The good, bad and ugly

Viewing 4 posts - 1 through 4 (of 4 total)

MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
July 21, 2004 - 1:08 pm
Hi all,
I’m sure everyone has their share of challenging experiences in the property investment game. I was hoping that you would all share your good, bad or ugly story.
I thought I would start by mentioning my first IP (ugly story), it was a beauty – took 3 months to rent. Finally got my first tenant who actually did not move in. Why? cause the guy accross the road threatened to kill him, and torch the house.
We promptly increased the insurance cover, just in case. Can never be sure….
The saga continued for some time as the tenant demanded his bond back and threated legal action. After seeking advice we finally refunded his money and managed to rent out the house 2 weeks later.
The good story is that the house is still standing…. amaaaazing.
[strum]
yack
Member
@yack
Join Date: 2003
Post Count: 1,206
July 21, 2004 - 11:49 pm
My only hard story in my 8 years of property investing was my brothers former girlfriend skipping out and not paying any rent for about 4 weeks.
And just tenants being a little late in paying rent. But my property manager has always collected outstanding rent. These properties are in Frankston.
My properties in Mentone – never had a problem.
So does area matter – I reckon it does!!!!!!!
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
July 22, 2004 - 12:41 am
Hi Yack, I reckon so…. fortunately the tenant I have now is great and a BIG bloke. Probably not an appropriate comment, but perfect for this area, if you know what I mean.[biggrin]
Monopoly
Member
@monopoly
Join Date: 2004
Post Count: 1,612
July 22, 2004 - 1:29 am
The Good:
Bought first home (later becoming first IP) just before my 18th birthday.
The Bad:
Landed the “tenants from hell” who vandalised and then torched my first property to the ground!!
The Ugly:
Had to learn to become hard virtually overnight!! Learning other RE lessons along the way, a challenging (and at times ugly) reality check.
Back to The GOOD:
Own all my properties outright, have great tenants, and am sitting back comfortably, enjoying a very full and happy life!!
RE can run in similar cycles!!
Never give up…..it’s worth the headaches. But as with any investment, property investing is/should be a long term project, and is definitely not for the faint hearted!! Keep at it, and eventually you will realise your dreams!!
Cheers,
Jo