Learn about risk management, it's an extremely useful too when it comes to investing.
When things go sour ...
- Thread starter RedApple
- Start date
Cancer is a real problem because money cannot sort it out.
Sometimes a lot of stress comes from worrying about things that "may" happen. This happened to me with my first IP. I kept worrying about "what if" things that never happened. I ended up selling after 2 years (at a profit) but wished I never did.
Took a few years then I realised how silly I had been. I don't worry now even though I have a lot more IP's to worry about. No point worrying as it doesn't solve anything.
Mind you I do get a bit worried when I see an agents ID on my phone when it rings. It's funny they know and the first things they say is "nothing bad" LOL.
I like the ones you never hear from.
Took a few years then I realised how silly I had been. I don't worry now even though I have a lot more IP's to worry about. No point worrying as it doesn't solve anything.
Mind you I do get a bit worried when I see an agents ID on my phone when it rings. It's funny they know and the first things they say is "nothing bad" LOL.
I like the ones you never hear from.
You prepare for things that 'may' happen. But be realistic about it. Prepare for vacancies and repairs by having some extra money put aside. Prepare for fire and trucks crashing into your property by buying insurance.
Prepare for zombies and asteroids by slapping yourself upside the head.
Prepare for zombies and asteroids by slapping yourself upside the head.
Red Apple,
I got my first tenants into a beautiful house that I had built (took nearly 2 years as the first builder went bust and had to wait for insurance process and new builders...who were difficult to work with).
The tenants had only been in a few months and then took off when our inspection was due....
They had turned the place into a marijuana plant
Sooooo much damage...holes smashed through walls (to pipe water through apparently) and ceilings (for the lighting and exhaust), staple-gunned plastic to the plaster and window frames, electricals bypassed at the mains and all changed through the house, duct in ceilings ripped out where they had put fans in, carpet and underlays rotting from overflow from the plants, etc, etc, Needless to say I have months of rent lost (not all covered by insurance) and damage of about $25,000.
The agent I had left me sorting out all the repairs, etc.
Anyway, the best way to deal with stress is DISTRACTION! So, I started concentrating on my next investments (and other work). If your mind is busy then you won't have time to stress and you'll sleep well because you are tired
The other tip I have is - have an agent (a GOOD one) to manage everything for you - then you don't have to spend time on it, and you can do more productive things.
I got my first tenants into a beautiful house that I had built (took nearly 2 years as the first builder went bust and had to wait for insurance process and new builders...who were difficult to work with).
The tenants had only been in a few months and then took off when our inspection was due....
They had turned the place into a marijuana plant
Sooooo much damage...holes smashed through walls (to pipe water through apparently) and ceilings (for the lighting and exhaust), staple-gunned plastic to the plaster and window frames, electricals bypassed at the mains and all changed through the house, duct in ceilings ripped out where they had put fans in, carpet and underlays rotting from overflow from the plants, etc, etc,
Needless to say I have months of rent lost (not all covered by insurance) and damage of about $25,000.The agent I had left me sorting out all the repairs, etc.
Anyway, the best way to deal with stress is DISTRACTION! So, I started concentrating on my next investments (and other work). If your mind is busy then you won't have time to stress and you'll sleep well because you are tired
The other tip I have is - have an agent (a GOOD one) to manage everything for you - then you don't have to spend time on it, and you can do more productive things.
My experience has been the exact opposite. Tried to self manage my first IP fully furnished. Tenants did a runner, lost some rent but had no damage to the house.
Emptied the furniture and found the next tenant myself then handed the work to a PM. These tenants have been excellent since but PM is only there to collect rent.
All my other tenants have been good so far ..touch wood ...and i do treat them well
Emptied the furniture and found the next tenant myself then handed the work to a PM. These tenants have been excellent since but PM is only there to collect rent.
All my other tenants have been good so far ..touch wood ...and i do treat them well
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It is a stress management issue i'm having difficulties with. not sure why i panic
and stress so easily.
sounds like you must really dislike working
and stress so easily.
sounds like you must really dislike working
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cancer ....
gosh it's frightening even hearing the word even though i don't have it.
gosh it's frightening even hearing the word even though i don't have it.
you're right, hence why i have a large buffer in case something bad happens.
I do have all my risks covered however it is the stress management i'm not too good at. not sure why i worry so much and get freaked out so easily.
I do have all my risks covered however it is the stress management i'm not too good at. not sure why i worry so much and get freaked out so easily.
