Quote:
Originally Posted by sc_rufctr
My worst story...
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My worst story was an "inexpensive" condo...in what should have been an upcoming area and a good investment.
-My very first home. Freedom from maintenance. Free to travel the globe. No worries. Finally bought in my thirties and coming of adulthood. I lived there for several years.
-Before moving in I had to take the current tenants (couple young punks) to court twice for non-payment of rent after cordially introducing myself and giving letters of authority.
-Moving in there was nothing but trouble. Neighbors downstairs trashed the grounds with McD bags on a daily basis. Nothing like explicit rap at 3am with children singing along in a cloud of pot smoke. It became a un-monitored daycare at one point. Couldn't hear my own tv.
-"This too shall pass" I believed.
-I spent money and fixed the place up real nice.
-Roof was leaking. Fixed and leaked again. Why? Because the maintenance company was intentionally putting holes in the roof. Dripping walls and sagging ceilings.
-The initial Association President/developer/majority owner didn't care (who was the seller of this apartment building conversion).
-All the owners didn't receive any statements for two and a half years. I'm surrounded by inept zombies. WTF.
-They didn't care and then they suddenly got super pissed.
-It appeared to be a complex scam of delay tactics: Developer didn't pay any dues, maintenance company(supposed to be fired) still took all dues but didn't do any actual work, maintenance company instead did work on developer's properties.
-Shut-off notices began appearing on the front door and the developer's properties apparently were under the building insurance policy.
Developer was paying himself with wire transfers.
-How much more info is needed to explain how many various laws were broken? -Blame it all on "missing paperwork" and carry on.
-Lawsuits and unanimous votes followed to change this but couldn't. Obtuse racial bias favoring grand larceny, and negation of all state corporate laws and property by-laws was overruled by the court system. It was obvious. A mockery of the court system as a totality and a mockery of justice.
-Inept zombies turned out to be back-stabbing lying completely inept zombies against their own pocketbooks. Oh well.
-..........Moved out...............
-Rented to a tough female couple at well below market rates and bent over backwards. Dirty pigs. We were actually on good terms. They ended up threatening me with EPA and CDC cleanup because the animals downstairs smoked. I pulled carpet and sealed the perimeter a couple times but that wasn't enough. "Ok you can break lease anytime and move immediately". They finally did.
-Repairs. Next.
-Rented it to a nice couple. Girl was at least. Man had drunk temper and put holes in walls.
-Repairs. Next.
-......Got decent management company............
-Rented to two young men. One got sever work injury and other put holes in walls. No explanation why. Not collectable for either.
-Repairs. Next.
-Current tenant for years is nice younger baptist man who started out with hardship. He finally got great job and doing well. I could raise rent by hundreds probably but why change a good thing. If it works for both parties, don't mess with it.
The other place:
Locked out again and again. Drains clogged by hair. Usual stuff but pretty minimal.
Oh. And more holes in the walls by a previously upright respectable citizen.
(but at this point monkey roll boy ain't got squat on my drywall ninja skillz.)
As a LL you gotta roll with the punches sometimes...
Otherwise no problems and my tenants usually stay on for years.
1). I'm on site regularly and responsive to any problems. I am their employee. Legally they own the place temporarily.
2). Fixing things up nice means added property resale value.
3) I keep the place nice as if I lived there. I work hard and show them to their face.
4). I don't charge maximum rent or gouge.
5). Everyone gets along. Dammit.
6). I expect rent on time. Always. Lest I start talking about my stress hemorrhoid complications again. Like last time.