You Dream of Being a Landlord? HaHaHaHaHaHaHaHaHaaaaaaaaaaa!!!!!!!!!!!
This is a great post written by Steve and Jan Bachman, Northern Virginia Realtors, about buying properties to rent and funny stories about the process.
John: I have always wanted to be a Property Rehabber, Flipper and Landlord. Can you tell me true stories with NO EXAGGERATION that will guide me through much of the process.
Steve: Yes
John: I want to help humanity by choosing to buy property in marginal areas known for their crime and transform them into wonderlands of peace and prosperity all by myself.
Do you recommend this?
Steve: HAHAHAHAHAHAHAHA...NO. John, it can work in rare instances but the areas I bought in in 1982-1985 are worse today than they were back then.My brother's investment theory for real estate is better.
Buy fewer homes in the best neighborhoods you can afford rather than buy many cheapo props and take a gamble on humans changing their interesting habits en masse. (that's French)
Ted: Why did you do it the wrong way?
Steve: Because I was young and dumb, not a Realtor, naive and had not yet spent a lot of time in Small Claims court.
Sandy: Do you think I should use sheet linoleum on the kitchen floors and entry ways of my rentals, if I can get a good price?
Steve: HaHaHaha...NO and NO.
This is because when your tenant comes home from a hard morning of drinking, she will often just throw her cigarettes on the floor....
.....burning in random, aesthetic, decorative patterns as well as trying to see if she can make her knife stick firmly upright in the floor from a standing position.
Use peel and stick tile ...buy in bulk using the same neutral dirt brown geometric pattern for all your properties....
....That way you can easily replace the damaged area without having to re-do the whole thing.
Use brick or poured concrete wherever possible with drain holes cut in the floor of every room so you can just hose the place out.
I also ended up using peel and stick tile on our counter tops as well, since my tenants habitually laid their cigs on the counter when frying morning eggs.
In retrospect I would recommend concrete for counter tops as well. I also had numerous cig burns on toilet seats...
...Hopefully my tenants were not just letting the cigs rest there while they brushed their tooth.
Ted: You are making this up.
Steve: Not one word is a falsehood.
Sandy: Should I paint beige walls with white white satin accent trim with white ceilings?
Steve: HaHaHaHaHa . NO Use off white flat for everything...... it looks better than semi gloss and it is easier to paint over stuff than it is to try to wipe off dirt from semi gloss paint, when you have to go in and re-do the property after eviction for non payment of rent due to incarceration.
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Jan and Steve Bachman
http://northern-va-homesforsale.com/
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