Introduction It usually takes a significant emotional event or
epiphany to enable someone to make a permanent change. The authors
of this book experienced such events that launched them into the
world of Real Estate Investing. Sheamus Clarke was working for a
privately held company when the executive team underwent
significant changes that Sheamus was not happy with and did not
want to be a part of. Sheamus looked at what he could do to best
secure his and his family's future. He decided to change his
employment as well as invest in a rental property. His new job in
software development allowed him to work from home, doing training
and support for a small software company. He spent nights and
weekends setting up a rental company, reading up on real estate
investing and looking at available properties. He and his wife
purchased a fourplex that had been vacant for some time. Over the
next few years, they acquired more properties and now manage and
maintain 25 properties. Scott Stellhorn's in-laws were landlords in
the 1980s and introduced him to the concept of rental income. His
father-in-law did 95% of the repairs on the units, from plumbing to
electrical to roofing. Scott gained his training in maintenance
from him, which saved him tremendous money in the future. While in
college, Scott purchased his first fixer-upper to rent and sold it
the first year to the tenants who occupied the home. He graduated
college in 1983 with an Associate's Degree in computer science and
started his computer technology career writing COBOL for a
distribution company in Fort Wayne. While working full-time, he
increased his holdings on fixer-upper multi-unit buildings and, in
turn, increased his rental income. As you will read in the upcoming
chapters, there were times of joy mixed with "What am I doing?" In
the end, the benefits of being an Independent Rental Owner
outweighed the issues he encountered. This book is written so that
you can focus more on the 20% of your work that matters and less on
the 20% of your tenants that cause all the headaches. We've learned
a lot over our 45 combined years. We've found tricks and tools that
work. We'll refer to one again and again-Real Tenant History
(www.realtenanthistory.com). But there are plenty of others, from
legal processes to hard-won knowledge. It's all here to aid you
whatever might come. Being a landlord is not easy, but it is
rewarding. We hope our experiences, written by landlords, for
landlords, can make your work that much easier and that much more
rewarding. What is a Tenant Predator? According to Real Tenant
History, a tenant predator is someone who moves from apartment to
apartment every two to three months, paying very little rent or
utilities. It happens like this: "I need a place," the person says,
and he needs it now. "Can you work with me about the deposit?"
You're in the business of providing places for people to live, so
you say, "Yes." The person moves in, paying only a month, or
perhaps only a week, of rent. When the first of the month rolls
around, he confesses, "I've had lots of bills lately. The rent's
coming. It'll just be a little late." You decide to check into
things. You find the tenant put the utilities in his name, but he
hasn't bothered to pay those either. Mid-month rolls around. No
rent. You call him up. Excuses, excuses.
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