You know often times I have said that I was going to write a book of all my memoirs in being a Landlord. Some days we laugh and other days we just feel like crying. But, for the most part, I love providing good, clean, affordable homes for good, decent hardworking people!
I have been investing in Real Estate since a month after I started in the business in 1996. I have been buying, renting, holding, managing and selling a few of my own. We're getting up there in the number of single family rental houses we own and I'm trying to decide where the magic number of owning too many is.
I love the business, dealing with tenants and the union that we have when the whole family including my teenagers, husband and my dad go to work on the next house after we've bought one or are in between tenants. I think you either have it in your gut to be a landlord, or you don't.
Last night, I was thinking about the worst experience I've had my 12 years of being a Landlord. Hands down it was the night I got a frantic phone call from a neighbor to one of my rentals, screaming at me through the phone, that "YOUR HOUSE IS ON FIRE!" My stomach fell to the floor and I was out the door in a split second! It was only 5 minutes away, ....thank goodness...and I could see the black smoke as I rounded the corner! I didn't think I would be able to keep driving! When I approached the street (a single dead end street off a main road), I couldn't get anywhere near it! It looked like the entire City Police force and fire department were there. There must have been 75 people there, just hanging around, looking to see what was going on! My first thought was, "did everyone get out alright?" I hope everyone is okay! It took me 5 minutes to find a place to park my car, walk down the street and get through the crowd, which was now nearly 100 people thick. It was awful! I found the tenants, safe and sound. I felt horrible for them! The house was burning. I have to say I remember that as the worst night of my life (I'm certain my tenant felt that much more than I ever could!)
At about 12:30 AM, things started to settle down. My heart went out to the tenant. I didn't know what to do! I wondered if she had renters insurance and I had to ask. She told me that I hadn't mentioned getting insurance to her.
The fire department and police did not leave until many hours later. The Red Cross made sure the tenant had a place to stay. I don't know what time I finally got home. I didn't sleep that night or many, many, many nights after. I felt so awful for the tenant. She lost everything she owned! I mean everything! How does someone pick up the pieces and start from scratch again?
When I got home, I had to check my lease and the attached docs. There was my extra document, signed, that I include with every lease, notifying the tenant that they should secure a renters policy.
The fire started at 6:00 PM from a $2 extension cord, tucked under a bamboo rug, with the wheel of the TV stand sitting on top of it! It was a horrible accident! Unfortunately there was a gallon can of gasoline nearby, thus the fire ignited the gas.
Thank goodness no one was hurt! The tenant lost everything she owned. Nothing could be saved! She picked through the rubble for weeks, trying to salvage anything. Ironically, the tenant moved into the house for rent next door, for a year. She was able to get assistance from everywhere. We have remained friends. She has since gotten back on her feet and is in the process of purchasing her first home now! She is happy now, newly married and doesn't dwell on the past. She's a strong woman! I don't know if I could have handled the entire situation as well as she did!
