Hardest lessons learned as a landlord?

Question

Working on some direct mail pieces for absentee landlords - what were the hardest lessons you learned as a landlord - the kinds of things that -almost- made you throw in the towel.

For me, it was listening to late rent excuses and watching bad tenants tear up properties knowing I'd have to pay for the repairs before I could rent it out again.

Bill Gulley · Answer

The first hard lesson is learning to say no. Some displaced single mother with a baby needs shelter and she just isn't qualified to live there, you gotta say "NO"!  :)

Patrick L. · Answer

For me it was always trying too hard to help people with financial issues, especially my tenants with young kids.  I'd have tenants that fell behind on rent and I really don't want to evict people so I'd try to work out payment plans and keep people in the rentals and it almost always came back to bite me.  Generally they wouldn't pay me at all and just ending up delaying the inevitable eviction.

Rob K. · Answer

The biggest thing I hate dealing with is calls from prospective tenants who are stupid. They either ask a bunch of dumb questions, can't put a sentence together, or are just general losers in life.

What I have done to fix a lot of the problem is get a seperate cell phone ($10 per month from Verizon) and have custom signs made that have that number and my website on them. I also have the website listed on my voice mail. The smarter people will go online where they can see lots of photos as well as a FAQ page that lists all of my requirements. The serious prospects that have their act together will leave me a detailed message that makes sense and I call them back. The stupid people leave incoherent messages and I can just press 7.

Account Closed · Answer

These stories make the money I pay my property manager more than worth it!

Joel Owens · Answer

Now that I look back the big one is to NOT become to over involved in the daily operations of the property and constantly worry about it.

I do not do anything now for  an investment unless it can stand on it's own and I structure in a way that I never go see the property.

Run it like a business. No emotional attachment it is just pay the rent or get out.

Harry M. · Answer

I've stacked up a few in my few short years.
- Having to evict a family. I'm sure it won't be the last time, but I can't see this ever getting easier.
- The full scale mini-rehab that occurred after the eviction wasn't fun.
- Biggest mistake so far and lesson learned: letting that property sit vacant for 4 months patiently lowering asking rent every 6 weeks while trusting that the PM company were acting with a sense of urgency. It was only after we got in there and took things into our own hands that we figured out what needed to be done to get it leased. We spent a couple more thousand spiffing up the kitchen, and fixing/replacing a bunch of small things, and then it leased fairly quickly in a few weeks to a great tenant.
- Having the AC unit stolen during the vacancy wasn't fun either.

Chris Sweeney · Answer

The quick fixes that aren't so quick.  Such as a blockage that should be the tenants issue but after repeated snakes and hydro jetters you need to dig under slab and clear blockage.  Big $$$$

Steve Babiak · Answer

This topic reminded me of some other threads:

http://www.biggerpockets.com/forums/52/topics/23212-the-top-5-landlord-mistakes

http://www.biggerpockets.com/forums/52/topics/48485-new-landlord-advice-biggest-thing-you-wish-you-had-done-differently

Mike Franco · Answer

I wouldn't mind that as long as it's coming out of their security deposit.

Rob K, you don't need a separate phone. That's what Google Voice is for. It acts as a forwarding number, and an answering machine, so you can screen all your calls, and see the number they are calling from. and it's free.

Mike Jones · Answer

Yeah that carpet one kills me too, just put in new carpet and the tenant who paid the first month, deadbeat after that locked his dog in the house and destroyed the nice 4 month old carpet that cost me $1800 uugh, I'm gonna replace it all with indestructible tile..

Worst of all for me was giving the next door neighbor my number, then they started calling me complaining about every little thing my tenants did, even after midnight one time.

Hardest lessons learned as a landlord?

Most Popular Reply