- Joined
- Oct 10, 2007
- Messages
- 601
Many new and veteran investors have this fear that sometimes keeps them up at night or prevents them from making a decision.
What if they trash the place?
We, Mike and I, have seen enough in our business to speak to this fear.
Just last month we had to `clean up` one of those messy situations and it turned up quite well.
So when you think ` `What if they DESTROY the place?`
Did you have something like this in mind?
Click here to see pictures and the rest: http://www.proactinvestments.com/?p=477
I am going to be honest with you: You are going to be feeling sick after you see this to your property for the first time. And that`s OK.
Good news is it is NOT normal!
Another good news is that there are ways that this can be prevented by selecting the right tenants and some of the risk can be mitigated by having the right insurance.
In this particular case the tenant was inherited from the previous owner and there were some early signs that trouble was about to happen.
Unfortunately, as a landlord, there is very little one can do proactively in Ontario. However comunication is key in all situations. Regardless of what the issue is, try to have open lines of communication with your tenant at all times. This is one way of receiving valid clues on what their intention is and what direction they are planing to move.
I need to repeat this again: This is not what happens to all places!
In this particular case the insurance protected the property owner from vandalism and covered almost all of the cost for renovations and lost rent.
Instead on dweling on fear here is the action plan:
1. Have the right insurance in place for rental places.
2. Have the right team to deal with situation.
3. Serve the proper paperwork to tenants.
4. Don`t be afraid. Take massive action. Clean up the mess and continue with the business.
5. Find better tenants.
DO NOT BE AFRAID. TAKE MASSIVE ACTION.
This is exactly what we did. We renovated it, put it back on the market and within 2 weeks placed a nice couple who loved the place and will will take care of it while paying rent.
px; margin-right: 0px; margin-left: 0px; padding-right: 0px; padding-left: 0px; font-family: tahoma, arial, sans-serif; font-size: 13px; background-color: #ffffff;">The renovation cost little over $4000 and was mostly covered by insurance.
What if they trash the place?
We, Mike and I, have seen enough in our business to speak to this fear.
Just last month we had to `clean up` one of those messy situations and it turned up quite well.
So when you think ` `What if they DESTROY the place?`
Did you have something like this in mind?
Click here to see pictures and the rest: http://www.proactinvestments.com/?p=477
I am going to be honest with you: You are going to be feeling sick after you see this to your property for the first time. And that`s OK.
Good news is it is NOT normal!
Another good news is that there are ways that this can be prevented by selecting the right tenants and some of the risk can be mitigated by having the right insurance.
In this particular case the tenant was inherited from the previous owner and there were some early signs that trouble was about to happen.
Unfortunately, as a landlord, there is very little one can do proactively in Ontario. However comunication is key in all situations. Regardless of what the issue is, try to have open lines of communication with your tenant at all times. This is one way of receiving valid clues on what their intention is and what direction they are planing to move.
I need to repeat this again: This is not what happens to all places!
In this particular case the insurance protected the property owner from vandalism and covered almost all of the cost for renovations and lost rent.
Instead on dweling on fear here is the action plan:
1. Have the right insurance in place for rental places.
2. Have the right team to deal with situation.
3. Serve the proper paperwork to tenants.
4. Don`t be afraid. Take massive action. Clean up the mess and continue with the business.
5. Find better tenants.
DO NOT BE AFRAID. TAKE MASSIVE ACTION.
This is exactly what we did. We renovated it, put it back on the market and within 2 weeks placed a nice couple who loved the place and will will take care of it while paying rent.
px; margin-right: 0px; margin-left: 0px; padding-right: 0px; padding-left: 0px; font-family: tahoma, arial, sans-serif; font-size: 13px; background-color: #ffffff;">The renovation cost little over $4000 and was mostly covered by insurance.