Real Life Tenant Horror Stories and How to Prepare for Them w/Bob Devito

When it comes to investing passively in small multi-family units, people are sold a fairytale version of the strategy. They expect to buy the property and kick back while the rents roll in.   The truth couldn’t be further from this. With this asset class, there will always be difficulties and headaches. Difficult tenants, long-evictions and non-payment come with the territory.   What steps can we take to reduce the headaches? How do we prepare ourselves in advance?   In this episode, I’m joined by our property manager Bob DeVito. He shares how to prepare for the struggles of managing small multi-family units.   Money can’t be everything to you because it’s a tough business. You are going to spend money and you are going to lose money some months. -Bob DeVito     Three Things You’ll Learn In This Episode   - The cost of managing multi-family unitsWith many investment properties, you might go 6-8 months with no rent coming in. How do you build a buffer?   - Don’t underestimate your tenantsWhat are some of the tricks and loopholes problematic tenants use to stay in the property longer?   - The truth about “passive investing”Nothing is ever completely passive, but how can you reduce your involvement in the day to day?   Guest Bio   Bob is a real estate agent and property manager at The Cameron Group.