5th blog: 

Turning Keys into Cash: The Realities of Condo Investment

 

Investing in a condo unit with visions of rental income often feels like pursuing a golden dream—dazzling, full of potential, yet not without its hidden complexities. The success of this venture rests entirely on securing that elusive tenant: someone who won't magnify every minor flaw, who pays rent and utilities with unwavering reliability, and who integrates seamlessly without derailing your plans with ceaseless demands or missed obligations.

 

It was 2015—a year of booming real estate, where every corner of the city buzzed with talk of prime properties and promising returns. I was caught in the tide, seduced by the excitement and fueled by the notion that I couldn’t afford to be left behind. So, with more impulsiveness than prudence, I leapt aboard the bandwagon.

 

The property I chose seemed like a gem: a location with potential, convenience, and opportunity. Or so I convinced myself. What I didn’t see, amidst the dazzle of marketing pitches and glossy brochures, were the cracks beneath the surface. I overlooked the one crucial element that no shiny advertisement can mask—the developer's commitment to care. The sparkle began to fade as reality set in. The maintenance was lackluster; the once-promising luster of the building dimmed with each passing month. I learned the hard way that while location may matter, it’s the upkeep and care that sustain a property’s true value.

 

I’ve chosen not to reveal the name of the developer or the exact property I purchased. However, looking back, I can’t help but reflect on how different things might have been had I approached the decision with more caution. If I had involved my sister—a seasoned real estate broker—the process would have been far more meticulous. With her expertise, I could have opted for a property that offered stronger potential and greater stability. Today, the returns on my investment could have been significantly higher, a testament to the value of prudence and informed choices.

 

So far, I’ve had about four tenants, each leaving their mark on my journey as a condo landlord. Today, I’ll share about my present tenant—someone whose meticulousness rivals that of a master jeweler. She examines every detail with an intensity that ensures nothing escapes her notice, much like scrutinizing each facet of a diamond to catch the perfect glimmer of light.

 

Before she moved in, we had our share of negotiations—nothing surprising when it comes to tenants, but hers was particularly notable. Initially, I proposed the standard terms: a two-month deposit and one month of advance rent. She countered, requesting just one month’s deposit alongside one month’s advance. I relented, thinking it was a fair compromise. Shortly after, she tried her hand at negotiating for a lower rent. This time, I held firm. My price was already competitive—lower than what other landlords in the area were offering—so I stood my ground without hesitation.

 

Her scrutiny didn’t end there. Upon inspecting the unit, she noticed a crack in the balcony cement and politely requested that it be repaired. Truth be told, her request wasn’t unreasonable. Recognizing its fairness, I promptly had the repair done with  swiftness that could rival the speed of light. She left no stone unturned, but I appreciated her thoroughness—it’s a quality that ensures transparency and mutual respect.

 

The stress began when, week after week, she would find something wrong with my unit. It started with the exhaust fan, which she claimed smelled like cockroaches—so I had it cleaned. Next, it was the faucet with a loose screw, which I replaced with a new one. Then came her request for a new side table, but I politely suggested she purchase it at her own expense. After that, she pointed out a problem with the cabinet, though she hasn’t insisted on having it replaced yet. She also asked for certain items in the condo to be removed, and I agreed. Finally, she demanded that the base of the sink be replaced, even though the sink itself remains perfectly usable—she simply wanted something new. Each week, she would post her complaints on Viber, leaving me utterly overwhelmed. The saga might still continue—who can say?"  To be fair to my tenant, she has, so far, expressed her demands in a respectful manner.

 

I’m writing this blog as a wake-up call to anyone considering investing in a condo unit for rent. Proceed with caution and choose your property investment wisely. Renting out a condo isn’t just about enjoying a steady income—it’s a journey filled with unexpected challenges. Be prepared for the reality that not all tenants will react or expect things in the same way. Understanding what renting out truly entails can save you from false hopes and dashed expectations. Knowledge is your shield; arm yourself with it before stepping into the world of property investment.