Kinda bummed.
I've only been investing for over a year and I know it would eventually happen, but I think I'm going to have my first eviction already.
They only moved in at the beginning of April. They have paid rent late every month, which didn't bother me much as they paid their late fee too. But July rent hasn't been paid yet. I'm waiting to hear back from my PM company, but it's not looking good.
So, lesson to the newbies thinking about all the money you will make, consider this.
The house was technically available to lease last December. I got into a fight with my 1st PM company and fired them before they placed a tenant. They held me to a 30 day notice before I could advertise with another PM, otherwise they would have claimed rights to the placement fee ($1200). I didn't want to give them another dime, so I waited 30 days.
The new PM company found renters and had them move in April 1. They paid April, May, June. So, when you are planning how much money you will make, don't minimize what vacancies, evictions and turnover will cost you.
Since December, I got $2400 of a possible $9600. Now no rent in July, whatever it costs to get it rent ready again (hoping just a cleaning), then another placement fee, lets assume they move in end of August?? That's another $3600+ lost to turnover. And crossing fingers all goes well and they pay in Nov & Dec.
So bottom line in first year of a rental, I will receive $4800 of $14,400 in rent. And from that I have to pay expenses.
Rough year to say the least, glad my other rental is kicking butt.