Real Estate Journal: Bad Tenants
This is the first in a series I’ll be doing on my personal real estate exploits. For the purposes of privacy (and in order to lessen the likelihood of being sued), names will not be used unless absolutely necessary. And of course, every name will be changed.
About 8 months ago, I agreed to get my alpha rental property rented out by a property manager. I call it my alpha because it isn’t the first place I’ve rented – and the house I live in (which I used to rent out) is not the first house I ever bought.
So, in an effort to stave off some degree of confusion, I just decided to call the house I’ve been working to get rented by a great tenant my alpha property. Anyway, back to the property manager.
My goal from the very beginning has been to avoid the whole “own a job” mentality that characterizes many small business owners. While most people would say that if you want something to be done right, you have to do it yourself.
Most people aren’t that great at managing things themselves, anyway. For the most part, management types need a sturdy, pre-fabricated framework of rules and regs, or they get lost in the deal.
For me, it’s more of a matter of time. This is just one of a LOT of writing projects I’m regularly involved in. And that doesn’t even count the fact that I have a “regular” job, as well.
So I decided that a property manager would be a useful step in turning my rental business from “owning a job” into “owning an investment.” My time is worth something to me – as is my sanity.
While I highly value the property manager I now have, my first one flat out sucked. And by the time I met him, my Scammer Sense had developed to the point where I could feel that something wasn’t quite right. But I’ll talk about how I can detect scam artistry in a future post. Let’s discuss the type of tenant the guy attracted.
If you’ve ever dealt with people in the hood, you probably know that there are “professional gamers” out there. A few other terms you might know them by are hustlers, scammers and shady cats. These people actually make their way in the world by trawling around, getting everything they can for free, and then moving on to their next victim.
If not for my inferior quality property manager, the woman who’s currently in my alpha rental never would have gotten her hands on the key. First, she lied about how many kids she had (which was way too many to properly fit into a house of that size).
Second, she never provided employment information… and my money says she doesn’t have any employment to speak of. But that’s neither here nor there.
This whole ordeal comes down to how I was when I found my former manager – desperate. And desperation leads to bad decision making.