Professionally, I work for a multi-family residential developer as a CFO.
As a Company, we also have an interest in a REIT, a MIC and are now building out a private multi-family residential rental portfolio.
Good visibility into a lot of what we talk about on this site from a professional standpoint.
From a personal standpoint, I'd like to slowly build out a personal investment portfolio by adding one to two homes per year for the next 5+ years.
At some point, I may grow my aspirations, but taking it slow while I build net worth and the kids are young.
Current status: We are building a single family home, expect to be done in three months and have two rental properties. We are living in one while the house is being built.
Once the house is built, we will have two rental properties + basement suite being rented.
That's the background, onto our fun story.
Our property manager messaged my wife a month ago. Issues with our tenant not paying (damn, our first tenant).
They'd done it before. They'd eventually paid, not this time.
The property manager finally got into the unit after servicing eviction notice (they'd gone dark).
He messaged us. They'd skipped town and left their crap behind.
They had taken something with them though... Our washer and dryer!
Our first ever tenant stole our washer and dryer... Wow, easy money... Not so much...
Every time I tell this story to someone over the past month or two, I laugh... They wonder why I can find it so funny?
Well, what else am I going to do? That's the breaks. It's why we got into this. It's why others say "too much work" and don't get into it.
Also, what's worse than getting your washer and dryer stolen?
Answer: being in such an unfortunate spot that you have to steal someone's washer and dryer.
End of story, not discouraged. We are going to keep going. Keep investing, slowly but surely and we will learn from every one of these mistakes.
Best wishes to you all on your investing journies.
Geez...you're bullet proof now!
And, thanks for sharing this. I'll have my clients chain the appliances to the floor immediately!
To be honest although a setback it would rather have to buy a new washer/dryer than clean out a filth hoard or deal with cosmetic or structural issues created by the tenant living their. May be a little more pricey than somethings (i.e. not sure what kind of washer/dryer) but it is a simple fix. Keep on keeping on....
We were able to clean up the space with their damage deposit, all good.
I told my wife I worried about what you said, damage to walls, structure, etc that could cost serious money.
I hadn't thought of the chains!