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Investment Real Estate Equals Tenants

*** I edited this post because of SE Renter’s comment below. I don’t necessarily agree but in this litigious society, I’ll take heed. I also should have pointed out that we currently have and have had good renters. My tone was not meant to be flippant but to indicate you can’t predict what is going to happen in a property that you own.

You have two choices if you have rental properties: be a landlord or hire a management company. We have chosen to be our own managers so have collected some pretty good stories.

XXXXXX Move by a Tenant: At 11 o’clock one night I say to my wife, “it smells like burning toast.” We get up and discover the tenant in the basement hopping on one foot crying and smoke billowing out of the oven. After an XXXXXX night out, she came home hungry and decided to cook tater tots; on the clean cycle. 900 degrees later tots ignite and since the oven door is locked down in the clean cycle the door won’t open. Solution: kick it bare foot until you break your toe…

Boldest Move by a Tenant: I arrived to do a plumbing inspection in the basement of a rental and discovered a new wall with a dead-bolted door. Wires running out of the brand new electrical panel. Doesn’t take a rocket scientist to figure out what is behind door number three. Turns out the four-card medical marijuana grow operation was legal in the eyes of the law- just that they violated their lease in about 33 different places. Theory was easier to ask forgiveness than permission.

Just when you think you have seen it all, you get the Saddest Move by a Tenant: Getting the phone call that someone has committed suicide in one of your properties is not fun.

10 Comments on “Investment Real Estate Equals Tenants

  1. The tone of this posts suggests a lack of respect for your tennants. It seems to me that mocking tennants could negatively affect the reputation of a land lord.

    The information in the first example is likely to be sufficient for a motivated individual to identify the “dumbest…” tennant. Inferring that someone is an alcoholic in a public forum is puerile (and potentially actionable).

  2. SE_renter: Of course only renters do these kinds of things, owners never do anything stupid.

    But seriously… I’m not looking forward to being a landlord.

  3. I edited the post above taking heed of SE_Renter’s comments. I think TIP hit it on the head by inferring that home owners do “stupid” things too. At least they are doing it to something they own, not something they have been entrusted with.

    Here’s something else for renters: Do you have renter’s insurance? Our lease requires it and whenever we ask for proof, it takes a few days while they go out and get it. House burns down, your personal possessions are not covered.

  4. Got to love the blogsphere. Great traffic today on the blog due to SE Renters post on TheHousingBubble.com. Obviously I had a couple of spelling mistakes (fixed) but I think “Turner Specuvestor Real Estate Blog mocks tennants and practically accuses one of being an alcoholic” is perhaps… well you chose… I wouldn’t want to say anything else actionable or puerile (that’s juvinle for the rest of us, I had to look it up).

  5. Great traffic today on the blog due to SE Renters post on TheHousingBubble.com.

    Link?

    When I goto TheHousingBubble.com I get an under construction message.

  6. SE Renter, when you own the property and your tenant burns it down by going to sleep with a lit cigarette, your tenant is indeed STUPID (not to mention all of the other stuff).

    Lots of renters are honorable people. But lots more aren’t. Ever try having a coke addict or a meth addict as a lessee?? Perhaps you need to get off of your high horse.

  7. When landlords “call it like they see it”, as their experience usually gives them the ability to do so, obections like SE Renter’s will come out. There is nothing litigous in stating the truth.

  8. Thanks for editing you post Charles. You deserve kudos for allowing alternative points of view.

    I’ll not apologize for the “specuvestor” label, however. Just in case you are looking to diversify a little, I recommend shorts on KBH and CTX.

  9. There’s also lousy landlords. I almost died in a house fire caused by a defective refrigerator that I had complained about numerous times. I was young and stupid – renters, always put your complaints in writing! After 15 yrs of home ownership, just signed up for another year lease in a beautiful house in NE PDX with great landlords while stupid prices go away.

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