I was just dozing off to dreamland one winter night when my cell phone rang. It was yet again one of my tenants calling with an emergency. There was the smell of gas in the house. What should she do?
I’m compelled to share my story of tenants and toilet and threats that, as a real estate investor, I have experienced. Perhaps you want to become a real estate investor, perhaps you are looking to get out of real estate investing and have experienced stories such as mine.
Looking to have “passive income,” I began buying and holding houses all across the United States. Little did I know what lurked in the future that made me being a landlord a nightmarish occupation.
I bought houses in relatively nice working class neighborhoods. Some homes were just a few years old so I felt secure in having a house that would have little to no maintenance. Well...tenants are not “little to no maintenance!”
Do you know the legal ramifications of renting a home to someone who likes to partake in a little marijuana? I quickly found out that you deal with local, state, and federal agencies, not to mention the neighbors who deem your house undesirable.
Also, by some weird coincidence I had 2, (yes 2!) tenants die within 1 year of each other in the same house!
By looking into how I could escape the situation I had put myself in, but continue to get income, I found mortgage/trust deed note investing.