NEVER CEASES TO AMAZE ME (by Dave [CA]) Sep 14, 2020 6:14 AM|
NEVER CEASES TO AMAZE ME (by J [FL]) Sep 14, 2020 6:30 AM
NEVER CEASES TO AMAZE ME (by JKJ [MA]) Sep 14, 2020 7:06 AM
NEVER CEASES TO AMAZE ME (by J [FL]) Sep 14, 2020 7:50 AM
NEVER CEASES TO AMAZE ME (by Hollis [MA]) Sep 14, 2020 7:59 AM
NEVER CEASES TO AMAZE ME (by JKJ [MA]) Sep 14, 2020 8:06 AM
NEVER CEASES TO AMAZE ME (by 6x6 [TN]) Sep 14, 2020 9:10 AM
NEVER CEASES TO AMAZE ME (by WMH [NC]) Sep 14, 2020 9:37 AM
NEVER CEASES TO AMAZE ME (by Oregon Woodsmoke [ID]) Sep 14, 2020 10:43 AM
NEVER CEASES TO AMAZE ME (by Oregon Woodsmoke [ID]) Sep 14, 2020 10:48 AM
NEVER CEASES TO AMAZE ME (by Oregon Woodsmoke [ID]) Sep 14, 2020 10:52 AM
NEVER CEASES TO AMAZE ME (by WMH [NC]) Sep 14, 2020 11:12 AM
NEVER CEASES TO AMAZE ME (by S i d [MO]) Sep 14, 2020 1:56 PM
NEVER CEASES TO AMAZE ME (by Salernitana [CA]) Sep 14, 2020 2:04 PM
NEVER CEASES TO AMAZE ME (by Dave [MO]) Sep 14, 2020 2:45 PM
NEVER CEASES TO AMAZE ME (by PG [SC]) Sep 14, 2020 7:48 PM
NEVER CEASES TO AMAZE ME (by JR [ME]) Sep 14, 2020 8:16 PM
NEVER CEASES TO AMAZE ME (by Laura [MD]) Sep 14, 2020 10:09 PM
NEVER CEASES TO AMAZE ME (by plenty [MO]) Sep 15, 2020 7:46 AM
NEVER CEASES TO AMAZE ME (by PG [SC]) Sep 15, 2020 9:30 AM
NEVER CEASES TO AMAZE ME (by BRAD 20,000 [IN]) Sep 15, 2020 9:46 PM
NEVER CEASES TO AMAZE ME (by Nicole [PA]) Sep 15, 2020 9:58 PM
Click here to reply to this discussion.
Click Here to send this discussion to a friend
NEVER CEASES TO AMAZE ME (by Dave [CA]) Posted on: Sep 14, 2020 6:14 AM
Never ceases to amaze me when reading all these war stories about terrible tenant experiences.
When I was younger,...and less experienced and less cynical,.. I certainly made my share of mistakes in both judgements about tenants and contractors as well as the tricks of the trade that are avoided only with exceptional mentoring or years of street fights and experience,...and usually a combination of both.
Today, with the Internet, there is an incredible amount of free information and tracing on everyone.. If we are willing to spend some time . There are many LL services with reasonable fees which harvest public record information fairly well,....with the understand that reliability is less than ''''' six sigma """" and the understanding is acknowledged that garbage in is garbage out.
Yet it remains incredible how many LLs are simply putting any warm body (s) into their properties, and hope for the best, which usually doesn't come or is short lived. Yes,....I know,... A vacant month is eight and a half percent of a year, and the vandalism and utilities and squatters and showings and commissions and the dust that settles on the horizontal surfaces. Yes, yes, yes.
In my A and B properties I charge processing fees of 100 per person.
«xIt's harder in the B minus and C to command that much. I don't own soft C's or below. Never have and never will. I just don't have the personality for it. I realize there's Good money to be made down there with wonderful cash on cash ratios. I enjoyed reading the recent OT post on CC handguns with the staggering amount of chime in's by our colleagues. Little too tony soprano or """ two big guys with a truck to help you move"""' for me.
Why are so many of us venting about our terrible experiences ?
Is it how some of us are running our livelihoods or is it the way society is now ??? --172.250.xx.xxx
NEVER CEASES TO AMAZE ME (by J [FL]) Posted on: Sep 14, 2020 6:30 AM
Dave I have thought about this myself and I think because some of the people on this site (not me) have a LOT of units they don't have the luxury of waiting forever for the perfect person to come along, because soon there with be a second or third vacancy to fill, when they own a lot of units. So occasionally they end up with these horror stories. --72.188.xxx.xxx
NEVER CEASES TO AMAZE ME (by JKJ [MA]) Posted on: Sep 14, 2020 7:06 AM
I agree with Dave, there are small LLís with just a triplex that do this exact same thing. --174.192.x.xxx
NEVER CEASES TO AMAZE ME (by J [FL]) Posted on: Sep 14, 2020 7:50 AM
well there are also those who don't know what they're doing. You see them posting but they never learn from the responses. --72.188.xxx.xxx
NEVER CEASES TO AMAZE ME (by Hollis [MA]) Posted on: Sep 14, 2020 7:59 AM
Well, they say you don't know someone until you rent to them.
