I started in the residential rental business in 2007 at the age of 25. It all began with the purchase of two little houses I found out about strictly by luck. Thanks to the fact I was also a fairly new real estate agent, aka independent contractor, I could not get financing (it's especially hard to get financing when buying an investment property, on top of trying to prove income for the previous 2 years). So, in comes dear ole dad...my first lender.
Now I own 6 rental houses (all with mortgages, but all stay rented).
I won't bore you with the details of the last 4 years, but I will say I have dealt with a wide variety of issues...one or two of which people that have been in the business for decades have not experienced.
There have been perfect tenants who have been renting from me since the beginning with no problems, and tenants that have disappeared in the dark of night with no warning. There have been tenants that I tried to help as part of a church charity (that blew up in my face quickly), and there have been tenants I've had to kick out because of drug issues and complete stupidity...then they thought I would give them a good reference at the next place they rented. Can you believe that?!? I've seen many different personalities in 4 years, but thankfully most have been good.
This brings me to one of the biggest and most helpful lessons I have learned so far:
ALWAYS have an APPLICATION along with the LEASE!!! A simple signature on the lease won't help if they disappear. Get all the information you can!
Ok, I promise future posts will be shorter.
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