Trial by ...The Dog Adventure
We are always talking about becoming a landlord but it’s not all roses and peaches that’s for sure. When my kids were young, I purchased a home using their baby bonus money as part of the down payment and I had some really great tenants that turned very very bad. Their life kind of fell apart and they went from being one of my best tenants to probably one of my worst. They ended up leaving their 5 Doberman pincher’s locked in the home by themselves. They literally tore the place apart...ate the furniture, scratched the doors, and you could imagine how much dog poop was left when no one let them out.
I took the boys over and said “well kids if you’re thinking of owning more rental property you need to see how bad it can get and then you can decide whether it’s something you want to try”.
We took a large barrel and filled it with dog feces and it was literally leaking out the bottom. It was so disgusting but I had them help me drag it out and we put it in the back of the truck. When we got to the dump site it smelled so bad they made us drive to the far corner up the hill and dump it onto a separate pile of garbage. Undeterred, both boys still own lots of rental properties but when you’re going to become a landlord you need to have your eyes open to some of the things that you could experience.
Thankfully, even in bad shape we sold it with over a $100,000 profit but that was about as bad as it gets.
Being a landlord can be great but it’s not a business for the faint of heart.
#TeamKander
#SoYouWantToBeALandlord
#Investing
#RealEstate
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