Real Estate is HELL
Question: I’ve been landlording for over 10 years now, and can’t believe so many folks would be interested in getting in on this kind of investment. It is more hellish than ever.
Here’s what I’m dealing with:
Duplexes that will not sell. Tenants who have no respect for the upgrades and out of pocket expenses we’ve put into the properties. Tenants who don’t even keep a clean house. Tenants who leave ya with a mess that takes a week just to clean up (over 80% of tenants). Capital gains taxes that require a loan to be taken out to pay if the properties DO sell (thereby also negating all the deductions taken over the past 10 years). Needing a loan just to counter the taxes on the deductions even tho I’d be selling *at a loss*. Having roaches destroy the quality of the home AND tenants that COMPLAIN about it even tho THEY ARE THE CAUSE OF IT. Tenants that threaten violence when they don’t agree with the rules of the lease. Tenants who treat you like shit because you’re kind and caring, and therefore easy to take advantage of. Tenants who treat you like shit because you command respect and are in charge. (You can’t win, either you’re too easy or too hard). Property values that plummett because of tenant’s trashing it. Tenants that sue for many tens of thousands of $ due to non-existing and therefore unprovable “negligence”. Overall lower quality of life worrying about a place that isn’t filled, and mortgage payments that can’t be made. Possible bankruptcy. Possible loss of everything else I’ve worked so hard for. All while most of these people get thier money for free.
Yeah, real estate is definitely hell. The only saving grace is when one is lucky enough to find a gem of a tenant (one in approximately 100).
Answer: Don’t forget the tenants that move in and don’t pay any rent because they know it will take months to evict them. So they ride free and then on to stiff somebody else. OH NO! Never had this problem my friend…I’ve always been able to accomplish an eviction within 14 days, in NY anyway. Goodness sakes. If I had to wait THAT long, well, I have some “connections” that for a small fee, will be glad to put the fear of god in a severe asshole. Fortunately, I’ve never had to call upon them, and hope I never will, but it’s nice to know they’re there.
I would go so far as to recommend you find some similar “connections”…if it’s the case that you really can’t get people out sooner, and you come across another individual who’s that willing to take adavantage of another human being (yourself), then that individual needs to learn a lesson the hard way. You simply do NOT treat people like that an expect to get away with it, and this kind of response is the only thing these kinds of people respect, as I’m sure you already know.
Either way, figure out SOMETHING…I’d do everything in my power to make his/her life HELL if I didn’t have these connections. Good luck, and I hope you don’t have to deal with it again. Using “connections”, as you euphemisticly put it, is about the quickest way to jail, bankruptcy or both, that I can think of. Tenants know that and would welcome and encourage you to use force. Ever see “Pacific Heights”?
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