Hi, new slumlord here. General advice request.
Hey BP!
Say you have a duplex that you paid $60k for.
Rental income is $1000/month. ($500 upper / $500 lower), property taxes ~2500, insurance ~$600, no major expenses on my end, utilities all in tenants name.
Basement has water issues and foundation issues. Lower tenant is a slob, has clothes piled and molding. Upper tenant is smoking in the unit, also a slob.
Both rents are paid on time, they have no intention of moving.
Do you do anything to fix the water issue, considering the tenants don't care? Do I have a legal obligation to advise them maybe it's not a good idea to live that way? Do I have a legal obligation to fix the water issue?
The property obviously cash flows, so I'm torn between just ignoring it and keep collecting the rent... speaking up and giving them a pep talk (which is a waste of my time)... or putting it up on the market and letting some other heartless bastard worry about it.