A Duplex Investor’s Moment of Truth 07.27.15
I have been working on it in earnest for three months. And as I thought about the amount of effort and money I’ve recently sunk into the place, I remembered that as great as rental property investment is, there are also times when it’s a lot of work.
This was one of those times.
If you’re new to investing, or are thinking about becoming a rental property owner, stories you hear from more experienced investors may be all glory or all horror.
Investment property ownership can be a little bit of both.
It’s wonderful that for little more the cost of a down payment, tenants will help you contribute substantially to your personal wealth or retirement account.
In exchange, every now and then, you’re going to either find yourself picking up after them or paying someone else to do it.
I have had many tenants who have left rental units in such great shape that all I had to do for the next resident was change the lock.
And I have had others who’ve let their pets destroy woodwork, not cleaned toilets for their entire residency, and left a household full of broken furniture behind.
Great tenant screening goes a long way toward solving these problems. But sometimes, life deals even the best person a blow and as a result, their habits and their standards change.
Everything worthwhile in life requires some effort.
Including rental property.