Horrible start for first timer!!

[Jay R.]

Hello BP Community,

I've recently bought a 3 family complex and everything started off well. I was getting rent checks on time, the house was fine, then everything took a turn for the worse. I had to file a Pay or Quit notice on the second floor tenant because they stopped paying on time. They ended up paying and left. On top of that I had to kick the third floor tenant out because i wanted to house hack. Today my worst nightmare starts because my 1st Floor tenant which is under my new lease, wants to leave the apartment because she is falling behind on her bills. I'm not sure what to do!! I feel like everything that could happen is happening. Maybe this is a good thing but I would like anyone from the community to help me going forward.

Im thinking I should let her break the lease eat the cost for the winter time while fixing the property and then during the spring rent it out. I just dont want to deal with the added stress of going to court because she will not pay. Please help!!

Thank you all in advance!

[Michele Fischer]

I feel overwhelmed when we have multiple units empty at the same time, but make a list and follow through with it with a sense of urgency and you'll be back on your feet again soon.  

You could reduce rent for the existing tenant for the months until it is a better time for you to search out for a quality tenant.  If you need or want to get the other unit rented, consider offering it at a reduced rate for a few months as an incentive.  Any rent money is better than none for the short term, unless you have the time, money, and desire to rehab either of them first.

You'll get through it and will learn a lot.