Confessions of a Slum Landlord

[MonteDobson]

Confessions of a slum landlord

Kristian Gravenor, Canwest News Service
It`s hard to single out a moment I began questioning my decision last year to become a slumlord -- or, rather, an owner of 36 furnished budget apartments for the less fortunate.Rather, there have been several moments of creeping doubt about my decision to enter this business.

One took place when I was chased through busy traffic by an irate, drug-addled, one-time mental patient who regretted our agreement that he pay two weeks of rent as compensation for breaking his lease.

See more at http://www.canada.com/reginaleaderpost/new...0b-732ef932621e

 

[Thomas Beyer]

QUOTE (C2Ventures @ Apr 19 2008, 10:53 AM) Confessions of a slum landlord

Kristian Gravenor, Canwest News Service
It`s hard to single out a moment I began questioning my decision last year to become a slumlord -- or, rather, an owner of 36 furnished budget apartments for the less fortunate.Rather, there have been several moments of creeping doubt about my decision to enter this business.

One took place when I was chased through busy traffic by an irate, drug-addled, one-time mental patient who regretted our agreement that he pay two weeks of rent as compensation for breaking his lease.

See more at http://www.canada.com/reginaleaderpost/new...0b-732ef932621e

yes .. the sad / true tales of a landlord in a bad location and/or a bad building with non-equity building tenants !

that`s why it is important to NOT buy in class C locations .. as you canNOT change the locations of an asset .. only the asset itself .. we buy C or B- buildings in B locations .. and turn them into B or B+ assets .. but yes headaches are involved .. that`s why you should in general NOT do your own property management either .. but hire a firm / professional !

 

[RebeccaBryan]

Monte,

That`s a wonderful news article. It pays to have persistence and vision. My Mom turned around two apartment buildings with similar stories (without the comercial space however) and now she has two viable, safe buildings that tenants are very happy with and so are the police as they don`t frequent them so much anymore.

 

[DaveRhydderch]

Very good article. It sounds like the author is slowly getting the hang of things.