What are some of the BIGGEST headaches that you as real estate investors with rental properties deal with?
It depends on the capabilities of that Landlord. In my case, I have a great screening system and find really good tenants so I don't deal with evictions or abandoned properties often, I rarely have a tenant leave owing more than the deposit, and I almost never have a house that's trashed. My biggest issue, as Ned already mentioned, is finding quality vendors that are responsive to my maintenance requests. Especially during hunting season.
At this stage of our lives it's hiding/reinvesting all the passive income.......
Finding good tenants that pay on time and finding good handymen/contractors that actually show up till the project is done and charge a fair price .
Biggest headaches....tenants. Whining, complaining, bickering, but primarily not following the lease rules.
They break a rule, you point it out to them and they behave like they are somehow special and don't have to follow rules. They become ignorant and billegerent because you expect them to follow the lease.
Tenants. I'd get rid of all of them, but they are also my biggest source of funds.
Neighbors. Our sign with contact info is on every building we manage. So the local Ms. Kravitz realizes its a rental and calls the office weekly to complaint that the tenant came home down the street exceeding the speed limit, filled up the trash can too much, let a flyer left on the front fence blow away, etc. It doesn't happen with most buildings but when it does, these folks are such wastes of time. And when they start to complain to the city about the nonsense we get that headache to deal with as well.
I'm appreciative of being given a heads up if there is a major exterior maintenance issue or criminal activity (and the person reporting is told to call the cops), but I hate the constantly complaining neighbors who would overlook all of these false complaints if it weren't a renter living there. We're landlords, not babysitters/parents!
My favorite tenants just asked if its OK if they get chickens, so I said how many eggs do I get. It's legal to have chickadees in the back yard, which the house has, a big back yard, it will be fun for their toddlers. They currently have a nice veggie garden. I want them to stay! They can make extra $$ selling eggs to neighbors. But no goats.
Just read about interfering control freak neighbor. what a pain. My rentals have fine neighbors, I'M THE ONE with the pest! reports me for invasive plants (actually they are native & attractive), not shoveling, music, go figure. The native plants in my garden are also on fine display at the Botanical Garden/Arboretum ...
In no particular order:
- parking issues
- tenant squabbles amongst each other
- snow removal
- finding reliable handymen to do punch list type work
@Brig Murdock lately it’s been tenants who leave without notice. Like I just call them about the unpaid rent and get no answer so I go over there and they are just gone. And they leave a mess in every room including a fridge full of food. (And of course the electricity has been turned off)
Start buying stuff by me and you won’t have to worry about the contractors
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