Look at all the complaints about someone who has been good even very good for years and then turns bad,..sometimes very bad.
Some people are hard to vet,.even with the internet services. They are savvy to know to list that they are living elsewhere esp with friends or relatives prior.There are books to tell them how w/o being detected. There are same/different books that are called something like "How to xxxx your LL" I know I have obtained some of them to try to stay ahead of them.Great tactics on how to do this to LL's
And then, in some of my markets if I waited for perfect tenants or anything above a 5 on at 10 scale, I would have a vacancy for many months/years. Yeah I could sell those,..but to whom? At a very BIG discount. Those areas ARE on a upswing,..and are still somewhat profitable,.one can only hope it doesn't take forever.Waiting would cost many thousands, best one can do is hope and try to keep on a short leash. That works MOST of the time,... --96.236.xxx.xxx
NEVER CEASES TO AMAZE ME (by JKJ [MA]) Posted on: Sep 14, 2020 8:06 AM
Every LL has to do what they have to do to stay in the black while mitigating risk as much as possible. Some are better than others at this, others never learn, and still some have no choice as Hollis pointed out, itís just the way it is. --174.192.x.xxx
NEVER CEASES TO AMAZE ME (by 6x6 [TN]) Posted on: Sep 14, 2020 9:10 AM
I think some of it is lack of knowledge and training and learning. The other part I think is that they have so many properties and tenants that every once in a while they end up with bad apples. Also people change over time. --73.120.xx.xxx
NEVER CEASES TO AMAZE ME (by WMH [NC]) Posted on: Sep 14, 2020 9:37 AM
In recent years, the only tenants I have had "go bad" is not because the tenant changed, but bad family members showed up. I have one older lady tenant, health care worker, in an over-garage studio. Her wayward adult criminal son gets out of jail and keeps showing up and sleeping in her garage. Twice now. Threatening to evict her gets him out again without incident but she knows now if it happens again she is gone.
We had another great tenant, older lady, teacher. She was there 3 years or so, settled in, friends in the neighborhood, etc. Her meth-head adult son, supposedly in recovery, brought his bimbo GF and her 2 or 3 young children and a couple of dogs and bully-moved into her 1-bedroom apartment. We asked them all to leave and they did, without incident. --50.82.xxx.xxx
NEVER CEASES TO AMAZE ME (by Oregon Woodsmoke [ID]) Posted on: Sep 14, 2020 10:43 AM
Middle class people, who are going to be the majority of small mom and pop landlords, simply have no idea how large the percentage of the population consists of scummy dishonest people. They have lived sheltered from that type of person.
It was a real shock to me when I went into law enforcement to learn how many people are dishonest, totally self centered, and proud to get away with crime and destruction. It was another shock when I went into landlording to find how huge that population of scum really is.
It's a big adjustment to the thought process.
NEVER CEASES TO AMAZE ME (by Oregon Woodsmoke [ID]) Posted on: Sep 14, 2020 10:48 AM
When I first got into landlording, I made a couple of mistakes because of too much trust on my part. It's hard to realize that people actually are hoping to hurt you and steal from you.
Then there were a few more mistakes as I learned how to screen for the tenant deception; how to pick out their lies on applications. Now, today, it becomes harder to keep them out because the government wants them housed and keeps passing laws that make it harder to keep them out. I mean seriously, you aren't supposed to screen out felons because that is racism? --76.178.xx.xx
NEVER CEASES TO AMAZE ME (by Oregon Woodsmoke [ID]) Posted on: Sep 14, 2020 10:52 AM
I don't find our information online to be increasing. it's gotten impossible to reverse directory a phone number, which was one of our most valuable tools for screening.
Tenants, on the other hand have a well developed grapevine online to inform them of every trick to use, and of every tenant right they have, and how to get around every law. --76.178.xx.xx
NEVER CEASES TO AMAZE ME (by WMH [NC]) Posted on: Sep 14, 2020 11:12 AM
"I mean seriously, you aren't supposed to screen out felons because that is racism?"
It's a little more nuanced than that. You can't have a BLANKET rule of "No felons!" but you can certainly have criteria regarding individual crimes & cases: I don't accept VIOLENT crimes against people or property. But if they were charged with felony possession of pot 10 years ago, I'm going to at least take a look at them. --50.82.xxx.xxx
NEVER CEASES TO AMAZE ME (by S i d [MO]) Posted on: Sep 14, 2020 1:56 PM
Well, I'm not one to post about my problems, because--thank the Good Lord--I haven't had many since we started really being careful about screening.
Yes, I've got one tenant who paid a few bucks short 2 weeks ago and hasn't paid since last Friday when pmt #2 was due. But that is one person. She is the only problem person out of the entire portfolio. I'm not too worried. She gets 48 hours from my "Rent?" reminder this morning until we start finding reasons to evict. Can't evict for non-payment, so we will be going other routes if needed. And, if we can't find another route, we will try the non-payment route and see if she can provide the documentation to avoid eviction. There are quite a few hoops she will have to jump thru to avoid it.
