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Author: StockGoddess Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 4957  
Subject: Re: Buying first rental property Date: 11/16/2012 3:10 PM
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Do you have what it takes to be a landlord? I know a few. Get to know one, take them to dinner, talk about the worst in tenants. Here's a quiz:

1. Tenant is a mother, with kids, hasn't paid rent in 2 months, it's just shy of Christmas - could you evict her and sleep well at night?

2. Tenants are family, dad is out of work - can you evict them?

3. Tenant's neighbors have complained of strange men coming and going all times of day and night - you suspect prostitution or drugs. What do you do?

4. Tenants do $4K in damages above their deposit and it'll take a month of solid work to put it back into shape - if you hire it done. Four months doing it yourself. What do you do? We're talking head-sized holes in the walls, broken doors, filth everywhere an inch thick, broken windows, chewed-up windowsills, dog and cat pizz on the floors

5. Prospective tenants - nice old man and wife - say landlord is selling. They don't seem to have his name, though, my goodness. Their house is spotless. Take a chance, or no?


ANSWERS (not all MY situations, but all real-life situations)

1. Yes. If you hesitated at all, don't do this.

2. Yes. As a matter of fact, you went out to dinner last night and saw said father with a woman not his wife, and he paid you $300 of the back-rent to be quiet about it. (this really happened). Take the money. Evict anyway as he owes $2K.

3. You call tenant, tell her you know what's going on, tell her she vacates the property in 3 days or you'll call the cops. Apartment is empty 3 days later. No forwarding address. Re-rent.

4. Hire it done and go back to work. Not.worth.it.

5. I used tax records to find the owner. Tenants were being EVICTED. Ran credit check - worst thing I've ever seen, evictions, judgements, liens, bankrupcy - guy had an actual credit score of 406 in a 300-800 range. They looked and sounded like fresh-baked-cookies churchgoing ma and pa. They were every landlords' worst nightmare. Better a biker who pays his rent than a schoolmarm who does't...

You need a plumber, an electrician, and a well-rounded handyman you trust and can call at the drop of a hat. Ability to run credit and background checks. Info on how to evict. Those credit checks saved my backside more than once...

SG "my 2 cents..."
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