Longe Godis

What are the risks in property investment?

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PJ Stein Profile
PJ Stein answered

As in buying houses and renting them out? I had one renter who did not call about a minor water leak in the laundry room. The slow dripping of water leaked down into the floor boards and the subfloor, which rotted the wood. By the time they moved out it is a wonder the washer and dryer hadn't feel through the floor. Thankfully the floor joists were still in good shape. I had to rip of the floor to the joists, replacing the floor and subfloor.

Another renter who signed a no smoking clause, smoked anyway. The burnt a hole in the carpet and the house reeked of cigarette smoke. Carpet needed replacing and the walls and ceiling cleaned and painted. Oh, and they were 3 months behind in rent. 

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Ancient Hippy
Ancient Hippy commented
I feel for you Gator. I had a renter that had two small children. They let those two kids walk around with crayons and magic markers. Every wall in that house had multiple crayon and marker stripes at kid height. What a bear it was trying to cover that.
PJ Stein
PJ Stein commented
Oh. that is another one. I had one with kids that used markers on paneling. I had to pull the paneling down because it would not wash off. The same little brat flushed a toy down the toilet. After the several calls to fix the stopped up toilet, we bought a new one. When they removed the old toilet they found a toy the kids flushed. I wonder if they ever watched their kids.
Ancient Hippy
Ancient Hippy commented
It just amazes me how much some people don't care about other people's property.
Bikergirl Anonymous Profile

Renters can be a nightmare .. Be prepared to spend more money on your property than  you collect on rent. Tenants have far more rights than landlords.

However there are those tenants that are very responsible and have tremendous integrity.

Problem is .. You don't know which one you've got until you've had them for a while and realize (if it's the former ) that it's too late .. Damage is done.

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