Let’s keep it real – as much as I love real estate investing, like anything else it has its ups and downs. There are moments you want to pull out your hair within the overall satisfaction of owning rental properties.
One of those moments I will share with you now
Of all the properties in my portfolio there is only one where the insurance payment is escrowed and paid by the lender. The others I make payment myself, just the way I like it as I know there will not be any issues.
Well, somehow my one lone wolf managed to be a problem. The lender, title company and insurer hosed up the initial payment upon closing. The insurance company (whose departments need to communicate better) sent notices of unpaid balances due to this.
After a few emails with all parties involved we got resolution. Proof of payment was provided and the insurance company confirmed the account was paid in full.
All was ironed out – or so I thought
Last week I began receiving calls from a collection agency. For a $105 balance connected to the insurance provider. Really?
One – these calls are annoying as hell.
Two – I can’t even resolve this myself and have to rely on third parties, which is frustrating.
Three – I better not get dinged on my credit report or I’m going to really lay into these people.
It’s not the end of the world, but frustrating that I have to be bothered for other people failing to properly do their jobs.
In the end – real estate is still one of the best, if not the best investment asset out there. However, I could do without these moments.
Be sure to find the sunshine of real estate investing by buying right – start with the scaredycatguide property calculator to analyze your deals.