Rental War Stories – Part 4: Who’s Living There?

Rental War Stories – Part 4: Who’s Living There?  Loretto Properties founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords.  He likes to pass these war stories on.

Recall from previous episodes, that an out-of-town woman owned a property with an unknown tenant and no rent for seven years.  Plus, another women down the street claimed she owned the property yet provided no documents to prove it.  The investor buys the property at a heavily discounted price and now owns the property.  Yet he has a tenant who is paying rent to a woman down the street.   So, what does he do? He calls the police and checks on his tenant.  They believe that the individual sells drugs and that is why he has money with no job.  The real estate investor takes a buddy of his and they travel to the house on a Sunday.  They meet with the tenant and have a sit-down.  The investor shows the tenant that he is the real owner and gives the tenant two choices.  He can peacefully leave the property and turn the keys over to investor.  When he does that he will get $500 cash.  Or he can go through the eviction process.  The tenant says he doesn’t like either option so the investor says, no problem, “We will be back with the dogs.”  The tenant says, “What?” The investor replied, “Because I own it, I am entitled to conduct inspections.  So with my permission, the police are bringing in the dogs for a drug search of the property.”

One week later, the investor was handing $500 cash to the tenant who handed over the keys and left the property spotless. But his work was not done yet. For the rest of the story, stay tuned.  And for more real estate tips on rental real estate property or other subjects, visit our blog often.  You can call us at 913-236-2902 if you have a property to sell.