Being a landlord sucks

[inutah]

Most people only talk about the glory of accumulating properties, the benefits of negative gearing, capital growth, leveraging the banks money etc

no one really talks about the weekly emails from the property manager with noise complaints from the tenants neighbours, tenants selling illegal drugs from our home, tenants throwing huge parties and posting it on instagram, weekly repairs from small things like a door knob being loose to an entire bathroom needing to be retiled, gutters filling up with leaves, plumbing pipes bursting in the middle on the garden, 2 x pool chlorinator needing replacing, tenants losing remotes to aircons and fans, etc

My partner and I are busy professionals and we work hard so we can invest and “make
Money work” for us so we can eventually cut back and enjoy life on passive income.

We have 3 IP, owing 1.8 :

1.6mil
1.1mil
1mil

We are renting in a different area.

We pay 3 different property managers but feel like they don’t reduce the work load.

My partner wants to sell them all and find a different way to invest.

Anybody else hate having investment properties??

 

[testcorp]

@inutah If only there were a solution to this stressful situation.

 

[jakkaruv3]

@testcorp This is why my IP is a CBD apartment that's too expensive for crackheads and too small for families. Just get office workers and foreign students. Haven't been contacted by the agent once this year.

 

[dc87]

@inutah Troll level 1000

 

[bobitty]

@inutah Sell and invest in shares. This is pathetic.

 

[nessofonett05]

@inutah There is nothing I hate more than someone making a choice, whinging about the consequences, and then continuing to make that choice. Either sell and buy some shares, or shut up.

 

[vinjohn]

@nessofonett05 Sounds like OP has just discovered investments carry risk. Surprised pikachu.

 

[inutah]

@nessofonett05 Is there something wrong with asking the population if they experience this differently? Why so much hatred towards someone who owns assets? I literally said in my post I’m considering selling everything as a solution.

I find it baffling that reddit hate people who make enough money to have assets. I can whinge all I like

 

[evh]

@inutah What about what he posted made you decide he hated you for having assets? That's amazing, I wish I could just hear what I wanted to hear when people gave valid criticism of me.

 

[freedom7]

@inutah To be fair, you're kinda disconnected from reality. It's a bit like complaining about how hard it is to eat Lobster with all the shells etc in a soup kitchen...

There's probably a set of individuals that think like you and would be having such discussions. You can probably find them in Yatch Clubs, France, Maralago.

You just need to practice a bit of situational awareness my very rich friend

 

[deerlane]

@inutah You need to go to HENRY or fire groups. Aus finance doesn’t provide good info or reasonable responses if people consider you “rich.”

 

[dac]

@deerlane Property chat forum is the echo chamber the OP is looking for.

 

[kohen]

@inutah It’s so weird how thick some people are. FYI some of us get what you are saying. I don’t own any property, but I understand exactly what you mean. I suggest you sell the 2 worst ones and keep the best one.

 

[dardenel]

@inutah bro most people on here are anti landlord. This is a bad place to ask questions as most of the people here dont get mad at a doctor for charging or woolies for charging for food. But think rent should be free. Dont waste your time with losers on here.

 

[stormsailor]

@inutah Feels like fake ragebait, I'd been a landlord for decades and experienced a fraction of what you describe.

 

[inutah]

@stormsailor You must be lucky then.

 

[stormsailor]

@inutah If your post is real and unless you are doing this via short term rental and via AirBNB, it is more likely you are highly unlucky especially with IPs of that value. You are less likely to get bad tenants at the range you are operating in. All my troublesome tenants tend to be at my lower value IPs. Alternatively you must have super shithouse property managers.

 

[inutah]

@stormsailor Real post. My houses are around 10 years old and look relatively nice. I must just be unlucky with tenants not looking after the place.

 

[stormsailor]

@inutah My condolences then. Definitely consider changing your property managers. My worst tenant was a result of a naive and likely fraudalently qualified property manager who put in a tenant who was terribly qualified and I thought I was being nice to the tenant to offer him the property despite my misgivings. Long story short, tenant was mentally unstable, raised all sorts of issues, had to involve consumer affairs, had to involve VCAT etc. Property manager was fired less than one year into the job by the principal. Otherwise, being more particular and involved in tenant selection will save you a lot of hassle down the track.

 

[jazzpiece]

@stormsailor OP's property management is shit. The PM will have to legally act in 24-48hrs in many cases if you dont respond and you'll be billed for whatever fix is necessary but you wont care as it goes on your taxable income anyway.

For other stuff have landlord insurance, which is again, deductable.

Its not all ups and downs... i mean evicting crazy tenants is a thing... OP is probably made shit harder for himself by renting out houses with a lot of stuff that requires maintenance... pipes bursting would happen if OP was living there... and his rented houses have pools... i mean... jeez... renting out million dollar houses is going to have risk.

Dont be in the game if you cant handle it. And to be honest I cant handle what OP is risking... so I dont lol.