My Landlord Experience: An Anti-Horror Story in DFW, Part Two
Continued from yesterday...
HORROR is not my story. I really enjoy investing in real estate.
Sure, I've had tenants unable to pay rent. I've had tenants move on. I've moved tenants on. But the truth is, I have always made a nice product available to the rent market and, as such, I have always been able to choose from multiple applicants and choose the best tenant for a property and all seems to go well.
So... On to the good guys. Here are some good stories:
- Tenant rented 5/4/3 3300 ft. home for 3 years, moved, I helped them buy. Commission earned on sale of new home. Still a referral partner today.
- Tenant rented 3/2/2 2000 ft. property, wanted to upgrade the window treatments, made them herself, left them behind when she moved because they were custom to the house, she just didn't care to take them. Tenant funded property improvement. Tenant moved to another area. Tenant still a friend today.
- Tenant rented 4/2/2 2200 ft. house, planted a tree and added perennials, all of which stayed when they moved on. Tenant funded property improvement. Tenant moved on. Tenant is still on social media with me today.
- Tenant rented 3/2/2 1800 ft. home for 2 years, lost job, got behind, got back on her feet, but remained behind, I helped her into a more affordable apartment and her deposit covered her late rent, didn't hit her credit, but helped her move on gracefully without any fuss at all. We still have a respectful relationship (online friends and supporters) 8 years later. No harm, no foul.
- Tenant rented 4/3/2 2800 ft. home, got behind, got caught up + late fees. Multiple times. Created a new religion out of it. It's ok. That's the terms -- you're late, you pay more. No problem.
That's just the tip of the iceberg.
Currently I own my own home and I own 5 that I rent to others. All 5 of my tenants are past their initial first year, have gone month-to-month or have extended their lease. They are exceptional people who I believe have given me and my family a good quality of life. All-in-all, I am grateful for them.
One has lived in my property 8 years! They are both in sales.
One has lived in my property 4 years. He is an engineer and she stays home.
Three have lived in my property 2-3 years. All great people.
A cop, teacher, architect, administrator, AC tech, CFO -- loads of great, hard-working, community respected people who are living in my properties. Do I have a tenant with a criminal record? I do. Do I have one who had to pay double deposit due to poor credit? Yes. I do. Did I have one tenant who owned 2 homes before a housing bubble burst -- a home in Chicago and a home in Denver -- and just didn't want to make the Dallas Fort Worth area their 3rd real estate liability? So they rented from me for years waiting on the market to come back? I did!
Do I consider myself the anti-horror story of landlords? Yes. I do!
So my portfolio is just a small number -- 5 single family homes nearby. But I also property manage an additional 9 for a total of 14 properties I manage (and many, many more over the years). All that to say, that's a LOT of experience, a LOT of stories. Call me anytime about that.
What I found wasn't for me? A few things... Multi-unit properties. I had a 4-plex once, not my thing. I had a lower income property once, not my thing. I had a property in Dallas once (while I lived in Keller near Fort Worth) not really my thing. You have to know what's your thing to really enjoy it.
Please trust me. I could go on forever. I could give you good story after good story and never really run out of good stories! I hope this helps those of you who are considering buying long-term investments, but your reason why not is due to all the horror story hoopla. I have not found it to be bad at all. The risk is not challenging to manage. (Honestly, you can make money on the risk if you really want to take advantage, I don't do that, mine are refundable deposits, but you could do a non-refundable deposit if you wanted to...)
The point is, the horror stories, I am not sure what they are all talking about! HORROR is not my story. I really enjoy investing in real estate.
DO YOU WANT TO INVEST IN REAL ESTATE? Let's talk.