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travelbug, that sounds just like me !!!!
sometimes ignorance can be a bliss!
sometimes ignorance can be a bliss!
Sometimes a lot of stress comes from worrying about things that "may" happen. This happened to me with my first IP. I kept worrying about "what if" things that never happened. I ended up selling after 2 years (at a profit) but wished I never did.
Took a few years then I realised how silly I had been. I don't worry now even though I have a lot more IP's to worry about. No point worrying as it doesn't solve anything.
Mind you I do get a bit worried when I see an agents ID on my phone when it rings. It's funny they know and the first things they say is "nothing bad" LOL.
I like the ones you never hear from.
of course, hence why all the IPs i've bought have always been structurally sound and require no work right from the beginning.
Think i've had it so good with my 1st IP for too long, no tenants or major maint issues for 5 years, hence why now when i get a major issue like a shower leak it hit me hard!!!!!
keep on thinking about the possibility of getting termites & damaged structure etc.... even though the building/pest inspection & thermo check done just 8months ago passed without an issue .... yet i'm still soooo scared something bad would happen.
Think i've had it so good with my 1st IP for too long, no tenants or major maint issues for 5 years, hence why now when i get a major issue like a shower leak it hit me hard!!!!!
keep on thinking about the possibility of getting termites & damaged structure etc.... even though the building/pest inspection & thermo check done just 8months ago passed without an issue .... yet i'm still soooo scared something bad would happen.
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alexlee;1056310 said:You prepare for things that 'may' happen. But be realistic about it. Prepare for vacancies and repairs by having some extra money put aside. Prepare for fire and trucks crashing into your property by buying insurance. <--- yes, financially prepared in advance before i even contemplated buying anything. Just when they do occur i can't control the stress that comes with it.
Prepare for zombies and asteroids by slapping yourself upside the head <-- this i have not
oh poor you now i feel bad sitting here whinging.... honestly i don't know how i could handle the stress from the shock if this happened to me.
What was the experience like for you and how did you deal with it ? Please do share if you don't mind. I would be interested to know
Hope that IP has grown well in value to compensate for the losses and
damaged you have endured.
Thank you for your tips
now i feel bad sitting here whinging.... honestly i don't know how i could handle the stress from the shock if this happened to me.What was the experience like for you and how did you deal with it ? Please do share if you don't mind. I would be interested to know
Hope that IP has grown well in value to compensate for the losses and
damaged you have endured.
Thank you for your tips
Red Apple,
I got my first tenants into a beautiful house that I had built (took nearly 2 years as the first builder went bust and had to wait for insurance process and new builders...who were difficult to work with).
The tenants had only been in a few months and then took off when our inspection was due....
They had turned the place into a marijuana plant
Sooooo much damage...holes smashed through walls (to pipe water through apparently) and ceilings (for the lighting and exhaust), staple-gunned plastic to the plaster and window frames, electricals bypassed at the mains and all changed through the house, duct in ceilings ripped out where they had put fans in, carpet and underlays rotting from overflow from the plants, etc, etc,
The agent I had left me sorting out all the repairs, etc.
Anyway, the best way to deal with stress is DISTRACTION! So, I started concentrating on my next investments (and other work). If your mind is busy then you won't have time to stress and you'll sleep well because you are tired
The other tip I have is - have an agent (a GOOD one) to manage everything for you - then you don't have to spend time on it, and you can do more productive things.
Red Apple,
I got my first tenants into a beautiful house that I had built (took nearly 2 years as the first builder went bust and had to wait for insurance process and new builders...who were difficult to work with).
The tenants had only been in a few months and then took off when our inspection was due....
They had turned the place into a marijuana plant
Sooooo much damage...holes smashed through walls (to pipe water through apparently) and ceilings (for the lighting and exhaust), staple-gunned plastic to the plaster and window frames, electricals bypassed at the mains and all changed through the house, duct in ceilings ripped out where they had put fans in, carpet and underlays rotting from overflow from the plants, etc, etc,
The agent I had left me sorting out all the repairs, etc.
Anyway, the best way to deal with stress is DISTRACTION! So, I started concentrating on my next investments (and other work). If your mind is busy then you won't have time to stress and you'll sleep well because you are tired
The other tip I have is - have an agent (a GOOD one) to manage everything for you - then you don't have to spend time on it, and you can do more productive things.
I'm glad mine just contained his set up to the shed. Getting him to move out was the hard part!
you had drug planted in your ip as well ? was the tenant a single person or family when they filled out the rental application ?
