Video of my rental property that was trashed by tenants
It is not always fun owning rentals, but you have to take the bad with the good. Here is a video of one of my rentals that was trashed a while back:
Many people see this and think this confirms why they never want to own rentals. However, even with this disaster, rentals have been an amazing investment for me. I have bought 20 rentals over the last 7 years and they have made me a ton of money. One of the cool things about them is I have invested very little of my own money into them after selling a couple and refinancing others. You can read this article that goes over the numbers from a little bit ago.
https://investfourmore.com/2016/12/19/how-i-have-bought-14-rentals-without-any-of-my-own-money/
I have since bought four more commercial properties that have taken more cash to purchase and repair. However, I can refinance a couple of those soon to get most of my money out of them as well. All in all, I will be making over $9,000 a month from my rentals, with almost no work from myself. They are managed by other people and that number includes allowances for vacancies, maintenance, taxes, insurance, and mortgage payments.
The other cool think about my rentals is they have increased my net worth by millions of dollars. I get an awesome deal on every property I buy and many have my properties have seen crazy appreciation. I do not like to count on appreciation and I have gotten lucky with it in Colorado, but it still happened.
Here is my latest commercial rental:
I bought this property for $100,250 at the end of 2017 and it is rented for $1,500 a month now.
While it sucks when your properties get trashed, it will happen. I plan for maintenance and vacancies. Most of my properties have great tenants, but the bad ones can cost you thousands of dollars. By planning for the bad tenants and experiences, the trashing of this property was not that bad. We fixed it up and have it rented for $1,600 a month now.
You can see the after video below:
To find our more about rentals, check out my blog https://investfourmore.com. I have over 400 free articles on real estate investing. A ton of other free resources, a weekly podcast, and much more.
I am happy to answer any questions here as well.
I love that episode of Hoarders!
Oh, wait..
Oh, dude, my bad...
Haha, I have seen much worse houses than this one as far as hoarders. Nasty stuff with things piled to the ceiling and little walkways through the trash. Can smell the cat pee in the house from the street 50 feet from the house.
No way, dude!!! LOL, that's insane. Gotta do anything for that cash though! 💰💰💰
Wow, and yes, it comes with the territory. Sometimes deposits aren't enough to cover it. This is one of the reasons why many MHP owners sell off their park-owned homes to residents and go strictly land-lease. I own a few home rentals as well, but mobile homes. It is definitely a frustrating, but overcomeable, part of a great business to be in as a landlord! Great post.
Thank you! Yes it is frustrating but part of the business. When you expect these things to happen, it makes them much easier to accept.
First that house looks way better after the repairs.
Its kinda funny I was thinking this morning of what I will do when I (retire) I will be 38 by the way. I was like I don't think continuing working in mechanics maybe just as a hobby or side jobs. But I would really like investing in real estate as I did study it years ago but never did do it. then I was thinking maybe not flipping houses like @investfourmore I have more interest in with owning large piece of land and maybe commercial rental. Anyway it was an interesting post
Thank you. I don't just flip. I also am an agent. I have 13 residential rentals and 4 commercial rentals. The flipping helps me buy more rentals.
Yes that why it was funny I was thinking about it today and then I saw this post.
HOLY COW!
It's like something out of the Twilight Zone. And it kept getting worse the further the video went.
It was not pretty. Did not smell nice either!
Damn! Damn! Damn!
People think it's easy renting property out. But it's not - unless you have good tenants, which is hard to find!
You got a 8.70% upvote from @votebuster courtesy of @investfourmore!
@originalworks
1.16% @pushup from @investfourmore
I feel for you man, I have 3 rental properties. only take 1 bad apple.
Yeah, it sucked, but the others have more than made up for it.
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You got a 100.00% upvote from @steembloggers courtesy of @investfourmore!