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Reviews & Feedback
1st SFR in Clarksville, TN (area) not going so hot...
So I bought my first SFR near Ft. Campbell (Oak Grove, KY) last year in September. Since then things have not gone as smoothly as I'd like so I wanted to reach out to other investors to see if its something I'm doing, the area, my PM, etc...
I closed on the property in mid-Sept, it needed very little to get it ready for the market, it was officially on the market in early Oct. Our first tenant moved in around Thanksgiving (60ish days on the market). Their 1st rent payment was late, they blamed it on their BAH being messed up. We did eventually get paid in full and things leveled out for a bit. Then Feb rent was late, I reached out to the PM they said, Oh, we'll look into that." We did eventually get Feb rent on like the 20-something of the month, but I'm like WTH guys....? The fun keeps coming, in mid-April I get word from the PM that my tenant has orders to PCS (he's military) and will be moving out in 30 days. I checked the orders and they were legit. Then May rent was late, we think it was because the tenant put down a deposit on another place (still not a valid reason).
The only saving grace (I thought) was that my PM placed another tenant 10 days after the 1st one moved out. I was feeling quite relived, the first tenant, despite not being the best at paying rent, moved out left the place in good condition so another tenant could quickly move in. I was thinking things are looking up! Yesterday I get word from our PM that the new tenant hasn't paid June rent.... (when it rains it pours!) Once again the tenant is blaming their BAH getting messed up.
Finally here's my question, I'm asking other investors in the area (or similar military towns), is this the kind of thing I can expect renting to predominately military folks, or are both of these experiences a fluke? I feel like my PM may be adding to some of the issues here, but I don't want to blame them entirely.
Any thoughts or opinions from other investors in the area would be greatly appreciated.