I am in Atlanta today, wrapping up a dealer service/hotel/gas station mystery shopping route. But later this morning I have to make a trip into Birmingham. I wanted to go anyway to see the repairs my handyman has made to Townhouse #2. Now I have to bring a 7 Day Notice to post on Townhouse #3.
I have been too lenient, that's for sure. This tenant still owes part of his May rent. His May rent check, which wasn't even paid until the first of July, bounced. He gave me $300 towards that but that is the last I heard. Now he isn't even answering the phone when I call.
I know being a landlord has its ups and downs, but I never imagined all this would happen at once. In the 11 months that I have been in Florida, I have had three evictions, two tenant deaths, and one clean move out/move in. That's 6 "situations" out of my 10 Birmingham-area properties. I have another tenant (let's call her Townhouse #4) who is making regular rent deposits but falls a little more behind every month. Right now the decision is easy - I can't take on another eviction right now, especially when there is at least some effort involved in the tenant trying to stay.
Wow, are you still considering using a management company? Your starting to scare me, I am saving for my first rental property next year.
ReplyDeleteI am definitely hiring a management company. I am using the handyman to clean out and repair the units before I turn them over to the management company.
DeleteLast night my deadbeat tenant called me about the notice on the door. He suddenly has $1,100 to pay me, which he promised to deposit to my bank today. That would cover May and June, and he said he would have the July rent in two weeks. Giving me $1,100 today changes things. I would much rather keep an existing tenant than have to prepare his unit to rent and then find a new tenant. We will see.
Just be smart if you decide to buy a rental property. My mistake was thinking I could move out of state and still be effective.