I too don't get it. We post here about the 2-minute in home inspection, but so many LLs refuse to do it or poo-poo it as "weird" or "intrusive" or "my applicants won't stand for it!"
How many of those actually TRIED it? My guess is few to none. It has made all the difference.
Someone above said, "You don't know someone until you rent to them." That is partly correct, but you can sure find out a lot about them by diligently screening and meeting them in their current home. Why someone refuses to do this is beyond me, but it's their valuable investment they're turning over to a complete stranger. Sort of like letting your teenage daughter date a dude from school or one she found online without sitting him down and having "the talk." I'm sure some people think that's weird too. I don't care. I'm weird. It's what I do, and it works.
NEVER CEASES TO AMAZE ME (by Salernitana [CA]) Posted on: Sep 14, 2020 2:04 PM
I understand how you feel, and I myself used to ask very similar questions to myself. I remember that S i d noted that many horror stories stem from particularly C and D properties, and it made me much more aware of the unbelievable behavior of deadbeat, insane, and/or awful tenants. Nevertheless, Class and B tenants can be equally worse, and we're all here to help landlords vet out and survive the pool of any incoming tenants. --73.93.xxx.x
NEVER CEASES TO AMAZE ME (by Dave [MO]) Posted on: Sep 14, 2020 2:45 PM
We invest in people. A, B or C. --72.24.x.xxx
NEVER CEASES TO AMAZE ME (by PG [SC]) Posted on: Sep 14, 2020 7:48 PM
People have changed for the worst over the last 20 years. I am 69 and a small time LL retired from a good W2 job.
More and more people believe it is OK to lie to get what they need or think they need.
Years ago I could do a little bit of screening, get some references, do a face to face never had any major trouble.
NOW - my attitude is the prospect is lying about something and if I don't find it I have done a poor job of screening.
Inspections and tenant policing is an absolute must.
AS Oregon WS said, and I agree, about Law Enforcement who deal with these type people every day and add being a LL you can't help from becoming cynical about people. --184.20.xxx.xx
NEVER CEASES TO AMAZE ME (by JR [ME]) Posted on: Sep 14, 2020 8:16 PM
It never ceases to amaze me that landlords continue to voluntarily live and mange rentals in liberal hellholes like CA, DC, MA, OR and WA. --98.13.xx.xxx
NEVER CEASES TO AMAZE ME (by Laura [MD]) Posted on: Sep 14, 2020 10:09 PM
PG(SC) this is in reference to post which is no longer allowing updates. Hats of to your Dad, thanks for his service! --108.56.xxx.xx
NEVER CEASES TO AMAZE ME (by plenty [MO]) Posted on: Sep 15, 2020 7:46 AM
PG I've heard them tell the truth and still not get the property. They believe telling the truth, i will feel sorry for them or feel the need to help them. Just the facts. Some people dont know what they are saying/telling. Some one cant tell what is truth or lies... next! Seems a story is drama in any form. Rather not be involved. --99.203.xx.xx
NEVER CEASES TO AMAZE ME (by PG [SC]) Posted on: Sep 15, 2020 9:30 AM
Laura - Thanks about my dad. I used to go out with him sometime - you would not believe some of the stupid people he had to deal with. And how quickly a situation could become very dangerous.
Plenty - I know exactly what you are talking about the truth teller who has a sad story. But in the end as you said - don't get involved and keep the emotion out of it.
NEVER CEASES TO AMAZE ME (by BRAD 20,000 [IN]) Posted on: Sep 15, 2020 9:46 PM
PG beat me to it. People, as a group, have changed for the worse.
When we started me screening criteria was "Did they fill out the application? and Did they say they can afford it?"
There were not online court records to check and we did not know to call their employer.
But it worked well. We made money and had very few issues.
When I started the advice was "If you let them fall 2 months behind you won't see ANY money."
Years later I pushed that to one month behind.
As of a few years ago I switched to ZERO TOLERANCE. Due on Friday, Evict on Tuesday.
Negative stories: they are more exciting AND offer great lessons. "Everything went fine" does not make the 6 o'clock news.
ANYONE can be a LL. NOTHING required - no training, no experience, no professional membership, no continuing education...and no business sense required!
NEVER CEASES TO AMAZE ME (by Nicole [PA]) Posted on: Sep 15, 2020 9:58 PM
...ANYONE can be a LL. NOTHING required - no training, no experience, no professional membership, no continuing education...and no business sense required!...
Very true - however, being a successful landlord generally requires a lot of time, effort and hard work... including the school of hard knocks and the willingness to change and adapt for various circumstances.
I disagree with a lot of what I read on here or it doesn't pertain to me - but I store a small part of that info in my cavernous skull and pull it out when I want to change something or run across something new to me. --72.70.xxx.xxx
Click Here to send this discussion to a friend
Report discussion to Webmaster