Jeannie Niles Real Estate Investment
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Real Estate Horror Stories
We have all heard the horror stories about real estate ownership. It seems people are more likely to share problems than to say, “By the way I made $250,000 in five years on one property.”
Here are a few adventures in property ownership:
The owner above your newly refurbished condo didn’t repair a water leak, causing the walls behind your brand new custom cabinets to become infested with foul smelling mold. A contractor then tells you everything has to be ripped out again.
One Monday morning, you discover an intriguing newspaper article featuring the DEA, the SWAT team, and that nice middle aged couple that rent your home. Reading further, you find that the couple has been arrested for attempted murder, the front door of your property was opened with a battering ram, and stockpiles of assault weapons and cocaine were confiscated during the raid.
Of course, the damage to your property is not reimbursable by the authorities because they wrecked your place “in the line of duty.” Talk about “having a Monday!”
After closing escrow, but before taking possession of a newly acquired condo, you receive a phone call notifying you that the condo has been flooded. The contractors you hire then tell you the hardwood floors and wood cabinets need to be completely replaced, and politely note that the expensive granite countertops will be destroyed in the process.
Your son works for a mortuary, and calls to let you know that he picked up the tenant who’d just renewed his lease for another year.
You often serve your own three-day notices to pay or quit. After serving one such notice alone, at 9 p.m., you are told by a passing squad car that your tenants are member of the Hell’s Angels and hate women.
You receive a frantic phone call from one of your tenants to tell you that, a half hour ago, he discovered his very obese, unkempt and completely nude neighbor trying unsuccessfully to hang herself from the door knob. The woman lived, but your tenant requires counseling.
If the above sound fanciful, believe them. All of them have happened on my own properties. Considering how long I’ve been investing in real estate, the number of problems has been small.
But they do stick in one’s mind!! And you know what? Even with the occasional hassles and scares, I still made a lot of money and I learned some things too!
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Multi-family properties have been the hardest hit segment in the desert area for number of sales during the current real estate downturn.
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I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research.
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It can be very profitable purchasing bank owned properties in the current real estate market.
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Palm Springs, Cathedral City, Desert Hot Springs, Palm Desert, Indio aka The Coachella Valley
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I have discovered I like hearing from my agent, even if it just to say hello.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
