What frustrates you most in your real estate business?

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What frustrates you most in your real estate business?

Rob Gillespie
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes

There are plenty of things we all love about this business, I am curious what frustrates everyone.

For me, I will wait to comment until after the thread gets going. I don't want it to become a discussion on my frustrations, LOL!

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Rich Weese
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
14y

Never having enough money to purchase all of the good opportunities that come across my desk. Rich

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 706 votes
    14y

    Illiquidity!!!

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
    WebsiteView Page
    0Reply
  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    14y

    Dealing with moron "bankers" that are really order takers. Dealing with dead beat tenants. Dealing with incompetent contractors. The lack of adherence to contracts and the fact that suing is a bad option.

    Those are the main ones that spring to mind.

    2Reply
  • Rich Weese
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Never having enough money to purchase all of the good opportunities that come across my desk. Rich

    3Reply
  • Chris Masons
    Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
    14y

    Tenants who think you came down with yesterday's rain!!!

    Definitely also what Rich said, I have seen some fantastic deals but just wasn't in a position to buy at the time.

    Lastly and this may be #1 above tenants trying to give you the run around, that damn leak that happens to pop up at the worst time or the leak that you can never seem to find easily!!! In short:

    I HATE WATER WHERE IT DOESN'T BELONG!!!!

    chris

    0Reply
  • Danny Day
    Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
    14y

    I agree with Rich. Not enough capital to do as much as I want. REO title companies dragging their feet / delayed closings. Tire kickers wasting my time. HUD 30 day investor window.

    0Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    14y

    People who do not do what they say they going to do. Mostly tenants,'but sometimes contractors and buyers/sellers.

    0Reply
  • Sheyenne Schultz
    Involved In Real Estate · Torrance, CA · Member since 2012 · 6 posts · 0 votes
    14y

    Homeowners who KNOW they can't get a loan mod or got denied..and who WAIT til the LAST moment before a trustee sale to finally come to me and beg for a short sale. They have NO idea how stressful this is. Once the trustee sale date has been set, and we go thru the short sale process...the bank keeps putting a new trustee sale date EVERY 30 days on the property. So as I'm doing my job, I have to keep watching the time line and BEG the bank to delay the trustee sale date ANOTHER 30 days, etc..until we are finally at a point where it got approved and our buyer can close. This process could take 1 mo, 2 mo, 3mo or more. And on just 1 sale I'm forced to beg the bank EVERY 25 days. NOW, multiply this by 10 other short sales of homeowners that waited this long and take some tranquilizers please. This is MY job to HELP THEM. They have NO idea the stress level on me because they waited til the last moment.

    0Reply
  • Ryan Pyle
    Multifamily Investor · Toledo, OH · Member since 2008 · 296 posts · 308 votes
    14y

    Inspections of any kind...Section 8 inspections, code inspections, FHA appraisals (inspections), home inspections, inspections by the parents of my buyers, insurance inpsections. I hate inspections.

    0Reply
  • Dale Osborn
    Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
    14y

    Trying to get around the stumbling blocks in the middle of the deal who want a commission for doing nothing.

    0Reply
  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    14y

    Hack Wholesalers!!!!!!!

    The ones who read a book, bought a tape, get an agent to help place 20 offers on REO a day, for prices well beyond common sense just to win the bid, and then best of all, once they win it since there flat broke and have no H.M. even, they try to shop it to me with the most ignorant of analysis ("wholesale deal, ARV 150K, rehab 25K, yours for 75K, make a quick 50K profit")
    AND, all the time I waste with giving them one shot to check them out, and 99% of them selling over priced junk, without a clue.

    0Reply
  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    14y

    People who shamelessly promote themselves/their business in an environment not made for such promotion. (See above post).

    Oh, and typically what they offer is worthless.

    0Reply
  • Patrick Snyder
    Real Estate Consultant · Lansing, MI · Member since 2011 · 356 posts · 306 votes
    14y

    Ridiculous insurance costs, especially flood insurance.

    0Reply
  • Brad Z.
    Investor · Member since 2009 · 132 posts · 30 votes
    14y

    Tenants can really be frustrating but more specifically, tenants I inherit from distressed sellers. Its obvious why the property is distressed when you have drug dealers and crack heads in your property!

    Wholesalers can be annoying also. I hate getting an email from 5 different people on the same property. I do, however, appreciate seeing properties from reputable wholesalers.

