So, a week ago I finished upgrading the duplex I purchased August 6. New paint, carpet, ceiling fans, etc. And then, two new tenants at very nice market rents. Market rents that are $400 per unit above what the last owner was getting. Things are smooth. Being a landlord is easy. Why doesn't everybody do this?????
And then......yesterday happened. One of the new tenants bailed on me (no deposit, no lease signed), the garage door broke on the other unit, and a washing machine goes belly up in another duplex of mine. Call back the another person that wanted to rent the place. Nope. They found a new place quickly. Now back to square one. This is nothing drastic of course, and many people have had much worse happen, probably yesterday. But it sure wasn't smooth sailing like it was a week ago!
A few thoughts on this......I can't kick myself for processing the first qualified application and having them bail at the last second. That will happen. Unfortunate that the other people that really wanted the place moved on so quickly. And after messing around with the washing machine in another unit for a couple hours, I've decided we will no longer supply this amenity to new tenants. This particular tenant is good and long term, so I am replacing their washing machine (Used, $180). But we going to stop this practice, even in our duplexes.
Now, if you'll excuse me, I need to respond to the two new people that are asking for a showing this afternoon/evening. Back to work!
Haha yeah man ,I don’t know what it is about landlording but it is very prone to “ Murphy’s law”
And it always seems to happen at the same time !
Seems like When things are operating smooth it’s all sunshine but man when things go wrong in real estate it’s always 6 things fail or go bad in the same day .someone needs to do a clinical case study on this phenomenon
I always have tenants pay at lease signing; because it amazes me how often people will submit an application, pay the credit/criminal check, tell me how much they love the apartment and then disappear and not answer calls or texts (they either died, found a different place, or mommy's no longer kicking him/her out of the basement).
Landlording is full of highs and lows. As long as you learn and adjust you'll have more highs than lows.
@Karl B. . Actually, I also have them pay at lease signing. Minimum of the deposit to hold the unit, and obviously rent paid prior to getting the keys. Depending on the day of the week/weekend, I will give them 24-48 hours to pay the deposit and sign the lease. I now require deposit and first months rent in cash so it doesn't take several days for a check or other payment to clear my bank account. Then, I do not allow cash payments for the rent for remainder of lease. I don't like to physically collect the rent. This particular tenant passed the screening on Saturday (paying their $80 for background checks), and on Monday was supposed to get money from the bank, transfer utilities, and sign lease. She was a no show yesterday. And at 8 pm last night finally responded to state a family emergency out of town will prevent her from taking the unit.
Strangely enough, this is the second tenant in the last 6 months that has paid the $80 ($40 each adult) background fee, passed the background and was told the unit is theirs, and then not signed a lease (different duplexes). Each time I figure I probably dodged a bullet.