Any landlords here with horror stories?

[ATN]

When I re-located to Dallas (before I relocated to Oklahoma) I was unable to sell my house in Memphis so I rented it out.

The neighborhood had changed over and I was one of maybe 5 people who didn't perfrom the "white flight"...I stayed there 10 years and was the only white guy in several blocks...it never bothered me and my basketball court in the backyard became a local sensation...lol...I was in my 40's and hooping with the brothers. One of the kids played for U of M...but then missed the NCAA finals because he failed a drug test..Andre??? WHAT WERE YOU THINKING MAN!!!

The neighborhood remained nice and mostly safe during that time. The blacks that moved in were great people who were fleeing bad neighborhoods, but then it changed...Hickory Hill became Hickory Hood.

The unemployment in Memphis rose and crime is horrible there, recently a woman was murdered two houses down.

Countrywide helped me re-fi but failed to lock me in on time and I got a bad rate. They denied doing this but I know the agent lied so I had no recourse in re-negotiating...funny, the CEO is under investigation of doing "sweetheart" deals with his friends.

The horror story is I rented to a white guy that never paid on time and when I evicted him he damaged the house to the tune of 3K (to make it rentable again)...this unibrowed dippic kept saying "it's all good"...(Never trust anyone who uses that term...really)

Well, I hired a great management company and it's almost back to being rentable...tho~ it will be a challenge to rent it now. I had to liquidate my escrow to afford to fix it up...very embarrassed that I had to delay even getting the yard cut...since I now live in Oklahoma, and many of my previous friends moved too far away to help...plus I didn't want them to work in the DMZ to keep it up. My insurance cancelled me but my agent is working to re-instate it quickly.

I am so tired of fitting in with the negative stats...lol...I am hanging in there tho~! I'll post some pics of the damage when I receive them...I was so nice and easy to him yet this is my reward? He was 3 months behind, what else could I have done???

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[popowich]

I tried to rent out my basement a couple times over the years.

Some were very brief stays. Most were found on roommates.com.

The first one that moved in was a little piggy. They ended up creating a crazy big pile of food wrappers and dirty clothes. One day they called me down there to find out what was all over the floor. Looked like jelly beans. After taking a closer look I realized a mouse had a litter in their dirty clothes pile and all the babies died in their clothes. They did not have any money except the first months deposit and no jobs. They went from 1 to 2 to 3+ regularly staying over and it quickly got out of control. They were in my house about 6 weeks before they got the boot.

The was another one after them that could never seem to come up with her rent money. She stayed closer to a year but did not chip in much. Her life was a disaster. Moved to Rochester to go to RIT. Something happened with the student loan money and it got denied on late notice. She ended up working for a party supply store. She'd get up early, take the bus to and from work, and the 30 minutes or so she was awake here all she would do is complain about the kids pulling on her utters. Yeah, she had to wear a cow costume and kids would yank on her all day. She ended up sending me a small check after moving away and getting a better job while going to school in buffalo but never made up the bulk of it.

Gotta go, will finish up later.

-Raymond

[harryn55]

I had a few rentals for many years. Well over 100 tenants and only a few were good throught their entire stay. Most of them tried to pull some kind of BS when they left. I also had a few that did a lot of damage.
My specific advice to you is not to seek out white people to live in a black neighborhood, your chances of getting a good tenant are very slim.
I would think your best bet is to sell.

[THERESA]

Why do they have to be white?

[ATN]

I had a few rentals for many years. Well over 100 tenants and only a few were good throught their entire stay. Most of them tried to pull some kind of BS when they left. I also had a few that did a lot of damage.
My specific advice to you is not to seek out white people to live in a black neighborhood, your chances of getting a good tenant are very slim.
I would think your best bet is to sell.

Henry, I assure you it was not about race when deciding who to rent to...he was referred by the last tenant that's all, not sure why I mentioned it...lol...and I'd love to sell it but values are down too much in that area. I just need to hang on and hope things change.


