Tuesday, September 18, 2012

Rental Update

Rental #2 has turned over.  Our last tenant broker her lease and has moved out of town.  We already had her last month rent (September) and her lease break fee.  She never really moved all the way in and wasn't there much so the rental turn over consisted of changing the locks and cleaning.  

This is our best rental property and as such we have already rented the place for October and collected the first month rent.  I wanted to increase the rent by $30 a month, and we did initially advertise it at that level but then we reduced it as Mr. Sam would rather not lose a month of rent than collect a few hundred over the course of a year.  Before our new tenant moves in we are having the property tented for termites.  

Rental #3 is also vacant.  The tenants that were in rental # 3 were there for quite some time.  I have no idea as to the status of the property although I'm sure Mr. Sam has checked on it.  I assume there will be some turn over costs and we are unlikely to have the property ready for advertising for October.  Which means we likely will be losing a month's rent.  

This is our worst rental property for a variety of reasons but because it is a three bedroom we do get quite a few family candidates who are interested in it because it is cheap.


Anonymous said...

Just had tenants move out after leasing it for 5 years. A couple with a dog. In the town where our rental is if you don't allow dogs you lose 90% of the market... it's a dog town. The place was filthy but not damaged it did have some wear. We had very little maintenance to do during those 5 years they leased it, so we were due. We repainted the entire inside, re-stained the wood deck and and a few other repairs to get it back up to standard. About $2k spent and 6 weeks lost rent but it's rented again and $80/month more.

Greg@ClubThrifty said...

At least you didn't have much to repair or clean up. About a year ago, we had to totally gut one of our rentals after our tenants moved out. They had lived there for 3 years...no problems through 2 of them. Apparently, the parents separated near the end of the lease. The mom moved out and the dad is a truck driver, leaving the kids at home for extended periods of time. Of course, they trashed the place...but we still love being landlords:)