Rental Property Frustrations - Your 1st Tenant Sucks
I have helped a number of investors new and experienced get started and increase their real estate investment portfolios. I also own investment property myself and can attest to many frustrations. Many would be investors shy away from real estate for fear of these exact same issues but they really aren’t that hard to resolve or work around.
Your First Tenant Sucks:
A property is advertised as cash flowing from day one or you purchase a great property in a neighborhood that is popular with renters and suddenly you aren’t receiving rent checks and suddenly you or your property manager have to do an eviction.
Rest assured one bad tenant isn’t going to make or break your future as a landlord. I can attest to that. My first tenant stopped paying the rent and I filed an eviction, she strung a tale in court that even made the judge laugh. My second tenant was great for 2 years but had a string of bad luck and she too had to be evicted. My third tenant has been there for over 10 years.
Just like the stock market and rides at the amusement park there are ups and downs. Don't freak out when one thing goes bad, look at the big picture. Make sure you and your property manager have an in depth process for vetting tenants and follow it each time. Stay the course and over time the value of your property will go up and you will get good tenants and your property will cash flow.