Originally posted by @Diana Kroll:
hardest part for me is getting those phone calls or texts which say "no heat" or "need new water tank" . My heart always sinks when I realize that I'm about to shell out a chunk of change!
We were in RI on a 4 day college soccer tournament. Then 2am I get the same type of dreaded call the basement was full of water, the electrical was out & the HW tank was horizontal.
I sent a text to my contractor, who by 5am had answered & by 3pm that day had it repaired.
But my biggest peeve is the disgusting condition some people leave the property in.
They may appear clean for the duration of the tenancy but they leave all manner of debris.
The worse case we ever had was that of a well respected local high school teacher who then sued for her security deposit. We won once the Judge reviewed the b4 & after pics.
Originally posted by @Chris Winterhalter:
Pest control...I hate paying the pest control man (although I need them). I can't blame the tenants even though a lot of pests can be caused by them. It's just a matter of terminating the leases on filthy messy tenants.
Long evictions....professional tenants that know the system...they can put a damper on cash flow.
Yep, going through the whole pest control thing now. Thought I had it taken care of back in December but no.
Having the tenant that has truly had a bad break, cancer, or blew out the knee, and knowing you will eventually have to boot them because they have not been able to pay rent for the last 2 months (.
For older properties, just assume a larger budget for repairs and maintenance. I purchased two last year that simultaneously had water explosions in the same month. Both mid 70s with failing pipes. I've learned this to create an annual inspection with someone that can recognize and help me forecast some of the repairs that need to happen now and those I need to start stalking away for in the near future. I was way too lax about it and it's been an expensive year!
"No shows" when a rental property is vacant. Tears my toenails since I still work full time and carefully plan to be at the rental unit at least 10 minutes early for every appointment to make certain the air/heat is on (so the applicant can see that it works), blinds are open, etc.. Then the folks who had a scheduled appointment don't show and don't bother to call to cancel.
Karen, I too hate the beginning "innocence" of someone only to find out later who they REALLY ARE.... But all in all the good out weighs the bad. Remember, there are stressors and headaches with Rehabbing, Wholesaling as well as anything worth benefiting from.
I purchased a duplex, and unfortunately inherited tenants.
I am now evicting one. The Tenant caused a flood, then called the city to complain about the "conditions" then thought that entitled her to not have to pay rent.
If I felt I didn't want to deal with this stuff, I would hire a company to take over the management. At some point I will have all my property managed by somebody else, but for now it is worth it for me to do it.
When I was an Employee, I never won an argument with my Boss, (not because I was wrong, but because I never had any power,) but with Real Estate, suddenly I am the one who makes the rules, and wins the arguments.
I have been a property manager for 12 years and the worst is:
1. Tenants who break things and expect you to pay for it.
2. The lying, OH THE LYING!! There is no shame anymore.
The contractors....showing up late not finishing on time....then relentlessly calling asking why you won't use them again. Perhaps if you came in on budget and finished on time?!?
Eviction is the worst. After doing this for years I have found a better way, investing in mortgage notes rather than property. I would highly recommend the switch. Many of the investors I work with have gone through the perils of land lording, and have now graduated to investing in mortgage notes for the ease and simplicity. Shoot me a message if you want some more info.
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