As said, I have 2 rentals with a combined value of 250 to 300 thousand. There have been problems over the years. I've had to evict people and had to do clean up and maintenance after they have left. On the most recent one, I lost about $5,000 on rent and several thousand on refurbishing. But, they are now both paid for and have helped me be debt free. The gross rent on the 2 is $2,100 per month. There are also insurance, taxes and maintenance that come out of it. One year I actually lost $.
When a renter leaves I lose at least one months rent before I can get a new tenant. When I get rid of someone for non payment due to financial hardship, they somehow come up with enough $ to pay both deposit and the first months rent at another location. Amazing how that happens. I guess I'm just a soft touch for people with small children.
Now, I calculate the annual water bill and add it to the monthly rent. That way, the lawn gets watered. If they don't pay the rent I will have the water turned off and I tell them that when they move in. I just started this practice.
Do a full credit and background check. Trust your instincts and buy cheap carpet. NO PETS!
Last edited by Dave Davidson1; 02/16/16 07:36 AM.