    0Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    14y

    OK Rob, when are we going to hear from you?

    0Reply
  • Tracey Williams
    Investor · Columbus , OH · Member since 2010 · 311 posts · 51 votes
    14y

    Am going to go with Rich on tnis one; not having enough money to do all the good deals that comes my way.

    0Reply
  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    14y

    Ok, I have a unique on that I feel trumps them all as of yet;

    Power maniac nazi cities who confiscate rental property (yes, that is correct, confiscate, as in take it from you without paying for it) for the actions made by the tenants, regardless if there inherited tenants contractually forced upon you by the same city, who refused you evicting them FOR THE SAME REASONS!
    ARGH!!!

    To clarify, yes, I said confiscated, ownership gone, poof-b-gone, bye bye, yoink, outda here, too bad so sad, F*(@@(*

    0Reply
  • Account Closed
    Real Estate Investor · Longmont, CO · Member since 2011 · 56 posts · 37 votes
    14y

    What's worse than the hack wholesalers are the newbie rehabbers that bid up prices, under-improve, then it sits vacant for several months finally selling way below what their idiot RE broker said it sell for, and they lose money and go out of business. All because they didn't know what they were doing and used a RE broker that didn't know anything about rehabs. They remove a profitable property from the market, then screw up and go out of business to make room for another bunch moron rehabbers fresh out of a guru seminar. sigh... can't blame the sellers for taking a ridiculously high offer from a moron.

    2Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    14y

    Wow, James, that's so far beyond frustrating. Are you going to share the gory details with us.

    0Reply
  • Timothy Rogers
    Investor · Garland, TX · Member since 2010 · 99 posts · 92 votes
    14y

    I am tired of other wholesalers giving a bad name to the wholesalers like myself that search daily trying to find those great deals for investors that are not in the MLS. It is hard work finding a motivated seller and getting a property under contract. A property does not fall day after day in your lap. So it does frustrate me to see a MLS property being marketed as a wholesale deal.

    0Reply
  • Aaron McGinnis
    Contractor · Atlanta, GA · Member since 2008 · 978 posts · 985 votes
    14y

    City of Atlanta and their asinine rules about permitting and inspections. Want a building permit? Buckle up and prepare for a 45 day fight after submitting a stack of paper 2' tall.

    0Reply
  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    14y
    Originally posted by Jon Klaus:
    Wow, James, that's so far beyond frustrating. Are you going to share the gory details with us.

    Jon,

    The details are a great story for noob's, and a good laugh for pro's.
    An associate of mine jumped on a duplex purchase which was on the border of a war zone, there was an active project funded by the major metro city to rehabilitate the entire area, major fed funding, so it looked good, a bad area being brought up by OPM.

    Before we could really look into why the owner was selling, especially at 100% tenancy or at such a discount, he jumped on it.

    Then we found out, the tenants were horrible, we knew just knew they were smoking and dealing crack, but these were very smart crack heads who literally had the tenants rights hand book sitting out 24-7, and the "tenant advocacy" group was 100% backing them regardless of there actions.

    We tried everything to evict, even offered them ridiculous amounts of cash. Oh sure, they said yes at the cash if we gave it to them THEN they would go, but we were smart enough to say they would have it the day they moved out.

    So again, the city and tenants group prevented us from evicting, even though they had been raided twice before we bought the place, they said "they have rights".

    Well, it got raided, again, and they had drugs, again. By this point we had a PM in place, a PM company, who's single charge was to clean it up.'

    Well then the legal notice came, that per new city regulation the home was deemed a "drug den" due to the 3 raids and was being confiscated. will not bore you with the numerous court fillings and communications where we tried to explain common sense like "hey, remember when we TOLD you they were doing this, and we WANTED to evict and YOU wouldn't let us". LMAO, best yet, the police said they raided it again due to a "tip" of illegal activity, so we dug, guess who's "tip" it was, OURS!!!! It was from our efforts to evict and reporting the activity to evict!!!!

    The real kicker was that they said our time of ownership did not matter, that it had been raided 3 times, 2 previous to our ownership, and had multiple police calls PREVIOUS to our ownership, that is was per the property not owner.

    It was such a nightmare. Over a year in the courts, fighting the city itself which is basically fighting the courts itself.

    In the end, we lost no matter what, the court costs, time, hassle. We won some price concession for the property, but it was pointless by that time.

    Yes, suckville

    1Reply
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