Tag Archives: rental property

When the Ceiling Caves In

Ceiling collapses after drywall nails fail.

When the ceiling caves in…

It was a late summer evening, a Friday night at around 8 o’clock. The phone rang. It was Lorraine. There was a hesitation in her voice, like she was going to deliver bad news and she didn’t want to make it sound like bad news.

But I already knew. After all, as far as I could remember she had never called before. Ever. All of our exchanges had been via email. She worked for a property management company. I was one of their clients. Until that point all of our exchanges were rather mundane. Taxes needed to be paid, the additional parties added to the insurance policies and the property inspections conducted. All routine activities.

To receive a call at that hour, it couldn’t have been good. This time it was about a ceiling in a rental property. Specifically, the ceiling had come crashing down for no obvious reason.

“Was anyone hurt?”, I asked.

“No one was home”, came the reply.

A sigh of relief. It was in a little girl’s bedroom. As one can see from the photo above, the entire ceiling of the room ended up on the floor, exposing the rafters in the attic. As many people can attest, owning rental property isn’t always a bed of roses.

Lorraine wanted to know what I wanted them to do. I asked if they had ever had this happen with other properties under management. Somewhat surprisingly, it had happened a couple of times among their 650 homes. So what did they do about it?

Stuff Happens

The ceiling caving in is a problem. But it’s not the only problem. Things fail all the time, some times catastrophically. Cars breakdown. Buildings fail. People of off the deep end. Entire societies can breakdown. I’m not apocalyptic but the reality is it takes vigilance to prevent or at least counter the chaotic nature of the world.
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How I Started Investing In Real Estate

Real estate investment: From fixer upper to rental home.

A former handyman special after receiving lots of TLC

Two of my friends had bought a few houses and rented them out. Then they tried to buy another but needed an additional guarantor to qualify for another mortgage. This was 2008. The economy had tanked and the housing party was over. The media painted a pretty bleak picture, and I wasn’t sure the world wasn’t on the brink of economic collapse.

At the time I owned the house I lived in and knew little else about real estate. I just had the same common misconceptions that many people have (including those in media) about what a pain it is to own rental property. I didn’t want anything to do with it but I agreed to go in as a silent partner.
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