Experts

I like listening to and watching other people. Always have.

I've recently been doing some non real estate-related stuff that entails many hours of sitting around with other guys waiting while the powers that be need us. This leaves considerable time for conversation.

One guy was telling a group how real estate and landlording was the best investment and easiest way to make money. "Just cash the cheques every month" seemed to be his mantra.

I couldn't help but interject and say that while it's less risky than the stock market (in which he also appears to think himself a guru) it really depends what kind of landlord you want to be. Sure you can be a slumlord and never maintain the property, ending up with a property that is in dire need of repair, with unhappy tenants and either spend thousands repairing it when you want to sell, or get less than market value for it. Or, you can keep on top of things and maintain it, make sure you get good tenants, freshen things up between tenants and hopefully keep them happy, pay you on time, and get a good price if and when you sell.

I have to admit I was thinking of some (adult female) tenants I had once that after they moved out, it was apparent that in the 18 months they'd been there - had never so much as wiped the kitchen floor once. These were the same tenants that were thrilled to get a place to live with a wonderfully landscaped yard and said they'd maintain it (and signed a lease stating this), but once they got in and decided to buy a cottage - any maintenance on my home went right out the door. Reminder to self: listen to your gut instinct when screening tenants - it's rarely wrong.

"You're full of shit" he tells me.

You're right, I'm only a Real Estate Agent and former landlord, so what would I know?

And people wonder why there are so many problems between landlords and tenants?

Oy.