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REAL ESTATE Some Days it Sucks to be Bob

bflbob

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Ahhhhhhhhhhh!!!!!!
:bgh::smxD::smx4::smxE::pissed::tdown::nopity::Guillotine::moon3::pullhair::icon_toilet::bsmeter::frocket::eek::repuke::greenchainsaw::bartmoon::puke::dead:



I've owned this nice little 5-unit for a couple of years now...not too many issues...great tenants (except when they died, which is another story altogether!) All of the sudden...issues!

Issue #1

I got a new tenant (not dead) about two months ago...passed credit check...had cash for security and first month rent. 30 days later, they can't pay the rent. Now, they are moving, which is fine, especially since one is moving to jail. The apartment should be ready to rent on March 1st.

Issue #2

Another tenant, who "came with the place" after being flooded out of his home, has finally found a new home. They should close soon, and the apartment should be ready to rent on March 1st.

Issue #3

Yet another tenant, who happens to be my son, has been building a new house. The house has been coming along fine, and they should be able to move in shortly after March 1st!

Issue #4

The deadbeat tenants from Issue #1 called to let me know there was a leak around their window. My roofing guy just called to let me know that the freakin' roof is missing! :wtf: Well, not the whole roof, but a six-foot section of the shingle material has blown off, the wood is rotten, and the rest of the shingles are hurting big time.

I'm a little afraid to get behind the wheel of my car...


Bobbo
 

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andviv

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You've dealt with things that, in my opinion, are worse. You will handle it just fine. I don't thing anything beats the dead guys stories, so these is just a temporary thing that you will solve pretty quick.
 

Runum

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I think these things run in cycles or streaks. Maybe you have reached the end of this bad streak of luck. Hang in there. :cheers:

Greg
 

Yankees338

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I agree with all of the above!

You'll be fine. The bad stuff is always a precursor to something good; it's a test to see how far you're willing to go to succeed.

Good luck!
 
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bflbob

bflbob

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Well, the guy just called after patching the roof.

$400.00 to climb up on a 3rd story, pitched roof in a steady rain on a fairly cold day.

That's just shy of $1,000,000 less than it would take to get me to do it!

He tarred, pulled the old roof in place, nailed it and tarred over it.

Hopefully it will last until winter is over.
 

Bilgefisher

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Ok, your going to look at me like a got a duck on my head, but I look forward to this. I can't wait till I get myself into a multiplex. I do applaud you in keeping your sanity though.
 
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bflbob

bflbob

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Here's how nice most people are here in my town.

The tenant that can't make the rent payments...the one with the leaky roof...
...she has been referring me some new potential tenants.

She's posted the place on craigslist, on her own, and the ad is GREAT!

$650 / 2br - NICE, CLEAN, SPACIOUS APT!


I have this very nice apartment here in [-----]. It is [2] bedrooms, [1] bathroom, large living room, kitchen, dinette, and [2] private porches. I like this apartment very much, however I need to move home to take care of my family and need to rent out the apt for the remainder of the lease. I have no camera for photographs, I apologize, though you may see the apt at any time please give me a call at XXX-XXX-XXXX. I work often so please leave a message and I would be glad to respond asap. Thank you.
I couldn't ask for more than to have the present tenant give this glowing recommendation.

Of course, she could have promoted the "Fresh, Running, Rain Water System".:smilielol:
 

AroundTheWorld

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Oh Bob... maybe it is something in the wind. We had a similar month.

House #1: Tenant switched jobs. Didn't have money for rent in Jan... but sincerely trying. Note... he did just pay.
House #2: Tenant is a total scam artist and not only avoids paying rent but avoids answering the door or signing for certified mail and seems to be an escape artist as well. Hasn't paid rent. Luckily he is now moving out. Happy to have the vacancy.
House #3: Was vacant in December and January. Luckily we got someone in.
Commercial Prop #1: Tenant is struggling through the winter. Didn't pay rent in Jan - - but is sincerely trying.
Thankfully House #4 consistently pays on time and the self-storage properties are performing.

I'm thinking we need some :cheers: in a few weeks!!!
 

