LukeJ Posted July 26 Share Posted July 26 @Cruising Caribbean renting out scares me. I understand why people do that, but honestly and let them out. It's a nice little nest egg to have in theory, however I've heard so many bad stories about bad tenants that refuse to pay, and you are left with a great big financial hole in your portfolio. The bills are getting out of hand, and really there certainly needs to be some sort of conclusion soon. 1 Quote Link to comment Share on other sites More sharing options...
Cruising Caribbean Posted July 26 Share Posted July 26 @LukeJ Here in this state there are "squatting laws" meaning you can live in a persons house and not pay rent. In order to evict them you have to take the squatter to court. It's literally horrible. I can't imagine having to fight to get someone out of my house. They end up having rights to stay and it becomes illegal to kick them out of your property! It's the craziest idea to me. That's one the reasons I want to sell at a loss instead of renting it out. If there is potential to have to pay for a stranger to live in my home, that's a hard pass on my end. 1 Quote Link to comment Share on other sites More sharing options...
LukeJ Posted July 29 Share Posted July 29 @Cruising Caribbean yes we have them here in this country too, squatters rights. I hate that, I find it disgusting that firstly these so called people find it alright to take over someone's property and secondly it's even disgraceful that there are laws to protect them and the need to go through procedures to remove them from your property. All that stress, and financial loss because they can just do that, and mainly they destroy the place causing more financial loss to you and they simply walk away. They should be forced to pay it back, and if they don't, then they should be jailed. 1 Quote Link to comment Share on other sites More sharing options...
Cruising Caribbean Posted July 29 Share Posted July 29 @LukeJ It can be so difficult to remove a squatter! I agree that the rights aren't fair at all, particularly for the landlord. You just never know what situation you are getting yourself into when you rent out a property. Who is to say the tenant is a good tenant or a bad tenant? It's nearly impossible to tell since you most likely don't know anything about the tenant. I'm just hopeful this doesn't happen to me. I would hate that headache. I already have enough headache with the tenant I currently have. Just getting that person to pay on time is a chore. I agree that the money should be paid back. It costs more to try to get that person out of the home without payback. There should be a better system. Quote Link to comment Share on other sites More sharing options...
LukeJ Posted July 30 Share Posted July 30 Yes a fairer system should be put in place for all covers, ie the landlord and the tenant. There are certainly bad landlords about also, that just take the money but won't do anything in regards to the work needed in the place. So in general, there should be something put in place where you are protected. 1 Quote Link to comment Share on other sites More sharing options...
Cruising Caribbean Posted July 31 Share Posted July 31 @LukeJ Maybe one day that will happen. I'm not sure what's taking so long. If there were better laws in place, it wouldn't be such a headache for the legal system. Some landlords are bad, but that's certainly not me! I make gift baskets for my tenants and make sure I respond promptly, fixing issues as soon as they come about. Sometimes I think I should be more rough around the edges, and then I would get more respect. I'm all about kindness, but I definitely want to be taken seriously too! Honestly if you can't comfortably afford double mortgages, the idea of renting a property out for income is a bit shady. I tried to do it, but when it doesn't rent for a few months, it hurts! It's hard to manage a rental property when you can't really afford it have it if it isn't being rented. It's the best of the game I guess. You have to take a risk in order to reap those rewards. 1 Quote Link to comment Share on other sites More sharing options...
LukeJ Posted August 1 Share Posted August 1 @Cruising Caribbean I can see all sides of your argument. I can see you are a good landlord, and one that will follow protocols in order to do things correctly. And for that tenants will always try their luck. So being a little rougher maybe the best all round. I had a friend exactly in the same situation as you, did everything for them at every whim. They were relentless, demanding the smallest, pathetic things and it drove me mad that he was folding down to them. I had to remind him that the things they are demanding is not in the contract, that he doesn't have to do anything of those sorts. I pointed out what he was responsible for and nothing more. They were demanding new light bulbs if one went and for him to mow the lawn, it was getting ridiculous. 1 Quote Link to comment Share on other sites More sharing options...
Cruising Caribbean Posted August 1 Share Posted August 1 @LukeJ This is what has happened to me. My current tenant told me the toilet has been running and not flushing properly all month. Now her water bill is higher than "normal" (although I know there is another tenant residing there she hasn't told me about) and wants the difference to be compensated. My husband saw her in person and asked if there was any other issue and she stated no! It's just wild how she would expect me to cover the minimal $50 water bill difference when she neglected to share that issue with me (and my husband) in person. If you don't share about the issue when it began, I shouldn't be responsible to fix it after a month goes by. I don't live there. Unless the tenant tells me, there is no way I would ever know about it. At some point, you have to put your foot down! I feel sorry for your friend. He sounds like a good person! 1 Quote Link to comment Share on other sites More sharing options...
LukeJ Posted August 2 Share Posted August 2 You have to treat it like what it is, a business transaction. I'd have everything in writing. With dates and times and a trail of the conversation, so that I can cover my own back. I don't really trust anyone enough not to do that. The bills and such are the responsibility of the tenants, and I'd be refusing to move an inch to their demands. My friend ended up selling his property in the end, because he simply had enough of putting up with bad tenants. I said to him, I wouldn't be surprised that they were deliberately being a nuisance just so they could hatch the plan of buying the property off him for a cheaper deal. And in turn, that's exactly what transpired. They wanted to buy and looked for a discount deal because they were already in the property, easier to negotiate and without fuss. Quite rightly, he turned them down and they left. 1 Quote Link to comment Share on other sites More sharing options...
Cruising Caribbean Posted August 2 Share Posted August 2 @LukeJ I'm not the type to want to want to get legal action involved. I guess I'm non-confrontational. I want to keep the peace and make it all fair, but I don't think there is such thing. Truthfully, I'm thinking of ending up doing the same thing. I would likely sell this condo if things got progressively worse or persisted. I just didn't want to give up so quickly! This was my first time trying to invest in real estate and I don't want to give up that easily. That's such a wild story! I'm very glad that your friend turned him down. Can you imagine if he obliged with that request? You got my blood boiling from that story! Quote Link to comment Share on other sites More sharing options...
LukeJ Posted August 12 Share Posted August 12 @Cruising Caribbean and how right you are not wanting to get into a confrontation. Others would easily get into one. It would be a shame if you would go down that route of selling, just as you're getting started. Personally I'd kick them out. Or at least the threat of that may get them to back down a little. Give you the upper hand. Quote Link to comment Share on other sites More sharing options...
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