I decided to get into rental properties in 2005. Had to look that up.
It all started with a house I purchased at an repo auction. $15k.
The place was destroyed! After $25k went into new HVAC, electronic panel, appliances, kitchen, hardwood floors, etc, etc, we advertised for our first
We settled on a single mom with two kids.
Sweet lady and sweet kids.
Never had a single problem with the family.
That was a very encouraging start to the endeavor.
Actually rented a house to the oldest kid for a few years.
A couple years later my main business was doing well so I bought another house that didn’t need much work. A coat of paint, some carpet cleaning and
some new door hardware and on the market it went.
This time it was a couple with three kids.
Six months in and the rent check was always late... then later and later..
After talking to the renter and asking if they were having trouble they assured me everything was fine and it wouldn’t happen again.
The next month, no check...
I call and of course the phone is disconnected....
I stop at the property and the old next door neighbor says ,(they left last week)...
Ok.... so I open the door,, not locked and oh my holy hell!
Garbage piled everywhere...
Closets full of garbage...
And I mean garbage, food and everything.
Holes in the walls, unrecognizable stains...
A learning experience for sure... now my leases contains a clause for random home inspections with a 24hr notice.
I purchased a house about every six months or so until a few years back I had eleven rentals. For the most part the renters are good people. The best
ones tend to be young people starting out or older folks winding down.
But there are people that will just never change. Bad life choices become a habit for some. For others it’s for lacking the ability to say no.
I had a small home that was rented by a old widow.
She was on a pension with a fixed income.
Wonderful lady that baked awesome cookies.
She had breathing issues and couldn’t exert herself to much so I agreed to mow the yard and shovel the snow. Not a bad trade for a reliable renter.
And the cookies!
All was well until her son moved back to town.
He was a waste of oxygen..
Constantly pressuring her into giving him money. “They’ll take me to jail if I don’t pay it mom!”.. I can’t prove it but I will die
believing he was hitting her.
About every other month she was short on rent money and wouldn’t come out and say why but I knew... then I finally got her to admit her son had
moved in, (that’s a violation of the lease if his name is not on the occupancy line).
I told her I understood the situation and asked if she wanted me to get her son to move out and she happily said yes. I presented him with eviction
papers and he reluctantly moved out and out of town. Come to find out he had some arrest warrants out with his name on them. Lol...
Now for the big ball of fun.
The final nail in the rental coffin..
One of my houses was rented to two young men.. early twenties.
Not an unusual occurrence, lots of girls do the same when they are young.
Less than a month later I get a call from the police that there are strange smells coming from the house.. strange? What’s that mean exactly?
So I attempt to contact the renter and get no answer. Go figure.
Then I call the police and ask them to meet me at the address.
They recognize the smell...
Want to guess?
Somebody was cooking meth in my fricken house!
The cops call for backup and then enter the house with protective gear.
I couldn’t even go inside because of the contamination.
$16k to clean that house.
I had to hire a certified company to take down the drywall and pull up the flooring.
Hazardous waste disposal is not cheap.
That was when I decided to ease out of the rental business.
To much risk to bother with.
And the expenses....ugh..
Mortgage payments are bad enough as everybody knows.
But most people don’t realize the property taxes are higher on rentals.
3% as opposed to 1% for a homestead.
Then the insurance for liability and damage...wow
I’m down to six houses now and will be down to four before 2021.
Well anyways, in the rental business it’s easy to become jaded towards the human race. You will encounter some sad individuals with a few wonderful
edit on 29-6-2020 by Bluntone22 because: (no reason given)