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I think "MY" rental property is in foreclosure
Old 04-12-2008, 11:06 PM   #1
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I think "MY" rental property is in foreclosure

So I had this 4/2 single-family home for 9 years and, seeing the way the real estate market had peaked and was slowing, I decided to get out of the landlord business.

So I got it painted, put in new carpet, a "new" kitchen and appliances (got the cabinets on Ebay for $500 and put "em in myself -- looked great!) etc. etc. etc. I also updated the landscaping, which took the majority of my time. But again, things were slowing rapidly, and I figured "curb appeal" was worth it.

Long story short, it was probably the last house in that development to sell for anything near the high, and I was thrilled to get out before the feathers hit the fan. I got $405 for it but 7 months later an identical house down the street sold for $90K less.

Fast forward a year. I was in the neighborhood today on an errand and drove by the place. Looks like a World War I battlefield. EVERY plant, shrub, fence, pebble, and flake of bark has been removed. At first I thought they might be re-landscaping, but then I noticed that the curtains are all gone and there's a pile of garbage on the front porch and another in the driveway. Geez Louise.

I know I had to do all the work I did to sell it and I'm not exactly sad that my efforts have been dug up / ripped out... Just very, very reflective...

It's a surreal world where one of life's basics, a roof over one's head, becomes the stuff of huge profits and crushed dreams over a 12-month timespan.
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Old 04-13-2008, 01:54 AM   #2
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Wow... interesting they took the plants!!!!

I have seen a number of foreclosures and some take the stove and dishwasher... and even some had doors missing... but the shrubs WOW...


Heck... look it up and make a LOW LOW bid on the place... you might get it back for $150K or even more less than you sold it... might be worth a try...
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Old 04-13-2008, 02:42 AM   #3
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Yeah I guess if you had the money, the time, and the interest in refurbishing the place again, you could make out like a charm. I was in the landlord business some years back ...& was quickly becoming a "slumlord" due to what was happening in the neighborhood.

Honestly, I don't think I could personally return to landlord status. When I was on the fasttrack to slumlordhood, my trust and faith in humanity was badly shaken due to the destruction that would all too often happen on my properties. While it is not always the case, all too often, renters do not respect the property as if it was their own, and do not respect it or care for it. At one point I had four SFUs and had been planning for them to be a significant source of ER income. When I sold the last one in 1995, I vowed I would never be a landlord again.

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Old 04-13-2008, 09:30 AM   #4
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Don't forget to reflect on what a smart decision you made!
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Old 04-13-2008, 09:57 AM   #5
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Heck... look it up and make a LOW LOW bid on the place... you might get it back for $150K or even more less than you sold it... might be worth a try...
Don't think I haven't thought about it, Texas! That house was solid when I sold it -- absolutely no hidden issues.

I had to mentally smack myself and remember that I do not want to be a landlord. Weird enough to have this happen to a house I USED to own -- my next-door neighbor had it done by a renter to a house he currently owns.

It takes all kinds to make a world.
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Old 04-13-2008, 11:01 AM   #6
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That's the reason DW and I decided not to keep the house in MD when we moved even though the rental income would have more than paid for the new house. We talked about it for perhaps 30 seconds.

Her brother owned a rental townhouse that was nothing but headaches for 10 years.
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Old 04-13-2008, 04:04 PM   #7
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Well, first she sold the house so it was not 'renters' who trashed the place...

And from the experience of my sister, you can get good tenants if you are willing to wait..

They have owned a house for IIRC 20 years... and have only had 3 tenants that whole time... they look for someone who is stable, with a good credit rating... charge 'market' rent when they start, but do not raise the rent to market when the rest goes up.... kind of 'handcuffs' the tenant in with low rent... yes, it cost them some 'money', but keeps good tenants and gets rid of a lot of headaches...

And the last two tenants were willing to fix the problems and only charge them for the parts!!! No professional fees to fix things...
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