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Updated about 5 years ago,

User Stats

16
Posts
5
Votes
Chloe Dawn Murphy
5
Votes |
16
Posts

So much rental chaos, need advice!

Posted

The past two months have been wicked crazy.

I own a 3 bedroom 2 bath house that I turned into a four bedroom student rental making $314 in cashflow. I rented 3 rooms out while I lived in one for the past two years and had little to no problems other than washer and dryer issues. I moved out 6 months ago and hired a property manager in order to free up my time better. 

The past two months I have had to: replace the roof due to it leaking in the laundry room, fix major plumbing issues after the basement flooded, three of the four tenants gave their months notice the same day, manage drama induced tenant issues that lead to my first eviction, and now an hour ago I was informed that the power is out on the entire first floor for no apparent reason. 

Was I simply lucky the first two years and am now paying my dues? Did I hire the wrong property manager? I would come out even if I rented the entire place to a family, would the stress relief be worth the loss of cash flow?

I'm generally a fact based lady, but should I read the signs that theres some bad juju and sell out now at the top of the market with 70k in equity?

I would very much appreciate some realistic advice!

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