All Forum Posts by: Lam N.

So sorry for Eddy and other landlords over there.  Seems like landlords have always been the punching bag every time there is some kind of social upheaval.

Most people would say keep the money in the market.  

To me, though, it's a numbers game. I worked out the math and it turned out that the ROI from owning rentals is infinitely larger than keeping the money in the market, even when I considered the taxes and penalties of cashing out.

I think it's a personal preference thing.  

Edit.

I should add that I'm in my 30s so it's not the end of the world for me to take cash out my 401k.

I know I'm suppose to own it in my name.  But a few years ago I sold our primary residence and just conveniently moved into one of our rentals.  Everything works out.  Haven't had any problem.  I don't know what the big deal is.

I'm starting to see the real problem here.

Pricings look fine. But why are some of these work needed to be done? Are all the ceiling fans bad? Are all the outlets bad? 

I would never approve a recommended list like this.

I guess he hit his breaking point.

Things are stacked against landlords right now.  I've been adapting to survive this thing.  One of the changes I made last year was all new leases are month-to-month. So far, I've been able to get rid of a couple problem tenants with no problem and minimal losses.

Anyone else here have made this same move?  

Unlike others here, if one of my tenants pulled something like this it is time to evict.  A landlord-tenant relationship should be mutually beneficial and symbiotic.  From my experience, once they start doing something like this and suffer little consequences they will try to push the boundaries more and more and more.  Before you know it, the tenant will eff you sideways.

I suspect the OP dragged his feet in dealing with this resulting in the situation dragging out for the last 2 years.

OP, in my experience the chances of you seeing any of that money is almost nill.  

Investing is a numbers game.  Like everything else in life, you win some you lose some.  The trick is to win way way more than the losses.  

For example, if you open a retail store it is a given that you're going to get shoplifted.  The trick is to sell way way more than the losses so some of the profits can cover the losses.

Sounds like a very expensive lesson for you.  

Going forward:

• -Choose your tenants more wisely
• -Pay more attention to what's happening with your investment(s)
• -If there is a problem, get on it right now, not tomorrow
• -Keep in communication with the tenants
• -Establish a good relationship with the tenants
• -TODAY NOT TOMORROW

Is this the only investment property you have?  If so, I suggest selling.  At this point you're so much in the hole it is hard to see how you're going to recover from this.  

I completely understand.  My approach is I would rather burn down Rome than let the barbarians have it.  It is purely a personal choice.  At the end of the day, you do what is best for you I guess.

i follow a strict scorched-earth policy.  I'm not going to let them get away with it.