Real Estate investing is US.

3-Year Anniversary of Twin Cities Area Properties

In August of 2015, my wonderful life partner and I started Twin Cities Area Properties because we wanted a business of our own that would allow us to do something that would help our fellow military veteran and provide us with an income that could grow and allow us to do some of the many things we've enjoyed in life more often.  We also wanted something that would take less of a toll on his body, as he unloaded planes every night.

We got our education through the "fix and flip" programs that rolled through town that August.  In December of that year we won the bid on our first property.  Use credit cards to fund the business and had closed on the property in January 2016, rehabbed by the end of February, and a tenant in it by February on a lease option to buy for 12 to 24 months. The first year the rent came in on time and the hope of picking another property was high.  That didn't happen until September of 2017.  But we were in the business and things were looking good.  Even we diversified and invested in other developers' projects and "Notes" program. 

It's now 2018 and all dis not going as planned - The tenants in the first property not only stared paying their rent late as the asked for an additional 12 months to hold off on buying, but when they ended up on the "month-to-month" part of their lease, they failed to follow through.  As this is our business and we have financial commitments to meet they were informed that they would have to move. This did not go over well with them.

"Tenants and Toilets"

If you are in the "buy and hold" side of the real estate investing business, you know what this means.  Yes,  it happened to us.  These tenants allow a leak in the bathroom for several months to damage the house to a level "3" contamination rating.  On this note it was different time to end this "month-to-month" with them.  But for they left they did as much annoying but costly little damage they could just short of defecating in on the property.  They left a burning iron on a wood floor of this house that is 65-years old (the original flooring), left rotting food in the refrigerator, took door knobs, and punched holes in several doors, knocked the spindle out of a brand new staircase railing and took the door of a kitchen cabinet that they had broken 6 months earlier.  I could go on and on as to the other things they did, but way?  The husband even threatened my partner's life. My partner will not go near this vacant property so I have to rehab it on my own.  These tenant left us with their unpaid utility and trash bills as well.  My partner, now, no longer wants to be in this passive income business.