1st 2 months = Cash for Keys, Destroyed Bathroom, and Marijuana

1st 2 months = Cash for Keys, Destroyed Bathroom, and Marijuana

Investor · Columbus, OH · Member since 2017 · 86 posts · 74 votes

First, thank you to everyone. Everything I know and overcame below is because of this community. Much love and respect. 

Begining of autumn I bought my first rental, a duplex, but didn't ask the right questions. Everything looked great, why question - 22% ROI, 1 long-term tenant, leases that extended through the summer, and no repairs needed.

What I learned when I bought: (1) I had mice; (2) lease violated almost every law in Ohio; (3) rent was not "late" until the 15th of the month; (4) gutters were installed wrong and front porch roof was damaged; and (5) the bottom tenants decided they didn't like the house and were not going to pay rent. 

Since I was legally required to wait until the 15th of the month to give the 3-day pay or quit notice- and couldn't enforce my late fee or indemnification clause - I decided to pay cash for keys and get the unit back Nov. 8. Inside I found the tenants had destroyed the bathroom tile and left me a bag of pot which took me 8 hours to turn into the police. 

Today, I'm happy to report I have no mice, the gutter is not doing more harm till it can be properly repaired in the spring, the bathroom and kitchen were repaired for $140, new, qualified tenants are moving in on December 1st under an enforceable lease, and the rent was raised $25/mo. Now all I have to do is pass my law exams! 

*EDIT* Marijuana is not legal in Ohio and landlords have an affirmative, statutory duty to turn in any illegal substances found on their property

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  • Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    8y

    8 hours? lol

  • Investor · Columbus, OH · Member since 2017 · 86 posts · 74 votes
    8y

    @Max T. yeah. Called the nonemergency line and they never came. Ended up having to take it down to the station and wait 1.5 hours for anyone to see me. 

  • Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
    8y

    Congrats! I had an acquisition similar to this from a tax deed auction. The inherited tenant was actually a squatter and a real piece of work. Cooking meth in the back of the property, stealing his mother's disability checks, etc. Took a while to get him out and things stabilized but he destroyed the property on his way out. I have a blog post about it: Evicted Tenant Destroy's Property [video]. Congrats on cleaning up the neighborhood!!

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