I Hate Real Estate Investing (Don?t You, Pt 2)
Again, today I hate Real Estate Investing. Today, I had the pleasure of going to the Philadelphia Housing Authority’s Housing Choice office (the program known as Section 8). If you thought going to the municipal services building to get a license or pay a bill is bad, just try going to the PHA office. First it’s on Broad St (600 block near Ridge) where parking is readily available (Phila Parking Authority (PPA) has meters and the parking people get to make you look like a jerk on their TV show (Parking Wars, A&E). So we find parking, and then go into this newly renovated building , ride the elevator to the 6th floor and enter the PHA Office. The office is a small (very small), has a small waiting area and on the left a check-in desk.
At 3pm it is sheer pandemonium. At the desk are a combination of angry tenants wanting to know when they can move into a home, and angry landlords that have not been paid rent (a volatile mix), some overwhelmed employees and a broken system that has no idea when rent will be paid to the landlords. (So much for Section 8 being the easy RE Investing way).
The overwhelmed employees are doing their best in an awful situation because they have absolutely NO answers. NONE,Nada, Zilch other than “resubmit your paperwork and we will get back to you”. Get back to me about what? All I care about is the unpaid rent, send a check dammit no need to holla back!!!!
Ok, I’m venting. Long story short, this is why you need a team because when we left this den of incompetence (not the employees they are doing their best and their bosses are stuck behind an office door somewhere),(I needed a drink) but here is the result, Life time value of a tenant (What the h^%$ll are you talking about). I’m talking about lifetime value of a tenant and as importantly the passive income that has been produced over time. (Ok Dwight, this is a bunch of bu%%lS^%t)
No, it isn’t. Here is the reality, most of the landlords have been receiving passive rents for years and years. They have earned thousand of dollars and they (we) are pissed because our little apple cart as been upset. (Ok Dwight, more b^%$$$ll)
Nope, every once in a while in the passive income biz, you actually have to work. Something upsets the apple cart and just like the sub-prime thing-a-ma-jig and the credit crunch thingee, you actually have to do some work.
It’s like catching the flu, its inconvenient, you wish you never caught it and you want it to go away as soon as possible, but thats the risk you took when you entered the game.
No investments (or life) are without RISK, be prepared.
Dedicated to your success.
BTW - it is almost a year since my last RER class and I’m feeling the need to teach (yes, I love it). Watch my blogs for more info:
www.start-a-business-backwards.com
www.automated-lead-management.com
BTW - If you got some horror stories post them Yes we care 
BTW - I got an email from someone that said they didn’t like me (quote rambling). You see, I don’t know about you but most times with me there are two conversations, what I’m saying and what I’m thinking really, thats what I do on this post and if you don’t like it, OK. (Well, this is the part when my inner censor says “Dwight don’t go to far”). But the point is, whats the point in having a blog and posting if you ain’t “Keeping it real” and yea the closer I get to 1 year the more rambunctious I get. 
Dedicated to your success (may, there’s the inner censor )
Go here to see the original:
I Hate Real Estate Investing (Don?t You, Pt 2)
