It may not technically be BP, but, the irrational large swings in mood, where she openly says how much she loves me and thinks I'm the best, to exact "polar" opposite.Honestly, either way she makes me uncomfortable...I don't like when people are too nice and overly friendly, too...I am the landlord/handyman, not her replacement daddy or whatever, anyway, she is already taking up too much of my time, hell, too much of all of our time!

@Ozzy SirimsiYea It's been very competitive, we've also been looking to convert a townhome to a 2 unit multi but just from my experience with the city on the construction side they are completely mismanaged and irrational so we don't want to put our fate in the hands of the city hoping they will approve it.

I hear MF at every corner and smart money and retail are irrationally chasing these assets at prices that do not make any sense.

As stated earlier, they also do not account for the time-value of money, however, neither does IRR, at least not accurately.

If I had bought a deal in Las Vegas in 2006, 1996, 1986 even though the entry CAP rate was much higher the IRR at sale 20+ years later is lower.

That said, if you want to be an investor I would recommend you use that irrational fear and capitalize on it since most of the time it will limit the competition for purchase.

You might laugh at the above, but tenants are irrational sometimes.

bathroom is a good cheap cosmetic improvement worth doing. renters are irrational, so even a good condition dated bathroom will deter a good number of them.  

To be a landlord I’d get a counseling / mental health degree to deal with insane irrational tenants which is 99% of them .

IRR at minimum we like to see 15%