Horror stories on being a landlord?

Question

I am in the process of either purchasing a house or some income property (7 - 10 apartment units). I know of all the good that comes with buying income properties. However I need someone to play devil's advocate and tell me of the downside of being a landlord. You know things to watch out for, what can I expect, things like that.

Thank you in advance

Answer 1

If you can think of it there going to try it. I have several rentals,I had people flush a piggy bank down the toilet, have there water turned off and still use the toilet until it was full where they couldn't sit on it. I have had them turn the water on a leave on for the sewer bill would go up,I had a girl punch holes in the ceiling with a broom and said the ceiling was leaking and wouldn't pay there rent until it was fixed...door knobs fall off and call you to replace them because they couldn't tighten it up.Best one was when the tenant lived in one of my units and called me to come over at 3:00a.m.because the neighbors across the street were fighting that I needed to go say something to them and tell them to be quite They owned there own house they was fighting in not mine. I have had several properties for years And there seems to be many problems with it all but it all works out eventually for the best. Find a good real estate attorney.Don't be a friend with any of the tenants be honest and firm most importantly be fair.And never never rent to family no matter what the circumstances!!!!!! I you will do alright.

Answer 2

do your homework before you rent the apartment like taking all information you can , verify employment and do credit check, never fall for the people who don't have money for first month rent and deposit- we pay you later- they never have money to pay you and if they short couple hundred dollars on deposit- it is hard to evict them for that reason. keep your records up to date , do copy of rent checks, write your tenants receipts. write everything on your lease like how many people you are renting, how about pets, water beds e.t.c. and go with your hart, we are all people and bad things happen to everybody. i am landlord for couple years, never have problems with tenants (only once)