Is there a vacancy expense?

[Nasir Smith]

I am still new to all of this but I want to know. As a landlord when you have a rental property and a tenant moves out and the property is vacant, are you required as the landlord required to pay the mortgage, or is there something that can put a pause on it? is there something like a vacancy expense?

[Bill B.]

On average your monthly costs will be a couple hundred dollars more than when it’s occupied as you pay water, electric, trash, sewer, recycling, gas, etc. You’ll still be paying the mortgage with insurance and property taxes. And then when you finally find someone you’ll probably be paying a PM or realtor another $300-$1,000 for finding you a tenant. You’ll be tempted to take the first “ok” tenant. Don’t!  You think it sucks when it empty and you’re paying, wait until it’s occupied by someone and you’re still paying.