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We see it with our tenants all the time. They all smoke, drink beer, have take out food and pop. All have mobile phones and the big TVs.
A former co-worker asked once "How do they afford it, I can't" then she shook her head and looked straight at me "because they don't pay their rent"
You guys don't seem to be very good at picking tenants.
Our properties are not in cities.
If you are a decent tenant, you buy your own house, as it is cheaper than renting.
Most of our tenants are not on welfare..just a handful at a time.
Believe me, having a job doesn't guarantee anything.
Must be doing something right...we are retired and living off rent.
Kathryn, I think? I recall you guys having considerable number of IP's or rooms to rent? 50-ish +?
Overall, how would you say your tenant types have been? As in say...90% pay and abide, or greater than that? Less? I have read a couple of posts where you went to proceedings for backpayment or something along those lines, but I was wondering with all the places/rooms? you have how the figures for reputable tenants work out?
If too personal just ignore, no sweat.
you seem obnoxiousYou guys don't seem to be very good at picking tenants.
you seem obnoxious
http://musicfeeds.com.au/news/trailer-park-boys-australian-tour-2012/Well, all Kathryn ever talks about regarding your tenants is how they're worthless bums who spend all their money on booze, drugs, cigarettes and whatever and don't pay you any rent.
Now that is impressive!
There could be a book in this.....................
Do you have any preconceived plan for selection of your tenants?
Um, say, they must have work, or must have references?
My investing buddy over in a regional city loves anyone on welfare for instance, for his 'older type, smaller' units, he says they are regular payers of rent, and like to stay longterm.
Not trying to have a go at you,or your tenants in any way just like to see the funny side of life ,can't stop laughing when i watch their shows..The Trailor Park Boys was filmed in Nova Scotia.
Mike Smith, who plays Bubbles (thick glasses), his father worked where I did. He would occassionally come into work with his dad. He's nice.
In one of theT.P.B. movies, one of our trailors is in the movie for about 3 seconds. They were doing filming one day while we were there.
The show is a bit of a sterotype of trailor parks.
They used to be like that to some extent...but not now.
Our problem tenants are not there. They are usually in the 11 unit, 2 & 3 bedroom family building.
Not trying to have a go at you,or your tenants in any way just like to see the funny side of life ,can't stop laughing when i watch their shows..
This is so inspiring, it reminds me (again!) of Jan Somer's 'Story by Story' and the importance the understanding of building wealth can be so many ways, from so many people, so many different backgrounds.
Kathryn, Bob, did you know it's possible to self publish these days?
What you have achieved is remarkable, and from a base of income that stands to inspire other people, just as Jan Somer's inspired me with her compilation stories of 'different ways' we can build wealth.
Anyone that might think 'they don't have a big enough income' or ways to go about ensuring your property can make you money from the get-go, the story of Kath and Bob, an Ozzy and a Canadian, two minds and a determination together.
I don't know if you are ordinary people doing extraordinary things, or extraordinary people doing extraordinary things. I read through your site and am thinking the latter.
Dunno how you feel about getting your story out there, but it would be inspiring. To many.
Thank you OO.
You can write the book about us and give us a percentage?
My income was only $30k, except for the one year straight I worked 2-16 hrs shifts every weekend overtime..just to qualify for a larger mortgage.
Rob had the thankless job of being homemaker and making sure our 3 teenage boys were taken care of.
Rob and I work very well as a team.
I find the properties,and they "speak" to me,how they need to be marketed.
Rob decides if they are structurally sound,or how much it will cost to make safe.
Rob knows the ACT inside out,and if writing the lease, we want to include something different,he researches the legal way to include it.
Self managing was extremely important to us. Having an 11 unit building,as our first rental,was an eye opener..and it was 100 kms away.Banks did not want to lend to us. Took us 8 months to finally jump thru all the hoops and secure financing thru a commercial lend...and the vendor was getting impatient.
Even from 16,000 kms away, we are in control of our properties.
Our supers are our eyes,ears,mouths. We trust them,but they also know their job.
PS..even with feral tenants,we still manage to only lose 2.65% to rental default.