I don't want to re-kindle the old property vs shares fire so please, no "you should have stayed away from property" posts. I'm actually just wanting to share an experience I am going through and if anyone has any ideas on avenu's I should explore then perhaps they could point me in the right direction.
Basically, I have a house I live in and an investment property. It's helping me reduce my taxable income and as a result I am paying off my living quarters faster. I'm 32 years old and if I keep on my current path I will have it paid off before 40 so I am quite pleased with that.
So since 2008 I have had a nice lady in the house, with 3 kids. The situation has been mutially benificial and we have both been happy since then. I have not increased the rent at all, and I don't do rental inspections. Rather, I just pop in when there is a maintanence request or what ever. She keeps the place really well and the gardens actually look better now than when she first moved in.
Just recently in the last 10 months or so, its become painfully obvious that the neighboring house is owned by the housing department. We know this because they have moved in a nice family who have anounced their arival on the street by doing burn outs down the road, driving through a neighbors manicured front garden and fence, throwing beer bottles over the fence into my yard, lighting a fire on the boundry fence that required the fire brigade, shouting and fighting constantly, parties to all hours on week days, trying to gain access to the property while my tenant was home, intimidating her at her front door, and the last and final straw for my tenant.... telling her they were going to get a knife and cut up her pups (refering to her children). Being a single mother of 3, she has no way of defending herself and has made the decision not to sign the next lease.
She is leaving on Saturday.
So various complaints have been made by my tenant, myself, and the neighbors regading these incidents but in each case the housing department backs the tenants. Claiming that none of these are substantiated claims. Furthermore, my tenant spoke to the supervisor above the case worker who turned around and said "there is no way in the world we are moving these people out". I've emailed the housing department and offered to go into some form of mediation with their tenant and the case worker at both of their conviniences but have not had a reply.
I am not sure where this leaves me, but I'm going to be out of pocket now. I won't be able to get as much rent as I could get for this property and the value of the house has been servearly impacted.
So for anyone thinking of buying an investment property, jump on RPDATA and view the sales history of each house around your potential investment. Make sure that the housing department is not listed as the owner. As a matter of fact, I would check all of the houses in the street. They have the power to cost you a lot of money with one bad decision.