It's going to be one of those Months. - InspectionNews

Rick Cantrell · #1 (**permalink**) 09-07-2008, 07:04 PM

I'm going to vent a little here.
I Have some houses that I rent. Had to send out 3 pay or vacate notices on Saturday, because of nonpayment of rent. I get lied to time and time again. Just got tired of it so it's time to go.
Thursday I go apply for the eviction warrants.
Looks like it's going to be a challenging month.
Then I've got to repair and clean them up, just to start over again.
Last month, I spent $700 in materails and 4 days getting just one side of a duplex ready to rent. It rented on Friday.
Like my Daddy says " Sometimes I don't think I'll get out of this world alive".

Ron Bibler · #2 (**permalink**) 09-07-2008, 08:22 PM

Well... keep a stiff upper lip.

Best

Ron

Ted Menelly · #3 (**permalink**) 09-07-2008, 08:28 PM

I rented a few properties in the past. One to an ex brother in law. I am still out a few grand.

Most of the time the other rentals went well. Yeah know. It is not always the low fee rentals. I rented out a nice place for a good bit of money to folks with good income and good credit. They were the slowest latest payers. One of them lived like a pig.

They come from all walks of life.

Erby Crofutt · #4 (**permalink**) 09-08-2008, 02:57 PM

Rick, you won't!

But it's a wonderful day when you wake up in the morning. A lot of people didn't wake up this morning!

Keep it in perspective. You'll survive.

Rick Hurst · #5 (**permalink**) 09-08-2008, 08:02 PM

Keep your chin up!

rick

Brian Thomas · #6 (**permalink**) 09-08-2008, 08:59 PM

I have heard too many headache stories of renting out properties. Thats probably why Ill never get into it.

Its tough though, I hope you get them to pay. Or at least have the eviction go smoothly.

Rick Hurst · #7 (**permalink**) 09-08-2008, 09:42 PM

Has there ever been a renter that moved out that left the homeowner (landlord) without nothing to repair?

I doubt it.

Most when moving out don't even give notice. They just move out in the middle of the night and leave 3 months of past due rent not paid.

Hell, they don't even take all their possessions. I've seen many leave their children pictures on the walls and all the kitchen utensils in the cabinets along with the nasty arse cockroach infestation that they had no problem living with either.

rick

Rick Cantrell · #8 (**permalink**) 09-09-2008, 08:08 AM

"I have heard too many headache stories of renting out properties. Thats probably why Ill never get into it. "

Having rental property is not an easy job.
Finding property, the purchase process, financing...
Get it ready to rent, repairs, updates, clean...
Advertise for rent, show the property
Screen applicants
Leases, walk through inspections, lead disclosures,...
Explain and collect Deposits, 1st months rent, and other fees...
Then the real work starts, Collect the rent every month

The reason I do it is because, being self employed, my retirement consist of SSI (which may not be around when I'm old enough), $37.53 in an IRA (not really, but still not near enough).
So rental, is my retirement.
It is a lot of work, but I have to say I really do enjoy it.

"Has there ever been a renter that moved out that left the homeowner (landlord) without nothing to repair?"

Yeah, if you mean nothing left to repair, no stove, refrigerator, AC, even toilet missing (just kidding, but not much).

"Most when moving out don't even give notice. They just move out in the middle of the night and leave 3 months of past due rent not paid."

The ones that move out owing you money are not the biggest problems, it's the ones that WONT move out and owe you money.

BTW, I said I rented one on Friday, well he moved in Saturday. Monday I was at his apt. He said that on Saturday night someone was banging on his door, when he opened it, there stood a man that had been stabbed several times (by his girlfriend). What a way to start off a new tenant.

Brian Thomas · #9 (**permalink**) 09-09-2008, 08:59 AM

Well if you enjoy owning and renting property, thats really all that matters. If you can deal with all the ulcers and headaches and make some extra money in the process, its all worth it.

Some people have it in their makeup to handle it well and others dont. I guess I fall in the latter category!

OUch, what a way to start off a new tenant. Is that place in a bad area?

Rick Cantrell · #10 (**permalink**) 09-09-2008, 10:08 AM

"Is that place in a bad area?"

It depends on what some one's idea of "bad area" is, and what you are willing to or can pay for. At $400 a month don't expect to get the best locations. I can say that the place was vacant 5 weeks, AC still there, no broken windows or doors, no vandalization at all.

"Some people have it in their makeup to handle it well "

I grew up around rentals.
When I was 7-8 years old my father started buying property, by the time I was 17 he had 150-200 units (40-50 peices of property).

Property rental is much like any other job, in some ways.

Rick Cantrell · #11 (**permalink**) 09-13-2008, 07:52 AM

Update

One tenant came in this morning and paid the rent and late charge.
Another tenant call and said they are moving, will give us the key Monday.
Third tenant, well, still making excuses. Told her if rent is not in today, Monday I'm going to evict.

I'm like the TV commercial:
" It's my money, and I want it now!"