Question:
“I’m a beginning real estate investor and want to get into rental property. I’m a little concerned because I think I might be too ‘nice’ and won’t know how to deal with problem tenants. I think I read in your newsletter that you have rental property. Do you have problems with your rentals?”
Answer:
Problems do happen, for example…
Years ago, one of the tenants in a duplex I owned was late with his rent. I gave him time, but he still didn’t pay so I filed for eviction. He finally came up with the back rent and asked if he could stay. I agreed.
Two months later, the same thing happened: He didn’t pay…I filed for eviction…he finally called saying he had the money. Except this time I said he had to go.
His response?
He tried to burn the duplex down! And with an innocent neighbor right next door! Fortunately, his arson skills were as bad as his ability to pay rent on time, so he did minimal damage.
My point?
Owning a few rentals in a decent area is usually not that difficult, but there can be stressful moments when a tenant doesn’t pay the rent.
While you should be nice and human and understanding with your tenants, ultimately you need to be a businessperson.
So if you’re a pushover, I’d advise you to hire a property manager or choose something else to invest in.
