For the past couple years I've had an investor that I have been working with and he is one of the kindest people that I've ever met. However, I've always been concerned about him because he always was so trusting of people and never would press his tenants when it came to contract breeches.
Well, today I found out that he has to file bankruptcy because he hasn't been receiving rent for over 4 months on one unit and 5 months on another. One of the people he has been trying to get out of his unit the whole time and the other was a family and as he put it, "I just don't have the heart to put them out on the street."
Well, now he may be losing his own home because he can't get these people to pay the rent on these properties. I hope I am wrong and he is able to recover once he gets these people out, but why should he lose his life and credit because other people abused his trust?
I hate to see such a kind person lose faith in mankind, but over the last couple months, I've seen one of the happiest and most giving people I know become depressed and I am slowly seeing his outlook on life changing because of these two renters.
Please, if you own properties and you are a kind soul that just has a hard time when people give you a story, I suggest you hire a property management company to manage your properties or you could find yourself in a situation like this one.
I'm not a property manager, but I do see the value in them if you are a kind soul. I don't want to see a kind soul turn dark because of another person's abuse of your kindness.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Hi Todd,
Isn't it too bad that being nice alone doesn't cut it!
Michael
I don't have a property manager on my one investmenet property, but I can FULLY understand the importance of one. I do plan to get one in the future when the cash flow is a little higher on the place.
Hi Todd, I could tell you a very scary story of an owner and how he would confront the renter, show them the biggest gun I've ever seen and remind them that he will be back on the first of the month !
One of the soundest pieces of advice was from a property manager that owned millions of dollars of investment properties. He told me that you had to treat renters as a business not as friends.
Todd, those people are committing outright landlord abuse! I wonder if they understand the consequences of that they are doing, and how it is impacting their landlord.
Todd, I hired a property management company because I wanted the freedom. I only have to call if I see something I don't like. I get a report once a month and I have a real bull dog to do the dirty work...
He is too kind to be a landlord but it also sounds as if he is not wealthy enough to be an investor if these two incidents are pushing him into bankruptcy. People who depend on renters to make their rental property payments and who can't go a few months without the rent need to back off some. There may be more to the story than you've been told.
TC,
We'll probably see more of this kind of story...But you're right...A property management expert is certainly a valuable service!!! Thanks, Fran
Todd - I sure hope things work out for him. I just hate to hear these stories, however they are becoming more common. Let us all dig in and support change. Thanks for the post Todd.
That's an unfortunate situation and definitely an example of someone who NEEDS a property manager to handle their rentals. It's good to be nice but not when it's to your detriment.
Sorry to hear this. How sad.
You could be talking about my dad, (except for the going into bankruptcy part). He is forever being taken advantage of, because he can't stand the thought of a family with no place to live. I tease him that he has "sucker" stamped on his forehead, but I know he is just too kind hearted, Fortunately his properties are paid off.
Todd, always enjoy your statistics and the beautiful presentation. Thank you for sharing and hope all is well up in Beaverton.