The Wonderful Life Of Being A Slumlord

Fitty Dead Beat Tenants

So another lovely suprise this morning. One of the tenants that was late came this morning to drop off her rent payment.

At 8:30AM on a Fucking SATURDAY!!!

That's it property management company coming in Monday morning for sure now.

DH

You get what you pay for

you and your friggin' headset LOL

Well, at least you haven't had to deal with them trashing or stealing the place. My mother in law owned 4 rental homes and hired a property management company. They charged her an arm and a leg and then rented her home out to Section 8 renters. Those are the ones the government pays for their rent while they set around and get fat and make more babies to mooch off the welfare system.

Anyway, two of the last 4 renters she had moved off leaving the nastiest mess i've ever seen, broken windows, junk all over the place, dogshit in the carpet and even stole her appliances. All of the times the management company (which was run by "good christian people") wanted to charge her an additional fee to clean up after the renters. I called them and told them that was bullshit and that if they cashed the last rental checks and took their percentage we would take them to court that I was revoking the contract she made with them effective immediately.

So, be sure to ask the management company if they allow destructive renters and the place has to be cleaned or repaired if they charge you additional fees for it.

Wow. For me, I'd rather invest into a mutual fund or company that manages it all and get a percentage of the profit. I'm good only in SEO, not real estate so all I'm going to do is throw money into a fund or fully managed company. Sure the ROI is a little lower but no work is involved either.

WG

the question is.. is it a good time to buy...? Sure the interest rates are low... but apartment complexes and condos are selling at very high cost right now... the market is booming... Condos (and I think apartment complex also) in Montreal are being built at a crazy rate.. everyone wants a piece of the pie... and maybe soon enough.. they'll be more offers than demands.. and you might have problems just finding tenants (if you bought an apartment complex...)

Wow. I guees I've been lucky so far. I own a 4 plex and live in one of the units. So I have 3 tentants. So far we haven't had too many problems at all (knock on wood).

When I bought it we had everyone sign new contracts that included late fee penalties.

Had someone just a few months ago pay there rent 3 days late. They got a letter in the mail stating how much of a late fee they needed to add to there next rent check. The following month was on time including the penalty payment and they haven't been late again.

I got lucky and the property I bought was a very slight fixer upper and since my brother (and partner) is a contractor everything gone fixed easily. Plus the property is excluded from rent control. And most importatnly here in San Francisco property value increases constatnly. In the 2 years we've owned the property it has all ready gone up about $200K-$300K in value.

We just refinanced and lowerd our morgtage. We're definetly going to get another building in probably another year...just need to save up a bit more for the down payment. Anything decent in SanFrancisco costs at least a million so u need a good down payment first.

Anyways...good luck with your property.

P.S. A good way to screen tenants before they move in is to do credit checks.

Right On Melo ! There is nothing Like Real Estate for longterm investment