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Updated about 9 years ago on . Most recent reply
Hi, new slumlord here. General advice request.
Hey BP!
Say you have a duplex that you paid $60k for.
Rental income is $1000/month. ($500 upper / $500 lower), property taxes ~2500, insurance ~$600, no major expenses on my end, utilities all in tenants name.
Basement has water issues and foundation issues. Lower tenant is a slob, has clothes piled and molding. Upper tenant is smoking in the unit, also a slob.
Both rents are paid on time, they have no intention of moving.
Do you do anything to fix the water issue, considering the tenants don't care? Do I have a legal obligation to advise them maybe it's not a good idea to live that way? Do I have a legal obligation to fix the water issue?
The property obviously cash flows, so I'm torn between just ignoring it and keep collecting the rent... speaking up and giving them a pep talk (which is a waste of my time)... or putting it up on the market and letting some other heartless bastard worry about it.
Most Popular Reply
Did you advertise it as including an "in door" swimming pool? I think you're missing some cashflow if you didn't.