Today my mom brother came to our house. While discussing, I generally speak about business stuff more…
While speaking with them, I asked how their rental property was doing.
They shared that our saree weaving business is down, so our tenants staying at our rental property are not paying rent.
Most of their tenants are labourers of saree weaving, and when saree is not in demand, owners also stop power looms. So, labourers don’t have work, and they don’t get paid.
How long and how many of them stopped like this? I asked…
He replied by saying 3 of them, and it had almost reached 6 to 9 months they were not paying rent!
As he is also in the same saree-weaving business, he understood their problem. He kept listening to their stories and allowed to stay without rent for many months.
I told him immediately that they were not gonna pay rent. Vacate them immediately, as I informed them.
He replied, I already informed. 1 is going to vacate this month, and others are still pending.
I’m not sure when they are planning to vacate. Like mom’s brother informed.
Why I’m sharing this with you?
The reason is that renting and managing property is not for everyone.
If you are too soft and have such tenants, you will be in trouble…
If you think only rent is lost… No. It is not just rent; your peace is also lost running behind such people for rent collection.
Some tenants even disappear for many months (3 months in my case). No calls, no rent & no updates.
If you have rental property construction in mind, be aware of the problems that come with it, and you should be ready to handle all those.
Otherwise, you’d better stay away from rental property.
It’s definitely not for all.
If you already decided to collect rent, I recommend learning from an experienced landlord managing rental property for a few years.
They probably could have seen many such incidents in their experience.
One rule I would recommend is never to give property for rent without collecting Advance. Don’t listen to their stories. No matter what.
The above tip could save you a lot of trouble.
Collect full advance and give a property key.
I also made similar mistakes in the beginning when we were renting our properties.
Now, I learned from my mistakes.
If you want to avoid similar first-time home construction owners mistakes, then I shared all my learning and lessons inside my guides. You can get it for a one-time payment for lifetime access.
If this interests you, then the HCG All-Access Pass is something for you.