Are there any characteristics\features of a property that would make it favorable for drug growers to set up their operation ?
was the tenant a single person or family when they filled out the rental application ?Are there any characteristics\features of a property that would make it favorable for drug growers to set up their operation ?
Over the years we had many issues and difficult tenants.
At the moment we have 2 sets of difficult tenants.
This week, one threatened to take off his leg (wears 2 artificial legs) and hit Rob with it, my husband, when he arrived home and we were showing applicants through the property.(police called) We can laugh about this now
Another tenant wouldn't get out of bed, when we showed that property yesterday. Then she defiantly lit a cig (non smoking property). She needs to be gone by Tuesday at noon..hasn't even started packing.
On the last few years:
One tenant burned down a property.
Another removed a structure wall, and started collapsing the roof.
Others removed and sold our garage door, wood stove, burned the playhouse my father built my daughter, before he died.
One woman refused to allow us to show the property, then grabbed Rob by the throat (police called)
Another skipped in the middle of winter, and the water pipes burst.
One set of tenants told lies about us, and went to the newspaper (then we made the newspaper tell the truth)
As someone said, this can all be fixed with money.
Some tenants can make me very angry, and sometimes all we can do is ruin their credit for the next 20 years.
Is it worth it?
Sure is.
Sooner or later these problem tenants will be another landlords problem.We even try to warn them. The leg threatening people told the police of their new address. I found that landlord and warned him, as the tenants gave him false info. He told them to get lost. I'm sure that means we may have problems getting them to leave unless they find a new place.
These tenants moved in July 1, 2013. Bounced their rent cheque, and every replacement. They can't connect their power until their old bill is paid off. They are using a generator atm, and have no hot water.
We have locks ready to so we can change them, when the time comes.
Oh,the fun
Try not to get discouraged..but it is normal at times.
At the moment we have 2 sets of difficult tenants.
This week, one threatened to take off his leg (wears 2 artificial legs) and hit Rob with it, my husband, when he arrived home and we were showing applicants through the property.(police called) We can laugh about this now
Another tenant wouldn't get out of bed, when we showed that property yesterday. Then she defiantly lit a cig (non smoking property). She needs to be gone by Tuesday at noon..hasn't even started packing.
On the last few years:
One tenant burned down a property.
Another removed a structure wall, and started collapsing the roof.
Others removed and sold our garage door, wood stove, burned the playhouse my father built my daughter, before he died.
One woman refused to allow us to show the property, then grabbed Rob by the throat (police called)
Another skipped in the middle of winter, and the water pipes burst.
One set of tenants told lies about us, and went to the newspaper (then we made the newspaper tell the truth)
As someone said, this can all be fixed with money.
Some tenants can make me very angry, and sometimes all we can do is ruin their credit for the next 20 years.
Is it worth it?
Sure is.
Sooner or later these problem tenants will be another landlords problem.We even try to warn them. The leg threatening people told the police of their new address. I found that landlord and warned him, as the tenants gave him false info. He told them to get lost. I'm sure that means we may have problems getting them to leave unless they find a new place.
These tenants moved in July 1, 2013. Bounced their rent cheque, and every replacement. They can't connect their power until their old bill is paid off. They are using a generator atm, and have no hot water.
We have locks ready to so we can change them, when the time comes.
Oh,the fun
Try not to get discouraged..but it is normal at times.
If you consider something like a shower leak a major issue and will hit you hard, property investment may not be your cup of tea
My hubby is a plumber so that probably helps with about 50% of maintenance issues.
Don't sweat the small stuff And it's all small stuff - its a good book.
I've had heaps of friends be affected by cancer and lost two friends a year ago. That's the definition of stress, waiting for scan results. my friends 5 yr old has cancer. After a year of treatment if it comes back within 1 yr he has no hope. That period is over. If it comes back within the next four years he has 50% chance (or something like that) So every day is stressful for her. You have nothing to worry about.
Don't sweat the small stuff And it's all small stuff - its a good book.
I've had heaps of friends be affected by cancer and lost two friends a year ago. That's the definition of stress, waiting for scan results. my friends 5 yr old has cancer. After a year of treatment if it comes back within 1 yr he has no hope. That period is over. If it comes back within the next four years he has 50% chance (or something like that) So every day is stressful for her. You have nothing to worry about.
you had drug planted in your ip as well ?
Are there any characteristics\features of a property that would make it favorable for drug growers to set up their operation ?
He was single and moved in as my tenants flat mate.
