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bbates Category: Inspirational
Current Grade: A
Total Views: 511
Member Comments: 4
Posted on: 04/13/2008
Posted by: bbates
Blog Points: 132
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Today was spent painting one of my apartments. Once I get started, I really enjoy making a place look better, but sometimes getting started is the hard part. This apartment has been nothing but bad luck since I purchased it 3 years ago. Despite attempts at screening for good tenants, I have been stuck with losers who end up moving out owing me large sums of money. When my last tenant moved out, I was really depressed and even put the place up for sale. Since now is a bad time to sell, I figured I better get my act together and try to get the place rented. So, I began the painting project. But, as I'm working, I see that part of the baseboard in one bathroom was hanging by a thread, one of the door knobs was extremely loose, the ceiling light in the living room would short out any attemtps at replacing a light bulb, the area behind the stove and refrigerator had years of hidden "treasures" and several other annoying problems. I kept thinking to myself, "Why doesn't somebody fix this"? Then the reality set in. I AM THE ONE RESPONSIBLE! It doesn't matter that I don't live there, because I own the property and it's my job to see that things get fixed. Whether I do them myself or hire someone, the responsibility is all mine. So, we may all be in this field to try and make some money, but never forget the reality of being a landlord.
Current Grade: A
Category: Inspirational
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Vieving 1 - 4 out of 4 comments
Dewain

Posted By: Dewain on 04/16/2008

Good Morning Barb,

  I have rental properties which are always needing work. We try to make them a little better than all the other rentals on the market. I want the people that live there to be glad they live in one of our rentals.  I am surprized somtimes at all the little maintenance things that some people do not even think about while they are living there. I have had some renters leave town oweing us money but, for the most part it has been a good experience. Usually one unit a year will leave the place in a big mess with several minor repairs but, like Todd says above the money takes care of the mess.

 We try to do annual capital investments to the rental properties that we do have to increase desirablity and property values, also. Keep your head up, stay motivated and keep growing your investments!

Best regards,

Dewain

 
RealEstateInvestor

Posted By: RealEstateInvestor on 04/14/2008
bbates,  I too love to read your blogs.  Your blogs are so sincere and open about your learning experiences.  Blogs that share personal experiences with the real estate investing experience are some of my favorite ones to read and I often can learn from them. 

Best of success,
Joel
 
JohnCorey
Ambassador
Posted By: JohnCorey on 04/14/2008
BBates, You cannot let the hassle of being a landlord force you into being a distressed or motivated seller. If your tenant screening is not working and you lack the time to do the maintenance consider hiring a competent property manager. Some people are not made to be a landlord but that does not mean they cannot own investment property. Focus on what you are good at and find others to do the other aspects. John Corey
 
MillionaireCoaching

Posted By: MillionaireCoaching on 04/13/2008

Good reality check.  Just remember the big picture, appreciation, income (when they pay).  Focus on the benefits.  Cleanup and painting is all part of the game.  Mushrooms are a gourmet item, yet they grow in manure.  Truffles are highly prized, yet grow in the dirt.  You get the idea.  With the good comes the bad.

I had my attorney (who was also a real estate investor) tell me one time.  "Rentals can be quite a headache ... but money is one heck of an aspirin."

Keep up the blogs, enjoy reading them.

Todd