Being A LandLord Sucks

When I was in college, I owned a small condo outside of the city. it was a garden level condo meaning below it was in the basement. I forget why I bought it.  Maybe because it was very cheap.

I was really clumsy in buying the place. On the positive, it was dirt cheap and I did not have a lot of money. I was tired of paying rent and I knew I had enough money to where I did not have to. That's about it for the positives.

On the negatives - little daylight, in the basement, right next to the laundry room, small 1 bed room, 670 square feet, old, noisy, dark.

I lived in "the dungeon" for three years. When I was earning better money, I can up with the idea of buying a house and renting out the dungeon to help pay the mortgage off and because I could not stand to live there. This was before the house bubble and crash and there was more books about flipping houses and being a landlord you can shake a stick out of!

So I did it. I bought a very nice house in the other, nicer side of the city with all the bells and whistles. After living in the dungeon for so long, it was time to enjoy some of the good life.

My decision to be landlord was regrettable and I will not do it again.

Here and there, I will watch HGTV and there will be house hunters who do not have enough money SAVED to buy the house they want to get. Here and there, their plan is to buy the house and rent out part of it to help pay their mortgage. As usual, by the end of the show they give an update - the couple closed on the house and found tenants that are so wonderful! THE END.

Well, not really. First of all I have my own views about these types of tv shows. Most of it is fixed and altered to make things look good and happy. They skip the entire pain of the mortgage process. They are always smiling and life is their oyster. This is pure entertainment only!

I have owned 5 residential properties so far. Not 1 purchase or sale went smoothly. Maybe none of them do. There is always something that comes up. Mortgage lenders, in my experiences, are harder to deal with than attorneys, the dentist, adult doctor practices, whining kids on an airplane, some of my former millionaire clients who also whined over everything, and more.

Theres a fine difference between strict regulation and your lender not doing their job. I'll save that for another article.

Landlording is Not Easy. Here are just some of the problems I faced with my condo after renting it out:

1) I have a tenant leave the country, forever. He put off paying the rent for 3 months and then vanished to South America from what I heard.

2) When I lived in the condo, I never had a problem with rodents. Never. However, when I rented to this guy who has a wonderful job and worked hard and made good money, somehow the condo now had a mice problem. The calls I would get were just dreadful

3) I rented the place to a couple and they complained about everything. Not only did they complain, but they did not want to do anything to remedy the situation. Best example ever - one day one of the kitchen bulb lights burnt out and needed a replacement. Sounds simple right? No for these people, call after call that insisted that I buy a light bulb, go to the condo, take out the old bulb and replace it.

I can go on, but I'm not going to because its just bad. While collecting the rent was good, sometimes they didn't pay on time and I had to get on them about it which is not fun to do, other times they didn't pay at all.

Think Long and Hard Before Being A Landlord.

If you do become a landlord. Pay the money to have a professional property management company do it for you! It is worth it.