“Do you remember your first dollar?” asked my newest tenant as we stood in front of the garage he’d just signed a lease on.
I thought back for a second, “No I don’t. But I remember my first tenant. I remember her name (Deb R.), her story, and the kind, short note she wrote to me when she was vacating several years later.” I still have her note.
When I started with my first investment property (buy and hold) years ago, I suspected I’d love it. By nature I enjoy being organized, frugal, and challenged. What I had not considered or expected though, has been the most rewarding aspect of all. I was warned via books that I read and talking with other landlords that “dealing with tenants” would be the worst or most difficult part. Well guess what?
WRONG!
I enjoy the challenges of not just maintaining but having to improve my organizational skills, the challenge in trying to find the time in an already busy schedule, the income is admittedly nice too (well it will be in retirement anyway), but WOW at what I never expected- the tenants are the best part of this journey!
One fine example was right in my face the moment Dave (new tenant) asked me that question. The gentleman who vacated the garage had left in a huff, angry that I was replacing the old worn doors that were falling apart with new, custom-made doors. “May your investments drag you into insolvency,” was his final wish for me. There stood Dave, though, whom I learned was doing big things in the world. And doing them quietly I might add. Housing men that are in recovery, offering not just housing but furniture and necessities, giving them rides to places they need to go, and even renting this garage from me for one of his guys in recovery to store his belongings until he gets back on his feet. All at Dave’s own expense. In February, Dave is heading out of the country on missionary work as he continues his journey in helping others and offering goodness, love, and kindness to those less fortunate than him.
It never ceases to amaze me how true it is that Love Wins.
That is Dave and only part of his story. There was Deb R., my first storage / garage tenant. She had medical issues throughout the course of our business relationship and I always hoped for the best for her. I didn’t like that she had issues but I enjoyed getting updates when things were looking up for her. There is Mike G. who seems to “know a guy” for just about everything. He’s always lending a hand and always keeping an eye on one of my properties for me. There is Kristin B. and her husband, who rented a house from me and when it was time to move out because they’d purchased their first home- well the house they purchased was the very house that my grandparents had built and I’d spent many a holidays at! There was Kesha and her two young boys who rented a house- Kesha was NOT okay with basements or bugs! There is Charlie S. who was in the Marines and has now worked at a tool and die shop for about 30 years- he always has my back and lets me know when he sees anything that doesn’t seem right at the garages. Corie, who I only got to converse with a few times but she had a beautiful little girl and a heart of gold! There is Stacy, a beautiful gal who lost her husband to cancer. She’s a gorgeous resilient woman with a beautiful heart!
There is April, who broke my heart. She was a young vibrant mom of 3. Gorgeous and youthful when she moved in. By the time she moved out only a year and a half later she looked 40 years older. Addiction got her and addiction had her children removed from her custody and addiction placed her in the legal system. The destroyed apartment she left behind angered me not a bit. For I knew I’d rather have my problems than hers- I’ll always wonder if she made it back to sobriety.
We all do what we do for different reasons. For me, the reason is tenants just as much as it is the income at this point. I enjoy the stories, the lessons, the relationships. Even the challenging ones.
“Then what’s the downside?” The downside for me is all the times I act or react in ways that leave a lot to be desired. It’s typically not a tenant that disappointments me in the long run but rather my own handling of a situation. Living up to my own standards and becoming a better version of myself has been one of my greatest challenges.
So, to answer your question, Dave- No. No I don’t remember my first dollar. But I’ll remember you, I’ll remember your story, and I’ll probably share it with others. Because you’ve inspired me, all of you have, in one way or another.
Stick to your values and never doubt the difference you are making in the world.
