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Updated over 9 years ago,
- Investor
- Maui, HI
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The Government is dropping my rent 10% ... should I let them? (What would YOU do?)
Here is a situation I'd love your feedback on:
My first rental property (the Kurt Cobain house) has had a little old lady living there since I moved out 6 years ago. She has been paying $510 pretty much all along.
The tenant just got on Section-8 and they will only pay $465 and told us they will not allow her to pay any more out of pocket. Which means her total rent will now be $465, down from $510, about a 10% drop, or $45 a month which is $540 per year.
So here is the question:
If she moved, it would cost me about $2,000 to fix up the unit and lost rent. Would you keep her and lose the rent? She's been a great tenant and if I accept the decrease, she'll likely stay until she passes away 10+ years from now.
What would you do?