Monday, August 11, 2008

Pacific Heights

I saw the movie, "Pacific Heights," again. This is known as the movie to watch if you ever decide to be a landlord. Basically, it's a landlord's worst nightmare - having the worst possible tenant. Landlord beware. It's funny b/c some people think the things that happen in the movie are ridiculous but being in the business some of this stuff has happened in real life. Seriously. I've heard the craziest horror stories from people who've had tenants from hell. The hardest part is getting them out. Once they're out, the worst is over. But, most people don't know how to get them out - that's the trick to it ;) (In all honesty, the secret is screening and knowing the laws and your rights).

This is a must watch movie for anyone wanting to get into landlording. Probably what this film has taught me is:

1. Don't overleverage yourself. You must be cashflowing from the start. (These people were negative cash flow from the beginning. Thus, the desperation in having to find tenants to make the mortgage).

2. Always know the laws and your rights.

3. Screen, screen, screen because "...a vacant house is better than having a problem tenant."

No comments: