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Updated 4 months ago,
Typical time between tenants
I have 10 SF and MF rentals in several areas, my concerns are with Cape Coral and Memphis. I use property managers in both places. I feel like I’ve seen a few recent issues and curious what other investors have seen.
1. I have duplex in Cape Coral. Rents b/t $1400-$1700 per side. One side was vacant from April to August! When I inquired about it, the manager told me, ‘the tenant had an issue moving out of their last place’. Then, I just saw a placement fee of $1275 charged by the management company. This is something I haven’t experienced before. I’m not calling out the company yet, as I want to make sure I’m not missing something. I’m almost wondering if they held this property, at my expense, for a friend or acquaintance. How is a 4 month vacancy ok?
2. Memphis. Wow. I’ve used several different PM’s here since 2005. I have had one favorite company. However, tenant moved out prior to July 1. I was given a get ready estimate between $3-$4K. Which, to me, should have been a pretty quick turn. I check in this property several times and wasn’t satisfied, as there was no progress. Property finally listed around Sep 6. But the turn cost exceeded $6K. There was no information shared prior to the increase.
These seem like really long vacancy periods and poor communication. I haven’t experienced it before. I know there are lots of Memphis and CC investors here and appreciate any help.