EP 73: Renter Drama

What is renter drama?

  1. The excuses and life drama that a renter will throw at you as reasons for not paying rent.
  2. Other life situations that they dump on you, such as minor repairs that are needed to the rental.
  3. Damages that are “not their fault.”

I don’t know that it’s possible to completely avoid renter drama when you have buy-and-hold real estate, but it can and should be significantly reduced by using a good lease, and most importantly, screening your renters thoroughly before allowing them to sign the lease and live in your property!

I have made almost every mistake in the book with one of my rentals. Despite all of that, it cash flows nicely when my renters actually pay their rent on time. Which is almost never.

Because of the current situation, and the fact that I have to chase the renters down for the rent money every month, I will more than likely be evicting them this month.

It is not something that I am happy about or take any joy in. There was a point last summer when they were three months behind with their rent payment. I have bent over backwards and given them the benefit of the doubt dozens of times.

What you have to remember as a real estate investor is that this is a business, and the minute you stop treating it like a business, you are setting yourself up to fail.

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About the author, Mike

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