Newbie Rental diary part 3 with pics

[Rob Gleason]

This is our 3rd month into our new real estate business.  Here's what's been going on:

Of the 4 units we have renter #1- pays on time, no issues.  Renter #2- has yet to make a timely rent payment, and is about to be late for this month.  She owes $140 in late fees as well.  Lease is up in 2 months.  We will not renew her.  Renter #3- pays on time but COMPLAINS ABOUT EVERYTHING. Mind you, everything he complains about was present when he signed the lease with the previous owner.  I replaced all his windows because we were upgrading the unit next door and I also offered to touch up the paint in his unit too.  He gave my painter such a hard way to go that I ended up canceling that part of the job.  LESSON: don't offer any favors.

Ok, so that brings us to renter #4- our empty unit.  The work schedule got set back almost 2 weeks due to the weather so we're going to be down 2 months rent.  The before picks are in my previous post: Newbie rental diary.  Here is were we are now:

My guy created that patch in the hallway floor.  Previous owner had a piece of plywood in there.

With the updates and fixes we have about $54k into the property. I expect to spend another $3k to clean up the other unit once it's empty.  We'll  get at least $650 for this side and the same for the other side once it's updated.  We will begin the vetting process for the new tenants this week.