The joys of rentals

3 Replies

So I bought a duplex last September and have had both sides rented. My one tenant moved out last week and I figured while it was open I would just renovate it all so both sides are completely renovated. Needless to say the place is disgusting. You literally stick to the kitchen floor as you walk and it has a serious odor of stale beer and body odor. I also found a used condom on the basement floor. All his really didn't bother me though when I thought about the 4K worth of equity he has paid for for me along with the 1500 I have in the bank from it. Plus I can charge more rent after its all remodeled which should be done in about 3 weeks. I love being a landlord just wish I could find another property as good as this one

We have all had those--have to take the good and the bad of the business.

We just had a nice little $600 repair in some leaky flooring that we had to cover today. You shake your head and grit your teeth but at the end of the day it's just a cost of doing business. We landlords don't say a word when our rent checks cash every month--only when something bad happens.

Congrats on your continued success. Go find another one!

Trying to find another one. Numbers haven't been right on a few I looked at. It was funny though cause my wife was disgusted by it but I just laughed and started putting in the new windows I bought. I am running all new flooring anyhow so that takes care of the sticky flooring issue. Haha

Do you do regular maintenance inspections? Often times you can nip problems in the bud if you check up on your properties periodically and make sure tenants are abiding by the terms of the rental agreement during the course of their tenancy. 

When a tenant gives notice they will be moving, we will meet with them in the apartment/house to go over the move-out instructions. At the same time, we have the ability to see what the unit looks like. This reduces surprises, lets us emphasize to the tenants what we need them to do and what the unit should look like after they vacate. It also helps us prepare for the turnover. We prefer to do move-out walk-throughs with the tenants, so they will not be surprised with how we handle their security deposit.

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