Socialism
- Thread starter oracle
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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.
I have had 2 x experiences of not paying, but PM got that sorted out for one, and the other was covered by insurance. I wasn't put out of pocket. Investing since 2003.
Our properties are available to view, just by clicking "our properties" at the bottom of this post.
We have a wide variety of properties.We have 16 properties and 40 "doors".
One property has 11 furnished all inclusive bachelor suites.
One property has 11 units and they are 2 & 3 bedroom units
The others are a mixture of houses and mobile homes (transportable)
We have 95%+ occupancy.
With this many tenants we are always going to have problems.
We make it a point to take tenants to court, if we have any hope of collecting.
Just today we received a partial payment from a tenant who skipped on us 13 months ago. We gave him the chance, before we took it to the Sherrif, who would add additional charges and guarnish his wages.
Out of 40 tenants, we usually have 6 that pay late every month.
Out of 40 tenants we always have one that is being evicted, or not renewed.
you seem obnoxious
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.
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.
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.
We are working on our leases, so we have the ability to run a credit checks on them in the future, after they have defaulted, so we know where they work...to garnishee their wages. We already assume most have bad credit.
Unfortunately, in our towns, waiting for the perfect tenant would bankrupt a landlord. We basically plan to get stiffed the last month in rent.Since we can only hold 1/2 month's rent..we still lose some.
Our furnished all inclusive property was originaly supposed to cater to college kids, but we found our market is more to geared to relationship breakdowns,job transfers, short term job contracts, and some college "kids".The ones that don't want to party.
Welfare is a mixture of both paying and nonpaying.We can request direct payment, but the tenant can stop it at anytime. The tenant who we are not renewing now, is a mum with 2 kids. She has been in our property for almost 3 months. The police have been there regularly, and she also stole other tenants clothes from the laundry room. Her daughter was wearing the shirt, when confronted. This is why we start most off with a 3 month Fixed term Lease. We usually know very quickly, if we are going to have small or large issues.
We are not permitted to discriminate as far as income is concerned. Calling the previous landlord will not tell you anything.Most are mom and pop landlords, like us.Usually the tenant says they are living with rellies.
Calling the employer for confirmation is considered private, and they will not give out that information. If we require a pay stub copy, they bypass to the next rental. We know the game, and we play it to the best of our ability.
We require all our single family home leases to expire in the summer.This still doesn't stop tenants from leaving whenever they want.
We do have some nice tenants who are decent. It's the bad ones we remember. College kids and single people generally are the easiest.
All our properties are pet friendly.
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..
No problem....it used to be a funny show.
My favorite one is when Bubbles has his puppet Conky.
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.
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.
I wanted to point out the importance of how we can inspire others, I wanted to be self sufficient financially, so I had the determination, Jan Somers and Steve McKnight helped show me, (if they can see it, they can do it)...just two examples of me inspiring, is 1. my younger sister, saw what I was doing, thought she would have a crack at investing, and a young guy on apprentice gardeners wages, 'seeing' what I was accumulating thought he would get himself some of that too...
The power of a single story. The importance of being able to see it being done, and then do it for yourself. Just because I am technically an abstract kind of temperament either doesn't mean I don't 'need' the tangibles of seeing 'how it is done'-that's where you guys come in, it's so tangible, so organised, and takes us to a part of wealth building that is leap years away from Monique Wakelin land, (I am sure she inspires different people too).
The power of a single story. The importance of being able to see it being done, and then do it for yourself. Just because I am technically an abstract kind of temperament either doesn't mean I don't 'need' the tangibles of seeing 'how it is done'-that's where you guys come in, it's so tangible, so organised, and takes us to a part of wealth building that is leap years away from Monique Wakelin land, (I am sure she inspires different people too).
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.
I would be honored to help you anyway possible, a % is not what I want or need, but this is about leadership, teamwork, a determination, from a base many people wouldn't understand how you go about building wealth.
AND through all this, during all this the acquiring of further knowledge, eg Bob and the ACT. The broadspectrum of your skills now, (and proficinecy).
It gets people thinking, wow, maybe I can do this.
I had always wanted rentals.I did nothing until Rob and I married.
Then I came across an oline story about Brenda Irwin. I could only ever read Part 1..so never finished the story.
I asked Rob why we can't do that..and he said we could.
From Brenda Irwin,I followed her to SS.
I started posting 2005..the year we bought the first apt building.
I have one son who is just agreed to let me help him...so he is actively saving for a deposit.
Other son has the downpayment,but is more conservative,so it will take the first house to show him the potential.
One of our supers ( we have 2 couples) want to learn from us, as they own one rental. Other couple is retired,and have been supers for many years.We inherited them with that building.
My daughter's partner is interested in buying properties, and he likes to ask us lots of questions..which is great.
Youngest son,only 20..isn't there yet.
Then I came across an oline story about Brenda Irwin. I could only ever read Part 1..so never finished the story.
I asked Rob why we can't do that..and he said we could.
From Brenda Irwin,I followed her to SS.
I started posting 2005..the year we bought the first apt building.
I have one son who is just agreed to let me help him...so he is actively saving for a deposit.
Other son has the downpayment,but is more conservative,so it will take the first house to show him the potential.
One of our supers ( we have 2 couples) want to learn from us, as they own one rental. Other couple is retired,and have been supers for many years.We inherited them with that building.
My daughter's partner is interested in buying properties, and he likes to ask us lots of questions..which is great.
Youngest son,only 20..isn't there yet.
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Fantastic, it's like a rippling affect in your personal zone. Love it.
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