Yankees338

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Here's how nice most people are here in my town.

The tenant that can't make the rent payments...the one with the leaky roof...
...she has been referring me some new potential tenants.

She's posted the place on craigslist, on her own, and the ad is GREAT!



I couldn't ask for more than to have the present tenant give this glowing recommendation.

Of course, she could have promoted the "Fresh, Running, Rain Water System".:smilielol:
Wow. That's great. See? Told you something good would come out of it! :smx9: :banana:

That's truly impressive, though. I'd be pretty shocked if anybody around here would do that...
 

andviv

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Bobbo, this definitely deserves a chapter in that book that you will write about your experiences as the greatest landlord in upstate New York. Glad to hear it wasn't as bad as you were thinking.
 

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PEERless

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House #1:...sincerely trying.
Commercial Prop #1:...sincerely trying.
I'm definitely not going you tell you your business, because you've got a $1,000,000 stamp, and I don't; but how does one know the intentions of his non-paying tenant? I try to see the good in people, but not paying is not paying. Why not start the eviction process on the first missed payment and try again?

Maybe my tolerance for dead-beats will grow as my property portfolio does. With only one property, though, I wouldn't give ANYONE the benefit of thinking he is "sincerely trying."
 

AroundTheWorld

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I'm definitely not going you tell you your business, because you've got a $1,000,000 stamp, and I don't; but how does one know the intentions of his non-paying tenant? I try to see the good in people, but not paying is not paying. Why not start the eviction process on the first missed payment and try again?

Maybe my tolerance for dead-beats will grow as my property portfolio does. With only one property, though, I wouldn't give ANYONE the benefit of thinking he is "sincerely trying."
I fully appreciate your point. Biz is Biz, right?

In both of these cases, we know the people involved - - - and therefore have a pretty good understanding of the entire situation. So, I feel comfortable mentioning the "intention" and they are a little more complicated then simply not paying rent. In one, for example - they turned over to our Prop Manager a title to an RV to hold until payment came in.
 

phlgirl

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Maybe my tolerance for dead-beats will grow as my property portfolio does. With only one property, though, I wouldn't give ANYONE the benefit of thinking he is "sincerely trying."
Absolutely not. Trust me, as your portfolio grows, it will become even MORE important that you stick to your rules – particularly when it comes to rent collections. I was more lenient when I first started out and it was a mistake. Once we increased our buying pace, this quickly got out of control and had to be corrected. All of the sudden you are talking about covering over 10k in mortgage payments, in addition to your own!

I look at it like this – if I were to allow things to get behind, not only would I be putting our own financial well being at risk but also the housing of the remaining tenants who are paying according to terms.

Bob – sorry to hear about the rough spell!! I hate it when they all decide to leave at once! Ugghhh Things will turn around soon.
 

BEAR

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I have had about a year of being "Bob"........ but with much worse luck:bgh:

Keep your head up and remember, without the bad times we would have no good times:smx9:
 
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bflbob

bflbob

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I have had about a year of being "Bob"........ but with much worse luck:bgh:

Keep your head up and remember, without the bad times we would have no good times:smx9:
This is true.
And it has happened in this house before.

When tenant #1 died, I was able to update the apartment.
The rent on the unit went from $350/month to $600/month.
That's $250/month, or $3,000/year or $30,000 in value at a 10% cap rate.
(This house cost less than $100,000 so that is HUGE.)

When tenant #2 died, we updated that apartment too.
Rent went from $525 to $650/month.
$125/month, $1,500/year. $15,000 in value.

Two of the vacancies I have now (well, March 1st) should allow me to update two more apartments.
Those should net another $125/month or $15,000 in value.

So, all this misfortune might actually net me $60,000 in forced appreciation.
That will help to pay for the roof.

(See --- SteveO ain't the only one who knows this stuff --- but he's still my hero!)


Bobbo
 

AlwaysCurious

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@Bob I admit I laughed a lot on your humorous description of this situation. Especially your thread start is quite hilarious. Your still positive attitude is impressive. Rep+ from my side!
 

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