Stories like this

7 Replies

http://www.myfoxchicago.com/story/28711539/squatter
Hearing stories like this make me question even to begin investing in real estate, in Illinois that is.
Is this a common occurrence? Squatters basically break into your property?

Sorry I don't know how to make that a link. ????

You ALWAYS hear horror stories. Those are the ones that are passed on and on. No one says guess what, my houses earn 25% of my salary for only 10 hours of work on a bad month (well on here they do ) but I mean real world lol

We are a childless couple and are hoping to start a family. After reading an article to a friend of mine, she told me that there were certain things she didn't read, like the fluke dying of a 2 year old (she has a two year old). 

If you have enough things bad things can happen (bad day at work anyone) but that doesn't mean it isn't worth pursuing 

I've had my share of bad experiences in REI, but the media doesn't report about my very good returns in various markets with very little work after the initial purchase.

Sometimes the deal on the property is so good because of people like this woman - the old owner didn't want to deal with it anymore. Other times, you can structure the deal so that it won't close until the owner deals with the problem themselves. 

You will always hear the bad stories on the news. Come to BP to read about successes. I just searched on Success Story in the upper right corner, and came up with 3,781 links. You can make a lot of money in real estate, and you can lose a lot of money in real estate. You just have to choose which path you want to follow. This woman was in the house for 2 years, that means she was there when he bought it. This problem is on him.

Medium fbprofileMindy Jensen, BiggerPockets | [email protected] | https://www.biggerpockets.com | CO Agent # FA100049656 | Podcast Guest on Show #129

You're right!  I post some negative stuff about Detroit, however, what I am  about to post was before the crash of 2006 before we lost an arm and a leg.

From 1986 to 2006 we made a good profit.  $23,000.00 a month.  However, we did have 13 mortgages, so that took up a lot of the dough.  (the rest of the homes were paid for) and we had a whopping payment of $36,000.00 a year in taxes to the City of Detroit.  

Even though we worked 24/7, always on call from our tenants, we made a good living. 

Because I used QuickBooks, it only took about 2 hours a day, if that, for me to enter in data regarding our properties and tenants.  (40 properties all total)

We were able to purchase a beautiful 3200 sq ft.. house to call our home.

(Repair men would come to do some repairs on our home and say, "Wow, are you a doctor?  I said no, we're landlords.  They'd reply in amazement, that's all you do?  I smiled because I could see the look on his face, the same as everyone, that landlords don't work, they just collect the dough, and said yes.    Wow, I think I'll become a landlord too, they'd say.

We purchased a new car every year.

We went on several cruises (but always were in contact with our work crew)

Took a train trip to Ontario to see Phantom of the Opera

Went to the Fox Theater to see Jekyll and Hyde (the musical)

We lived the good life.

However, it took a lot of work.  And it took some time to design a plan that wouldn't entail us having no life at all, just because we were landlords.

Yes we were always there 24/7, but because I screened well, I chose good tenants and my time in court was hardly anything.  

Because I am organized and had a system in place, tenants paid their rent and on time. 

But nothing lasts forever.  In 2006, tenants left to purchase homes of their owns and left us with a ton of vacancies and a loss of income like you wouldn't believe.  Thieves broke into our homes and stole the furnaces, water heater, siding on our homes, that had siding, copper plumbing and really did us in. 

We had planned to retire in 2006 but because of the market crash we couldn't retire as planned, and ended up selling our houses for a song and a dance, a pretty sad fair of events.  

But life goes on.  We should have sold and retired earlier, but hubby didn't listen to mama once again. But Detroit was his dream.  What can I say.  

So there are some good stories to tell.  

Nancy Neville

Originally posted by @Mindy Jensen :

Sometimes the deal on the property is so good because of people like this woman - the old owner didn't want to deal with it anymore. Other times, you can structure the deal so that it won't close until the owner deals with the problem themselves. 

You will always hear the bad stories on the news. Come to BP to read about successes. I just searched on Success Story in the upper right corner, and came up with 3,781 links. You can make a lot of money in real estate, and you can lose a lot of money in real estate. You just have to choose which path you want to follow. This woman was in the house for 2 years, that means she was there when he bought it. This problem is on him.

 Mindy, thank you for pointing that out, went right over my head.

Originally posted by @Nancy Neville:

You're right!  I post some negative stuff about Detroit, however, what I am  about to post was before the crash of 2006 before we lost an arm and a leg.

From 1986 to 2006 we made a good profit.  $23,000.00 a month.  However, we did have 13 mortgages, so that took up a lot of the dough.  (the rest of the homes were paid for) and we had a whopping payment of $36,000.00 a year in taxes to the City of Detroit.  

Even though we worked 24/7, always on call from our tenants, we made a good living. 

Because I used QuickBooks, it only took about 2 hours a day, if that, for me to enter in data regarding our properties and tenants.  (40 properties all total)

We were able to purchase a beautiful 3200 sq ft.. house to call our home.

(Repair men would come to do some repairs on our home and say, "Wow, are you a doctor?  I said no, we're landlords.  They'd reply in amazement, that's all you do?  I smiled because I could see the look on his face, the same as everyone, that landlords don't work, they just collect the dough, and said yes.    Wow, I think I'll become a landlord too, they'd say.

We purchased a new car every year.

We went on several cruises (but always were in contact with our work crew)

Took a train trip to Ontario to see Phantom of the Opera

Went to the Fox Theater to see Jekyll and Hyde (the musical)

We lived the good life.

However, it took a lot of work.  And it took some time to design a plan that wouldn't entail us having no life at all, just because we were landlords.

Yes we were always there 24/7, but because I screened well, I chose good tenants and my time in court was hardly anything.  

Because I am organized and had a system in place, tenants paid their rent and on time. 

But nothing lasts forever.  In 2006, tenants left to purchase homes of their owns and left us with a ton of vacancies and a loss of income like you wouldn't believe.  Thieves broke into our homes and stole the furnaces, water heater, siding on our homes, that had siding, copper plumbing and really did us in. 

We had planned to retire in 2006 but because of the market crash we couldn't retire as planned, and ended up selling our houses for a song and a dance, a pretty sad fair of events.  

But life goes on.  We should have sold and retired earlier, but hubby didn't listen to mama once again. But Detroit was his dream.  What can I say.  

So there are some good stories to tell.  

Nancy Neville

 Nancy, what a story, thank you for sharing!