Mistakes I wish I hadn't made - A real account from a landlord.

Written by Posted On Friday, 08 May 2015 02:53

Like most landlords, I never had running a property in mind as a career. After discussing the prospect with many friends I decided to take some advice on the Orlando property market. At first I was sensible and started searching for properties in highly desirable areas that would allow me to find a tenant quickly and as easily as possible. Unfortunately, just like many landlords I have spoken to since, the battle between location and budget began. I settled on a property that wasn't as spectacular, needed some repair work and this was where my problems began. 

 

We Have A Problem 

 

When my tenants moved in almost immediately after I started advertising I was amazed and, I don't mind admitting now, overly pleased with myself. I had been advised that it would be very difficult to find a tenant in a short time, what should have been said is: it is very hard to find a good tenant in a short time. Without going into all of the gory details, it was a nightmare. The tenants moved in with an agreement that was far from comprehensive. Due to embarrassment I won't go into what it was lacking but we can say it makes most landlords or property managers cringe. Once the tenants were settled in I experienced the famous 'calm before the storm' period that most landlords have with difficult tenants. Just when you think that everything will be ok, everything starts going wrong. Noise complaints, overdue rent and aggressive phone calls were only the beginning of my problems. I will duly admit that this was not assisted by my lack of experience and the sheer fact the property was not ready to be rented out. I had finished as much work on it as I financially could before letting it out to try and recoup some of the spent cash. This is when I realised that I needed help.

 

Saving Grace

 

 

Although it seemed like it was all a bit too late I started contacting Orlando property management companies. Many dismissed me when they heard about my difficult situation but some were extremely sympathetic. The advice that I received not only helped me to adjust the situation so the tenants eventually left the property, but the company also found great replacements. Every pitfall in my knowledge of property management was filled in and I started to really learn the ropes. I was even put in contact with contractors at unbelievably low industry prices that saved my property from falling apart at the seams. It seems obvious to say now but I would not dream of entering into another property without the help of local experts. As I still wanted to be involved in the process, this particular company was happy enough to tailor their assistance to my exact needs. The reason for writing this article is to give some advice from a humbled landlord. You should swallow your pride and get professional advice because it isn't as easy as it looks. 

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