My latest tenant screw-up.

[Cheryl C.]

Ok. I have years (decades) of LL experience. I had a tenant tell me 3 months ago that they would not be renewing (kid on the way - buying a house). I talk to the assoc. manager and casually mention it. She has someone terrific that will move in as soon as possible. I e-mail an app. and tell tenants that I will let them out early. Long story short. The new prospect led me along for 3 months and was a terrible prospect. I never received an app. and it gets worse from there. Now, I've released tenants early, missed the best rental time of year, and have a vacant unit. Slap myself in the face. 4K loss.

[Chris F.]

A bird in the hand..

Always have a plan B. I would have still put in on the market, letting your contact know that the "recommendation" would have first rights if they got their stuff in and all checked out. meanwhile you could have lined up prospects, and "when" that 1st one feel through, you'd have a backup plan.

It's great to help others, but always cover your own interests first-no one else will.