All Forum Posts by: Theresa Harris

I think it depends on where you are.  I have rentals in an area with rent caps, so a vacancy allows me to increase the rent to market value.  Having said that, the vacancy rate in the area is almost 0, so aside from an eviction where we had lots of repairs and clean up to do, we are often able to get new tenants moving in right after the previous ones move out.

How does your rent compare to others in the area and how long have you been trying to rent it?  Also how much of a reduction do they want?

Find a partner to go in with you, look at your expenses to see if there are other ways you can save money (often people have no idea where they are spending their money and little things can quickly add up) or try looking in a different area.

I agree with Caleb.  Honestly cash flowing $250 on a property you paid under $100K for is pretty good.

Have you tried looking at longer term mortgages (eg 30 year)?

Realistically it will be hard. Even if you go to small claims court, you may need to use a collection agency and will likely see none of it.  As Samuel said, when the former tenants take note is when it affects their credit when they need to use it.

If the tenants are paying for utilities that are tied to the home (ie you foot the bill if they don't pay), I'd suggest you get copies of the monthly bill sent to you so you can see they are up to date on their payments.

I'd replace them AFTER they move out and either charge it to the damage deposit. If the pet fee is non-refundable that is yours to keep for regular wear and tear from the pet.  Them damaging blinds is not normal wear and tear.

Absolutely not.  Given she let her sons live there and you had to evict them (she didn't tell them to leave on their own before you had to go to court) and there was a reason you evicted them, she's out of luck.  You have a multigeneration situation (and will if it is the daughter and granddaughter).  Between them, they should be able to find another place nearby to rent.  Given her recent behaviour, you have now way of knowing that she won't move out again and leave the step daughter and granddaughter behind.

I'd talk to her about getting roommates and explain that costs have gone up and you can't continue to rent to her for $400 a month.

I have a PM for long term rentals. For me, I expect an answer within one business day if I contact them. I have a PM for long term rentals.  I also expect my monthly statements which are done with software (they just changed software and the report is now non-existent so I have to log in every month to see what any charges are for if it isn't the full amount).  I probably contact my PM 2-3 times a year: once a year to get a statement for my taxes (their previous accountant automatically did this, the new one does it upon request) and if I have questions about bills.

If the PM isn't responding to owner's requests, how are they at responding to tenant requests?