Drive by shootings, short $4,000, and blown furnaces. Want to buy rental property?
November 25th, 2008
OK, since this is my first post I’m going to have to play a little catch up on my rental property endeavors. Right now I - I say I, but I really me we. You see my wife and I are in this together financially, but I handle the day to day ‘operations’. Anyway, I have a total of 3 investment properties with a total of 8 units. That’s a duplex and two triplexes. We live in one of the units in the duplex.
We’ve owned the duplex for nearly three years now and the triplexes for nearly two years. Man its been a roller coaster. If I’ve learned anything it’s definitely not as easy as the books make it out to be. Here’s a summary of some interesting things I’ve had to deal with so far:
- Tenants who haven’t paid – I’m owed just over $4,000 in back rent
- Neighborhood drive-by shootings
- Heating systems that have froze and ruptured
- Break-ins
- Cat piss smells
- Possible drug dealing tenants
- Huge amounts mess left over from tenants
- Bounced checks
- Long term vacancies
- Water leaks
So, do you want to invest in property too?
…are we talking serious drugs or, like, pot…are there good things about property investment or is it all scary underworld stuff?
….but the question we all want to know is, is it worth it?
Well, the jury is still out on that one. So far all rental units are stable, but it’s been a lot of work to get here. Check back with me in 5 years and I’ll let you know.