How I doubled my monthly CF to $800 in 10 min

[Robert E. Medlock II]

It is no secret that money can be made in real estate. That of course is assumed that the "lucky ones" will always get the best deals. I just so happened to be lucky this day, I guess.

My story begins by telling you that I have a few rentals. On one particular SFH, my great paying tenant had the good fortune of getting a better job. The bad news was it was in another state and he would have to break his lease. So we negotiated with him to pay 2 additional months after he left and we would allow him to break his lease. He agreed that was fair so we moved fwd. During his 60-day pay out, I was in contact with my property manager(s) and explained to them that the tenant had left the home in "as-is" condition. It basically looked like he had just left for the store and would be right back. He even left the electricity and utilities on! WOW, that must have been some job offer.

       How would I get this place cleaned up and put back together for the next tenant, and he had already split out of town?? We'll good old fashioned sweat equity is how. And how about my costs for repairs?? That would be a simple clause in the lease agreement he signed that stated he would forfeit some or all of his security deposit if the unit was not left in a cerntain condition. 

   So here is the sweet part. It took me 10 (TEN!) minutes to write a simple one page memo to my property manager for the needed repairs and to request the depost not be returned. In the end the tenant kept all most all of his end of the agreement. However, his failure to finish the entire task to completion, cost him nearly 3 months of out of pocket costs. And the "lucky one" to receive it......Yours Truly.