Bad Landlord Year how to Stop the Pain

[Vlad B.]

Hi BP Community,

I have 2, 4 units total Duplexes that I purchased in the last 2 years that were money makers last year. Everything was going well before 2022 hit and tenant turnover happened. 

Unit 1 turn: renter went M2M, didn't up their rental insurance, 2 huskies from previous owner's lease lived there urinated and destroyed hardwood floors. The security deposit was $800, damage was over 5,200 with insurance already expired after the lease. Took 2 months to rerent the unit at a higher rent.

Unit 2 turn: better, $1,500. Took 1.5 months to rent. Rented at a higher rate. 

Unit 1: had a leak in AC Unit: $600.

Unit 2: leak causes molding and $3500 of damage for both units.

Unit 3: Tenant smoking and put cigarettes on countertops while cooking making incredible black circles. Countertops and turn $2450. 1 month vacancy, rented for $300 more.

Unit 4: At this point, I've had it and raised the rent only $100 so they stay. Find out they have a pitbull mix and the tenant cannot sign lease due to mental illness and PM is unsure how they signed in the first place. 2-month delay in signing the lease extension, no pitpull mix on-premise.

Both properties were purchased sub 4% financing. PM is better than first PM I hired in the area. Has anyone else gone through similar and been through this?

[Bruce Woodruff]

Get rid of everyone, fix them up nice and rent to a higher quality tenant for more $$

Sorry for your bad year.....makes ya wonder why we want to be landlords sometimes, huh?