Landlords/investment property owners, get in this thread and tell me your worst stories (1 Viewer)

[Huskersballz]

I am closing soon on a new house and will be turning my current house into a rental. New property is a multifamily and I will be renting out half and living in the other half. So two properties I will be managing myself. Get in here and tell me your worst stories, biggest regrets, how big of an idiot I am, etc.

 

[God is a Husker]

 

[cwessel76]

I’ll be in a similar boat next year. Moving from suburb of Memphis to wherever the hell the Navy sends us next.

Happy to keep gaining equity but not loving the idea of keeping the property up from afar.

 

[Tyneb23]

Fucking Ray

 

[KidsSeeGhosts]

I am closing soon on a new house and will be turning my current house into a rental. New property is a multifamily and I will be renting out half and living in the other half. So two properties I will be managing myself. Get in here and tell me your worst stories, biggest regrets, how big of an idiot I am, etc.

My wife and I rent out two properties in Chicago (one of which we've been renting out for awhile and have gone through a number of different tenants). You'll either want to have someone on tap up front that can take care of regular repairs (painting, basic electric, etc.) if you can't do that yourself.

Get a basic understanding up front on landlord/tenant law where you're at. Don't want a foot fault on things like requirements for how you need to rent it out, who you have to rent to depending on if they meet the right conditions, etc.

Make sure you have something in the lease that puts basic house maintenance on the tenants AND specify those expectations up front. If someone doesn't know how to light a pilot light for example, you want that responsibility on them.

 

[Cash68847]

I am closing soon on a new house and will be turning my current house into a rental. New property is a multifamily and I will be renting out half and living in the other half. So two properties I will be managing myself. Get in here and tell me your worst stories, biggest regrets, how big of an idiot I am, etc.

If you’re living right there things will go better. It can be a bitch living in another town. My first buy was a duplex where I lived in the one half. The timing was screwed up so I didn’t move in right away and found a new renter for the one side and was going to move into the other side later that year. I gave the new renter a 6 month lease, and the guys in the other side told me instead of moving out they found a new roommate to take the place of their one friend and wanted stay one more year. They paid like clock work and were good tenants, so I told them they could stay plus the other tenant was a slob and made excuses all the time for paying. Anyways the bad renter saw a new roommate moving shit in the other side. He asked me if I decided not to move in? I said to be honest I’m not renewing your lease and told him why. He went crazy and started screaming. He said he was going to make my life hell and and not leave for months. I told him fuck you I’ll get you out one way or another. The neighbor in another duplex called the cops. The cop shows up and wants to know what is going on and the renter is still screaming . The cop told him to shut up and get in the house. I told the cop I was the owner and he lost his shit when I told him I wasn’t renewing the lease. He said that makes sense and I left. After shit cooled down he came back and agreed to move out when the lease expired. I still had to use the credit bureau to scare her ass into paying. The worst part he left it a big mess, but I remodeled that side anyways.

 

[dsbigred1]

I’ll be in a similar boat next year. Moving from suburb of Memphis to wherever the hell the Navy sends us next.

Happy to keep gaining equity but not loving the idea of keeping the property up from afar.

Is there a local property management company that is good? Giving them 10% to collect rent and do maintenance while you aren’t there is well worth it.

 

[dsbigred1]

I am looking for some more places, but my tenant decided when I wanted to sell while prices were through the roof, she would get Covid every other week so she wouldn’t let buyers in. She got an eviction notice as she was month to month. After some negotiating, her rent was raised 33%.