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Have you experienced those infomercials about buying houses with "No Money To?" They are really well done. They have most types of people offering great testimonials on the way they have gotten rich, buying rental properties, with very little money out of that pocket. You see this guy, standing on a street corner, referring with someone, and he says, "I own that one," pointing to a beautiful colonial. "I also own that one next to it, and the one two doors down, and I'll be closing on a single directly across the path from it, next week." He then assures us that he has purchased 17 homes in the last eight or ten months, with zero money down on the properties. Plus, in many cases he's also paid no expenses.
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Soon, this became the norm, not the exclusion. There were constant problems within my houses. Unhappy tenants generated poor upkeep of the property and much maintenance hang ups. About one year, after I had amassed 26 houses, Utilised to be having problems with roughly 10-15 houses and/or tenants each week. I was evicting on the two tenants each month, and approximately four to seven tenants were either behind on rent or paying at all. Promises were made, payment plans arranged and few, if any, ever followed through.
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