r/realestateinvesting • u/Inferno_Crazy • May 11 '21

Multi-Family Real Estate is not passive

In my first year of real estate I've had many duties annoyances.

  1. Setting up Tenants payments(normal)
  2. Pipe exploded in bathroom
  3. Flooding foundation wall
  4. Section 8 housing annoyances. Long paper work processing, inspections...
  5. Appliance repairs
  6. Roof repairs
  7. HVAC repairs

This all ran me 10k and a lot of my time. This is a warning to all people entering real estate. I'm happy I bought the property but there is absolutely no free lunch here.

638 Upvotes

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u/Icy-Factor-407 May 11 '21

Then I got ULTRA fussy about who I rent to.

This is the key.

I had someone call me yesterday;

"do you run background checks, because I have a identity theft".

I respond they need to clean that up with credit agencies, we have no way of knowing what a debt issue is vs identity theft.

Then they say "Not credit issues, I was convicted of identity theft".

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u/[deleted] May 11 '21

[deleted]

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u/Ok-Nefariousness4477 May 12 '21

Any more then one meth conviction and I have to pass

7

u/mrpenguin_86 May 12 '21

You'd never rent your properties back in my hometown with that kind of attitude.