When things go sour ...

[RedApple]

oh the damages you and some of the others here have encountered are so massive....but you've handled them well. Gotta take my hat off to you guys

It's very kind of you to warn another landlord about those tenants.

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.

 

[RedApple]

i stress easily unfortunately.

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

 

[RedApple]

you are right, i sweat the small stuff too much. Will definitely look into the book you recommend. Thanks INVSTOR
Hope everything goes well with the 5yo child.

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.

 

[kathryn d]

oh the damages you and some of the others here have encountered are so massive....but you've handled them well. Gotta take my hats off to you guys

It's very kind of you to warn another landlord about those tenants.

It helps to have a handyman partner..or at least people you can trust to call upon.
We use the same plumbers and electricians.They may send different workers but the owners are the same.

We also have a great handyman/carpenter we can use, when it is more than my husband is capable of.
This year we added a cleaner and yard cleanup couple to our team.

 

[RedApple]

yes it definitely helps when u're not alone on this journey, having someone to bounce the ideas with can take away 50% of the stress i think.
Sounds like you've a great team ready to tackle any issues that could occur

My IPs are spread across different states and they don't require much repair hence why when one does I'm totally lost cos i don't even own a screw driver or have any knowledge on handymen stuff. My PM hasn't been of much help in sourcing a reliable trades person this time so I've got to do a lot of running around getting quotes & asking questions etc. The biggest challenge is how to find a good trades person. The one that did the complete bathroom reno just 2 years ago for the prev owner of my now IP couldn't even do waterproofing properly hence now i have to find someone reliable to redo the job before further damages occur

It helps to have a handyman partner..or at least people you can trust to call upon.
We use the same plumbers and electricians.They may send different workers but the owners are the same.

We also have a great handyman/carpenter we can use, when it is more than my husband is capable of.
This year we added a cleaner and yard cleanup couple to our team.

 

[Posnow]

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

Hi Red Apple, That property is up about 20% on what it cost me about 3 years ago, so that's not bad. "Shock" is the right word... I think I kind of laughed when I heard over the phone (out of shock) and when I saw the place with my own eyes I was just really p---ed off The police didn't bother trying to even find them (that didn't surprise me). Apparently this kind of thing is rife in the western suburbs of Melbourne at present....more in older houses though. I would have been less stressed sorting it out if I had had a good pm to get all the quotes and repair work done for me - that's why I say get a good pm and let them do the stressing... they are worth their weight in gold and it leaves you to continue with whatever else you do in a normal day.
Keeping busy is the answer to keeping stress levels down though. If you have time to go over and over something in your mind - it is usually not helpful, and doing something else would be more constructive. (I should go to the gym more).

 

[AlmostBob]

a poem, usually with a picture of Mickey mouse on the left giving the finger

When things go wrong

When things go wrong as they sometimes will,
When the road you’re trudging seems all uphill.
When the funds are low and the debts are high,
And you want to smile, but you have to sigh.

When care is pressing you down a bit,
Rest if you must, but don’t you quit.
Life is queer with its twists and turns,
As everyone of us sometimes learns.

And many a fellow turns about,
When he might have won had he stuck it out.
Don’t give up though the pace seems slow,
You may succeed with another blow.

Often the goal is nearer than
It seems to a faint and faltering man.
Often the struggler has given up,
When he might have captured the victor’s cup.

And he learned too late when the night came down,
How close he was to the golden crown.
Success is failure turned inside out,
The silver tint of the clouds of doubt.

And you never can tell how close you are,
It may be near when it seems afar.
So stick to the fight when you’re hardest hit,
It’s when things seem worst that you mustn’t quit.

But don't tell me, I dont give a sh_t.​

 

[BayView]

I think the dream all falls apart when folk find that their really grouse massively neg geared IP/s start to cost them even more dollars, and you discover that a lot of tenants are money-sucking oxygen thieves.

Investing is no fun when you think you'll enjoy all this free money, only to find you are even more broke than before.

So, the trick is never to buy one of those.

 

[INVSTOR]

Thanks Redapple - here's the book details. It's full of quotes like this so you can pick it up over and over and start anywhere. http://www.goodreads.com/work/quote...stuff-and-it-s-all-small-stuff-simple-ways-to

 

[lizzie]

money can sort out problems but how to remove the anticipation and stress involved due to fear and the unknown ?

That has to come from you ... a real mental shift to realise that stress solves absolutely nothing and is not worth the effort.

Personally I say "shoite" and move into the "what CAN I do to sort this out". Don't think I've ever stress over rental properties - money, yes - bad tenants, flood, major plumbing failures, not for a long long time.

 

[VYBerlinaV8]

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.

Wait until a few things happen, and you solve the problems, and you realise most investment problems can be solved fairly easily provided you made good choices in terms of assets and tenants to start with.

