Catha For Council Blog

A recent post on the highly respected website http://realestate.BryanEllis.com sparked a firestorm of controversy.

Here is a particularly telling comment on that article:

First, understand that each case is different. If you’re a landlord, you SHOULD have more of a relationship with the people renting your properties than just that of money collector and toilet repairman.

a RELATIONSHIP is critical if for no other reason than to get courtesy before a tenant disappears in the middle of the night owing you money and trashing your house.

Since the market nosedived, I have not had ONE good experience with tenants…not even ONE measly good experience.

Understand right now that people don’t give a damn about you, your bills or your livelihood. When it comes down to it, they care only about themselves and will screw you in a heartbeat.

From the very beginning, make it VERY clear in discussion and on paper that paying rent on time is paramount.

VERY IMPORTANT!

When payment does not arrive by the terms of your contract, send the 3-day notice and follow through…even on late fees. The smallest sign of perceived weakness on your part will get exploited.

But repeat after me, people don’t give a damn about you! It’s all about what’s in it for them. If screwing you is best for them, they will do it with zero remorse.

PERIOD!

Be soft spoken but carry a big (legal) stick and use it…gently so that your properties don’t get fire bombed…and I’m talking about “nice” homes in “nice” neighborhoods with supposed “nice” people renting from you.

Once upon a time, I too would have shared your thoughts regarding Jack’s position. Now, after bloodied and scarred, I believe Jack’s position is way too SOFT.

Listening to all these self-professed real estate investing gurus preach about “riches to landlording” comes with one HUGE disclaimer:

You’d better have good reserves and brass balls. If not, you will get eaten alive. I’m in Florida…in the heart of real estate carnage.

Do you want to hear about the tenant who claimed the Cable TV installer did something during installation to cause the house to fill with smoke, only to leave suddenly (TV installer), causing the tenant (female) to climb a ladder into the attic to investigate?

Would you believe she (the tenant) claims to fall off the ladder to the attic, call the fire department, go to the hospital & break her wrist?

Best part, I get contacted for my “statement” requiring my social security, date of birth, etc. Guess what? Suddenly, my info gets used to keep the electricity on to the house when they stop paying their bills.

They disappear in the night owing me money (of course, because I was a nice guy trying to help people with kids), trashing the house & stealing my identity.

Forget “nice” guy; this is business.

If you’re appalled at my unequivocal position, I do NOT apologize. Anything less is a nightmare for YOU!