Thanks

[ATN]

Why do they have to be white?

Theresa, they could be paisley or even plaid for all I care...lol, I just wish people were more honest and respectful, this guy acted like a "good ole boy" with his "it's all good" speak...

[THERESA]

that was my point. who cares if they are rainbow with polka dots as long as they pay the rent on time and don't trash the place.

[harryn55]

Henry, I assure you it was not about race when deciding who to rent to...he was referred by the last tenant that's all, not sure why I mentioned it...lol...and I'd love to sell it but values are down too much in that area. I just need to hang on and hope things change.


Thanks

My name is Harry. If you hold onto a property in a bad area waiting for the values to go up you will most likely have the experience of poring money into it every few months until you come to the conclusion that you should sell, probably at a lower price than you would get if you sold it now or perhaps you will wait until you have to go bankrupt.
Again, I think your best bet is to sell now.
But that is only my experience and the experiences of the dozens of landlords in the organization I was a member of.::soapbox::

[ATN]

My name is Harry. If you hold onto a property in a bad area waiting for the values to go up you will most likely have the experience of poring money into it every few months until you come to the conclusion that you should sell, probably at a lower price than you would get if you sold it now or perhaps you will wait until you have to go bankrupt.
Again, I think your best bet is to sell now.
But that is only my experience and the experiences of the dozens of landlords in the organization I was a member of.::soapbox::

Harry,
After your suggestion I called another agent in Memphis who told me to wait until after I've restored the house. He's going to see if it's possible to sell it. He also said that with the lack of equity and the lowering of house values in the area I'd have to take a major hit to be able to unload it.

With the worsening economy and the higher credit standards for people to qualify for a home loan this presents a pickle for me. The best I can do now is not default and ruin my credit. Also Nationwide took a look at my property and declaired if abandoned and cancelled my insurance...luckily my Ins agent is a friend who is re-instating it soon...as rental this time.

The MGT agency is helping me out over what they normally do (in regards to costs of repairs) so I am hopeful to get a tenant soon to be able to afford the mtg payments. I ain't giving up!

Thanks for the advice sir!

Lou

[ATN]

Pics are up of the damage of my property...I am barely hanging onto this property and if I don't get it rented soon I'll join yet another bad stat...I am having a real estate agent look at it soon also but that's a long shot for that area...

If anyone googles this guy my site is third in line...he won't answer his phone and works under the table so no way of suing this arsehole....could drop a dime to the IRS but I not a Nixonean kind of guy....lol

4432 Trout Valley Dr
Memphis, Tn 38125

www.kissmywhitehairyass.com (http://www.kissmywhitehairyass.com)

[THERESA]

Sorry about your troubles but that website is a hoot!

[ATN]

Sorry about your troubles but that website is a hoot!


Oh, there are more to be added...so don't :censored1: with me...just kidding, I reserve this site for the special people who refuse to take responsibility for their actions... in other words..arseholes!:fryingpan:

[Westchesterguy]

Remember, No one can take advantage of you without your permission.

[wawawebis]

My name is Harry. If you hold onto a property in a bad area waiting for the values to go up you will most likely have the experience of poring money into it every few months until you come to the conclusion that you should sell, probably at a lower price than you would get if you sold it now or perhaps you will wait until you have to go bankrupt.
Again, I think your best bet is to sell now.
But that is only my experience and the experiences of the dozens of landlords in the organization I was a member of.::soapbox::

I could not agree more!!:thanks:

[ATN]

I could not agree more!!:thanks:

Actually....the value of the house is about 69,900, maybe 72,000...I owe 81,300...can't afford to sell it, just trying to hang on...should have gone into default and sponged off the government...but I tend to patriotic and be responsible even if others are not.....sorry to go political (not really) but I am a litte PISSED off lately...:banghead:

OBAMA 08 (no shit huh?)
::soapbox::