Such is the Life of a Landlord...

[Ursula B.]

Got a note from BP that it had been a while since I've been on, so I feel the need to re-earn my Addict badge!

Landlord life became more hectic in January.  I was already self-managing two properties from about 300 miles away.  We got two vacant units under property in November and December, and somehow ended up with two closings the same week of January.  The week of the closings, I had to part ways with the property manager that was managing two of our other properties because our rent check on one property came up short again.

So over the course of one week I went from managing two properties with two great tenants, to also transitioning two other properties with slow paying tenants and rehabbing/renting two vacant units. Add to that trying to refinance the two new units, which eventually went through in late March.  Yes, I was still doing all this from 300 miles away with a day job.

Got one of the vacant units rented March 1, the other is rented as of Tuesday (I've denied more applicants for this one that I've denied collectively over the past couple of years!).  I've managed to get all of the money due me from the Housing Authority and the tenant I inherited from the former PM (monies owed dated back as far as two years).  We renewed the lease for one of the inherited tenants for 6 months,but I can't deal with the slow pay even if they are paying the late fee - they will be issued a notice to vacant at the end of their lease.

Got a 60-day notice on April 2 from one of my great tenants and I shed a tear inside...and the cycle continues.

Such is the life of a landlord!

Ursula

[Ursula B.]

@Account ClosedRight, I work hard for my cash flow! The former PM told me the Section 8 tenant was 'needy', but he was being paid to deal with her so I wasn't concerned. Well I've talked to her more since January than all of my other tenants combined over the last year! She likes to tell me what she's not going to do...as in, I'm not going to pay the late fee, I'm not going to pay the repairs, etc. After the third time I politely told her she had one more time to tell me what she was not going to do, and she would be moving 30 days later. Immediate apology and not a peep from her since.

I have zero tolerance for nonsense, and that was my frustration with the PM that allowed it.