Tenants are a bit like pets: don't ever feel sorry for the runt of the litter.

 

[Kinnon Bell]

Apparently this kind of thing is rife in the western suburbs of Melbourne at present...

Posnow, did this happen for you in Brookfield at all?

 

[Posnow]

Posnow, did this happen for you in Brookfield at all?

Hi Kesse,
No, this was in Williams Landing (the "nice" part).
But I have heard from a Meltonite about it happening up that way.
Be cautious with tenant selection!

 

[RedApple]

hi Posnow, nice to hear that the cap growth has been good, makes it easier to forget the nasty experience hey ?

yes exercise does wonder to the body and mood

Hi Red Apple, That property is up about 20% on what it cost me about 3 years ago, so that's not bad. "Shock" is the right word... I think I kind of laughed when I heard over the phone (out of shock) and when I saw the place with my own eyes I was just really p---ed off The police didn't bother trying to even find them (that didn't surprise me). Apparently this kind of thing is rife in the western suburbs of Melbourne at present....more in older houses though. I would have been less stressed sorting it out if I had had a good pm to get all the quotes and repair work done for me - that's why I say get a good pm and let them do the stressing... they are worth their weight in gold and it leaves you to continue with whatever else you do in a normal day.
Keeping busy is the answer to keeping stress levels down though. If you have time to go over and over something in your mind - it is usually not helpful, and doing something else would be more constructive. (I should go to the gym more).

 

[RedApple]

thanks AlmostBob, that poem sounds so cute

a poem, usually with a picture of Mickey mouse on the left giving the finger

When things go wrong

When things go wrong as they sometimes will,
When the road you’re trudging seems all uphill.
When the funds are low and the debts are high,
And you want to smile, but you have to sigh.

When care is pressing you down a bit,
Rest if you must, but don’t you quit.
Life is queer with its twists and turns,
As everyone of us sometimes learns.

And many a fellow turns about,
When he might have won had he stuck it out.
Don’t give up though the pace seems slow,
You may succeed with another blow.

Often the goal is nearer than
It seems to a faint and faltering man.
Often the struggler has given up,
When he might have captured the victor’s cup.

And he learned too late when the night came down,
How close he was to the golden crown.
Success is failure turned inside out,
The silver tint of the clouds of doubt.

And you never can tell how close you are,
It may be near when it seems afar.
So stick to the fight when you’re hardest hit,
It’s when things seem worst that you mustn’t quit.

But don't tell me, I dont give a sh_t.​

 

[RedApple]

true, i stay away from neg gearing nowadays, plenty of better choice around.
but also, thanks to low int rate

I think the dream all falls apart when folk find that their really grouse massively neg geared IP/s start to cost them even more dollars, and you discover that a lot of tenants are money-sucking oxygen thieves.

Investing is no fun when you think you'll enjoy all this free money, only to find you are even more broke than before.

So, the trick is never to buy one of those.

 

[RedApple]

thanks INVSTOR, i'll definitely look into this. you are so nice

Thanks Redapple - here's the book details. It's full of quotes like this so you can pick it up over and over and start anywhere. http://www.goodreads.com/work/quote...stuff-and-it-s-all-small-stuff-simple-ways-to

 

[RedApple]

hi lizzie, it's a constantly active switch which i'm trying to turn off. i don't think anyone actually enjoys worrying.

i'm surprised you've never stressed over rental properties... but well done

That has to come from you ... a real mental shift to realise that stress solves absolutely nothing and is not worth the effort.

Personally I say "shoite" and move into the "what CAN I do to sort this out". Don't think I've ever stress over rental properties - money, yes - bad tenants, flood, major plumbing failures, not for a long long time.

 

[RedApple]

yes, i think u're right, i suppose after some bad experience the problem solving will get better and with less fear.

i'm less afraid of tenant issues actually ... but more of unexpected things that could happen to the building as i know next nothing about repairs and how to fix stuff.

Wait until a few things happen, and you solve the problems, and you realise most investment problems can be solved fairly easily provided you made good choices in terms of assets and tenants to start with.

Tenants are a bit like pets: don't ever feel sorry for the runt of the litter.

 

[RedApple]

been goggling on 'stress management' and found the following link. I think it's really helpful and felt much better afterwards ....thought i'd post it up here to share with people who might have similar need:

http://simplelifestrategies.com/sls-switchoffstress/

points i noted:
-80% of worries never happen
-stop imagining things.
-3 seconds to breathe in & 3sec out.
-worry & stress stop clear solutions from coming in
-over thinking serves no useful purpose
-constant fear of the worse does not give actual solution
-take a break. re-visit next day with a fresh stress-free aproach to get the needed results.
-control own mind, thoughts & worries to switch off & live well.

Thanks all for your replies and have a good night