Worst tenant I've ever had
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- Опубліковано 3 жов 2024
- #realestate #tenants #realestatetips
Need money for your real estate deal? Apply here - grandapps.icg1...
Recently I had to deal with a terrible tenant situation where they ended up costing me close to $100,000. It was like the perfect storm of a situation and I had to take the loss (and lessons learned).
Owning real estate investments can be a challenge. Tenants trash the place. Tenants don't pay. Tenants ghost you. All of us experienced investors have many war stories.
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For everyone new to my channel, my name is Chris Ake (pronounced like Ache, yes the pain). Currently I am managing partner at a software company, Kyros Digital, and I also focus on investing into real estate. But how did I get here?
2011 - Graduated from GVSU in West Michigan
2011 - Started my first company, Grand Apps during my senior semester
2016 - Started a floor installation company
2016 - Started 2 more companies (video production and marketing)
2017 - Invested into my first real estate deal
2018 - Invested into my second real estate deal
2020 - Sold my first company, Grand Apps. Joined Kyros Digital as equal owner
2020 - Started Sidekick Ai, a SaaS company focused on Ai Scheduling.
2023 - Sold Sidekick Ai
2023 - Bought my biggest real estate deal yet (50,000sf, 3 buildings downtown)
2024 - We will see what happens next
I am one of the rare breeds who actually enjoy working and staying busy. I also enjoy my pool and beach time to mentally reset. I am here to document my journey, share some war stories and hopefully help a few people out while I’m here on this planet.
I wish you all nothing but the best. If you have questions, email me.
Best wishes,
Chris
Email | chrisakemedia@gmail.com
LinkedIn | / chrisake
IG | / chris_ake
My Company | kyrosdigital.com/
Need money for your real estate deal? Apply here - grandapps.icg10.com/
hopefully lesson learned! We all have losses. Thanks for sharing, Chris.
I'm sure more to come, we will see.
Thanks for sharing!
Thanks for watching!
Good luck going forward
Time will tell...
Sounds like it was your fault lol. Take some responsibility. Tired of everyone always blaming their poor choices on someone or something else!
Congrats! You just got pinned comment award for this gem. 💎
Help me break this down and understand better, then I can agree. Here is a recap for everyone, then some points I have.
We had a tenant move in about 1.5 years ago to one side of the building. We then had another spot vacant come up next door. That 1.5 year long tenant moves into the other spot and occupies the entire floor. We then find a new property during this time we want to buy.
The only way to buy the new deal was to sell this current one. As we begin the process to list and sell, our tenant straight up moves out eventually. At first it was going well, she was over there painting, making updates and it was fine. Then after a month she just ghosted us and left everything and wouldn't work with us after reaching out to her and even talking to her a few times. We actively tried to find new tenants as well. BUT since this did not happen, well, based on cap rate, we had to lower the price. Just was bad timing and also tenant moving out hurt us. Nothing more we can do and not blaming anyone, just sharing a story.
1. I am not blaming anyone in this video, I'm describing factual things that happened and the results which happened there after. Nor did I claim this ruined my life. I did claim it sucked, but life goes on and these are lessons we can all learn. I'm sharing an investor war story with the world. So everyone can watch out for these land minds and avoid things like this. My whole point of making these videos is to share my journey so people can learn.
2. Since you're so wise in your words and wisdom @boomcrashbang, go ahead and share some of your real estate tenant investors stories to add value to this world versus complaining in comments. "tired of everyone always..." < complaint.
3. What more "responsibility" can I have over someone who ghosts you and up and leaves? Should I barricade them in? Should I force them to stay? As I mentioned we talked to her, reached out several times. Things were good at first. We also actively tried hard to find someone after her (with a window of about 3 months) and in commercial, that is pretty hard - IF you have any idea about commercial RE investing. 3 months is damn near impossible to find a 2 new tenants.
Reply, I'll wait... ;)
You can sue her for this. Did you or will you?
I know we can. We tried to threaten her, but she went MIA and moved. Also she was "all cash" with rents and had nothing to lose. We factored it would be more time and money than what we would get out of it.
We can't really sue her for moving out and dropping our value on our property. That was just bad timing and bad luck.
Sometimes you just need to know when to cut the ties and take the loss. If she had something to lose and we could collect, I would pursue.
Not a good look to be showcasing your poor judgement and not having the stomach to handle the risk involved in real estate.
I’m not concerned about “look”. I’m sharing my experiences with others to help them avoid my mistakes. That’s what good humans do you turd. What are you sharing? What are you doing? Ahhhh, based off your channel and sharing… nothing. Keep doing nothing bro ✊🏼
😖😖😖😖
yepppp. Moral is, try NOT to sell during a new tenant moving in, which can be risky. Especially tenants that are very smaller and riskier. Lessons learned.
I’m throwing up in my mouth watching you speak.
Maybe consider brushing your teeth? That is gross. You should consult a doctor, throwing up watching videos might be a sign of something worse. Yikes
Just read your youtube bio that says "A Page to help raise humanity’s vibration. Reach out @ obaservice@gmail.com Namaste 🙏 "
So trolling me and trying to tear me down picks you up and helps humanity's vibration? You are a complete hypocrite.
Bye little boy
I wish I was a little boy 🤣 help me turn the clock around. That would be awesome
boring bro
Just documenting the journey bro, will try to make it less boring for you next time 😉