97guns

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Should be a real nice trip, enjoy.

If you can, please log in every once in a while & give us updates. Especially if you can provide any info regarding becoming an ex-pat .


I will, I would like to live in Thailand someday too, we already have this house that we had built for the in laws, a 3/2 house with a 1/1 in laws quarters and a huge open air Thai style kitchen, cost was around $80k with a $100k bank appraisal, it’ll be our first time seeing the place.



 

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Goal over the next 10 years is to get some passive income coming my way. Made an offer on a property two weeks ago. They had tons of offers over mine, didn't get it. Looking at another tomorrow. This one is awesome and asking price is right there, I bet it will sell way over asking price. Most likely will not get anything in this market. Everything is going way over what I would pay for it, but still looking for that sweet deal. They are out there if you look hard enough.
 

97guns

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Goal over the next 10 years is to get some passive income coming my way. Made an offer on a property two weeks ago. They had tons of offers over mine, didn't get it. Looking at another tomorrow. This one is awesome and asking price is right there, I bet it will sell way over asking price. Most likely will not get anything in this market. Everything is going way over what I would pay for it, but still looking for that sweet deal. They are out there if you look hard enough.

In 2009 when I was buying and foreclosures were everywhere, investors were coming in with cash offers and everything was selling for over asking, I was forced to bid over asking with any shot of getting them
 

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No real preference but in the rental market I’m in there were very few multi units, there were a few duplexes but they were old. I went with newer single families with the thought that the roof and other high expenses would be years down the road, so far that thought process has worked out, I’ve replaced a few ac units and all the units have pretty new water heaters, all my units have high wear flooring throughout the house, they can drive their Harley in there and I can still sleep like a baby in Thailand
Curious to hear more specifics on your flooring if you wouldn't mind.
 

Silver

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#20
Rentier Class

Rentier Class
A class of people who rely largely on rent, pensions, or similar means for their income. For example, a landlord who agrees to rent out a house for a set amount each month for a year is a member of the rentier class. So is a pensioner living on a fixed income. The rentier class may be particularly susceptible to bouts of high inflation.
 

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Getting ready to leave for 104 days in Asia soon and getting my finances in order, I’ll be collecting over $16k in rents while sipping on whatever they drink out there I hear Vietnam has some bangin coffee
I just bought a new spec home 3/2/2 1900 ac includes all appliances, W&D and garage door opener for $225k to be finished in the fall. I maxed out my SALT deductions and was looking for rental income to write down some of it. This was a special inside deal from DR Horton on an upgraded lot on a nice street. I would like to do another early next year. Sitting on a bunch of vacant land that can be improved too, but it would cost me more than $225k just to build the house.
 

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I currently am renting 1x single family home with hopes/plans to expand that to more at some point. Part of me would like to take out additional debt, part of me would like to pay off my 2 homes first THEN expand...not sure which way to go.
 

97guns

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Curious to hear more specifics on your flooring if you wouldn't mind.

One unit had hardwood floors in it when I bought it, it had a gouge in the living room but it didn’t bother me, even 9 years later the gouge is still there but the rest of the floor looks the same as the day I bought it. I put vinyl planking in 3 units that was only .60 a sq ft installed and the other unit has ceramic tile, some of the bedrooms have carpet but carpet has held up pretty good as it’s not too high a traffic.
 

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Net per month for 106 days? I need more so I just take 49 days off a year. I don't know what my wife does with her 70K a year salary with pension.
 

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I have passive income called Social Security. I see that many retirees are moving to Thailand and living like kings on much less than half of my income.
I would do it, except for Medical. I am not sure how Medicare works overseas. I will be 71 in a couple months.
I think medical is the main sticking point for seniors thinking about moving to Shangrii-la.
Thailand is a cosmetic surgery travel destination, good and cheap... so they can't be to bad.
 

97guns

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Thailand is a cosmetic surgery travel destination, good and cheap... so they can't be to bad.

My last trip there my buddy got sick, went to the doctor for $10 and his meds were $3
 

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anywoundedduck

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I aint goin no where where I can not take a gun. - jus sayin
Hmmm!
I am not going to give up my arsenal either, good point.
and if that means not living like a king, if that means not cavorting with friendly beautiful women.".......
On second thought, Do I really need my guns in Thailand.
 

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Hmmm!
I am not going to give up my arsenal either, good point.
and if that means not living like a king, if that means not cavorting with friendly beautiful women.".......
On second thought, Do I really need my guns in Thailand.
Thats what you guys get for never being outlaws. You buy them when you get there.
BF
 

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#32
Do you recommend single over multi? Or why do you seem to prefer single?
I’ve dabbled in this and have a close friend that has 15 houses. He’s told me you can make the most with the lowest property values. Either transient military near a base or welfare recipients with a regular check. You still have to collect and evict routinely but it’s the highest return on investment.

I don’t have the heart for that kind of hassle at this stage of life

With the 40k to 50k House you can get 2% to 3% of home value per month. At the 100k to 200k house level it’s more like 1% to 1.25% but way less hassle.
 

Hystckndle

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Hey 97,
I have appreciated your posts a lot here about all of this over the years.
How much does your T&I ,maintenance and other expenses take out of your monthly gross ?
I.E., whats your net on 5 houses ?
Just asking.
Regards, Nice place you posted pics of you built. Very stand up.
Haystack
 

97guns

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Hey 97,
I have appreciated your posts a lot here about all of this over the years.
How much does your T&I ,maintenance and other expenses take out of your monthly gross ?
I.E., whats your net on 5 houses ?
Just asking.
Regards, Nice place you posted pics of you built. Very stand up.
Haystack

Thanks, I try to not come off as boasting or a bragger but I’m pretty stoked how things have turned out.

