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.
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.
ReplyDeleteAt 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:)
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