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Updated over 8 years ago,
This is one reason I would not self manage...
Long story short... My property manager went to show one of my town-homes.
Turns out my tenant decided it was ok to put/punch holes in walls and put his cigarettes out on the carpet in every room. It's a shame because at the last walk though everything was as it should be and he was never late with rent. Im told he is going through a lot of personal issues.
Anyway,... I'm so happy that I don't have to deal with this directly. I got a phone call today from my property manager explaining all of this to me. We will be keeping his deposit. Upon move out, my property manager will photo everything and will get estimates. Legal will be involved through my management group and they will garnish his wages for the damage done.
The cost of damage is something I will front to get it rehabbed and rented in about two weeks as to not loose too much money but it's good to know they will get me money back.
Bad news but having systems in place (a good property manager/company) allows me to be hands off.
I'm sure there are people out there who could easily handle this themselves but I'm so happy I don't have to. Perhaps this will help someone deciding between self managing and hiring it out.