The properties gross $5400 a month, I have 2 mortgages, one for $305 and another for $410, property tax is approximately $500/ month for all properties and insurance takes another $160, property manager is 7% for $375, netting around $3500/mo., I’m around $1000 a month under market rents
 

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10 4, good play.
Here...Cent Florida, rents have eclipsed most peoples ability to pay without doubling up on occupants. But more occupants = more mileage on your place.
I have 3 going now, working on the 4th.
3 single family blocks.
Debating the 4th as a keep or sale.
Will be back later with numbers to share.
 

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ya know, sometime I wish there was a 'like it a lot!' button — I would have used it on the post above haystak's

BF
 

Hystckndle

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Thanks, I try to not come off as boasting or a bragger but I’m pretty stoked how things have turned out. The properties gross $5400 a month, I have 2 mortgages, one for $305 and another for $410, property tax is approximately $500/ month for all properties and insurance takes another $160, property manager is 7% for $375, netting around $3500/mo., I’m around $1000 a month under market rents
I have 3 going , right at 1000 a month each.
Concrete block, low pitch roofs and rehabs.
They are less than 1000 sq ft each. 9000 sq ft or so lot each.
Working on the 4th one now, very slow I am, but it is a bit dif from these ones.
What has happened here is that the flippers and apartment builders and rehabbers have driven prices
and rents into weird areas. People just cannot afford anything.
So my deal was old 1960s era smaller houses.
Whaddaya want ? someone who cannot afford to pay 1100, 1200, 1300 , 1400 a month for 1 or 2 br 2 bath places
or someone who will pay a little less and stay 2 years ?
I also like double income folks or fixed income.
Had a single guy in one last year and did not work out and had to evict. Expensive.
Better in the long run to just get them out ASAP though.
I cut the property manager. The rates here are 10% of monthly gross.
I have read where you 97 have a great PM and you are really good to keep him.
Saves a lot of hassle it does. Thought I would try it , so far, so good.
I have a maintenance agreement with a HVAC/ Plumbing and soon to be Elec firm so I am going to be 1 call to them.
My numbers are like this:
Taxes 1800+2000+1600 = 5400
Insurance is 850 +1200 +1200= 3250
( working on a requote for these, the hurricane scaled them up this last year, plus they think low pitch is more of a liability )
ALL appliances are new and all systems as well.
2 of 3 are brand new roofs.
Carrying costs there, a bit of maintenance added in is +- 30% of gross.
Appreciation will vary and so will some other stuff.
As in vacancy. Vacancy sucks. Very much so.
But after a few years it is not so mad as the place can get a breather from you and a " facelift ".
If taxes go north again I may reconsider.
But all of this to say...IMO...
" Affordable housing is where its at "
Nice , clean, affordable places have lines standing in front of them.
Yeah, yeah, yeah...I hear all the naysay mumbo jumbo and there is the thread here on tenants from planet " X "
but since 1976 when we moved here from Mississippi, rental property has been really good for my family and
I am going to continue in that genre'. I just am fond of dirt and real tangible things.
"If you do not hold it you do not own it "
The market....yeah it is always an option , some dividend payers, some big gains the last few years.
Etc etc etc. Just that property has always been our bag.
Here is a pic of the latest one after I detailed it out.
Regards 97.
Haystack
20180420_200721.jpg
 

97guns

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#38
That’s pretty much what I went with, affordable housing is where your largest pool of tenants are, my properties are around 1100sq



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Hystckndle

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Hello 97,
Nice pics, very nice,
Nefarious individuals , such that they are,
will pick up on the addresses posted.
This could lead to things.
Just saying.
But if you are good....then I am good.
Regards sir,
 

Hystckndle

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#40
Those are very very nice. Killer actually.
A step up from mine as far as curb appeal.
I wanted concrete block and small.
Those types are 300 plus here.
New ones with newest fluff are north of that.
4000 sq ft is a rage.
Dunno where the $ is coming from.
I live in one almost exact to the one posted in structure.
I am working to upgrade it a bit also so that in a few years I can
take some time off or as one esteemed member of the board here says
to me...
" so you can do something different "....
Gotta listen to folks who say stuff like that to you.
It is like a word from the creator it is.
Anyways, I am a few years older than you,
So I am beating feet to get to where I can do that.
End result,
I am wanting to downsize and have #s near 2x mine and yours posted per month.
I am not a believer in SS being there.
Gotta do something.
If it is, perhaps it will pay part of some rental expense somewhere for me
Or imho, at best by then.....the utility bill....
I am fascinated about the place you posted overseas,
My neighbor, age 66, just quit working for a telcom provider, is in Thailand for a month visiting his mom and family.
He says it is a great place to be.
A little far me....but I am warming up to ideas like that.
A guy , branch manager of a 35M a year supply house was in today.
His wife and her family are from PR.
He is going there in 2 weeks for a week.
He has some places to look at.
He says so many folks left, and values are depressed,
And like anywhere....you just gotta avoid the bad areas...like all of San Juan hs says.
I have elderly fixed income folks in my smallest place from the US VI.
I am going to talk to them here soon about there.
Always thinking aboit the future.
Regards 97,
Haystack