Real estate lesson 101: never rent to people you know [The Truth Is Sad]

This property was a brand new build in 2012 and this is how I got it back in 2018. In case you’re wondering, these are the good pictures that I am sharing!

You can see all the garbage they forgot to pick up inside and out. The whole house needed to be cleaned out, repainted and pest control had to be called to address a slew of mice issues and a nasty smell that we were never able to pinpoint and figure out.

We had to paint the walls and ceiling, add new carpets and refinish the floors. Can you spot the explosion on the light fixture? Also, there were traces of urine on the floors in one of the washrooms…

Moral of the story: never rent to friends or family! Even books on real estate always advise against renting to family or friends. And this is why, my friends, always protect yourselves by treating your investments as a business and not a charity to help out people in need because you will inevitably end up getting hurt and feeling used.

People think that just because you invest in real estate you do not need to feed your family.

Mathieu Laquerre, 2020

At first, it may sound enticing and comforting to entrust your property to people with whom you do not have an arm’s-length relationship, but in time you realize it is not worth ruining a friendship over. This is the last time we will ever rent to a friend. Just because they pay you rent does not mean they are doing you a favour.

Never rent to people you know, as they take full advantage of you and your kindness.

Mathieu Laquerre, 2020

Stay safe everyone!

Mathieu Laquerre