5 Unit Blog "My Story As A Newbie"

Hello everyone, I have been a lurker on this site for a while ever since I bought my first investment property. It is a 5 unit apartment complex in an exploding area near the coast of Central Florida (but not beachside). I decide to write down my experiences here to seek questions, learn better ways of accomplishing tasks and to give hope to others who struggle during the learning curve of being a landlord.



>>> Quick history, my deal was OK for the area, not a home run but a decent priced fixer-upper in an area that has a high demand for rentals. I got a commercial loan and HLOC to purchase the Units. 350k for 5 units on ½ acre, it is on well water and septic which is common for the area. I am planning to buy and hold. Fast forward through months of re-habs, evictions, and quick lessons. and I think I am seeing the light at the end of the tunnel. I will be posting on this thread to share what it really means to buy, manage, and succeed as a landlord. I hope this tale does not get cut quickly if I have to use my Exit Plan. If anything, this thread should be very humorous to the seasoned landlords.

>>> I bought the unit fully occupied and run down, the previous landlord did not care about the buildings or tenants. Two of the units were barely livable, infested, broken appliances, leaks, etc, etc. First plan was to remove the undesirable tenants and begin turning the place around. NOT EASY ! One almost went to court; they did not leave until the Sheriff posted the Notice of Eviction (pre-trial note that a court date was being set). They left ONLY after that was posted on their door. I even had to rent a truck to help them move, you will be amazed what you will do to get some one out, I was anxious to get started. The tenant did not sweep, clean, mop or anything for over 4 years. I recall the exterminator I hired saying “Hey I’m from the Bronx; I’ve seen everything…Ha-ha he freaked when he saw how dirty, infested, and destroyed the unit was. I know I am part of his beer drinking stories with the other exterminators forever.

>>> The other family had a pit bull (plus other dogs) that would cause issues with my insurance company. They also did not pay rent when they heard it was under new ownership. Eventually they left after finding a new home and paying a small portion of what they owed me. Lesson Learned: If you are going to evict do not hesitate, it is an easy process but cost $$$ about $100.00. Next thing I know the young couple in the “prime” unit gets two pit bull puppies ??? My lease says NO Pets; they had to go as well.

>>> What is it with Pit Bulls? Who is going to rent to anyone with Pits? I have two dogs but am lucky enough to own a house. DO tenants really think they can hide a dog?

1st Lesson Learned – Evict without haste. You will get your property back sooner.



[ Edited by Waylon on Date 12/15/2005 ]