All Forum Posts by: Caitlin DiBenedetto

@Dennis M. Thank you for the feedback, however I think I will decide what I do or do not have the "skill set" or "fortitude" to do or not do. I am very capable of learning and taking control of a situation once I decide to and have the correct tools in place to assist me. Hence why I came here, to continue my education on the subject matter. As long as I can create a game plan, I am capable of anything. This is important to me, and therefore I will learn and try all I can before I ever make the decision to sell. It sucks it took me so long to wake up and decide to do something about it, and yes I will probably regret waiting financially for a bit, but I'm also willing to accept that.

I have and am considering selling it, however, I don't think I'm there yet. I have deep emotional ties to this home. I would ideally like to get my butt in gear and learn how to do this properly. However, if it comes to it I will do what's best for me and my family. If that means selling so be it, but again I would like that to be a last resort. 

I own a single family home which is a long term rental. The home is mine outright, as it was inherited. Unfortunately, I live out of state making managing the property a bit more difficult. This is my only rental property, and I would like to learn how to take back control of the property and manage it properly, as I am certainly not doing that now.

The current tenants have been in the rental since 2003. They have taken decent care of the property over the years, however as they have aged, unfortunately, the property upkeep has started taking a hit. Therefore, it is now in need of a few fairly costly repairs.

Property Managers, this is where it gets a bit ugly and you may want to reach through the screen and slap me…please don’t…I just want to learn how to get myself out of the mess I’ve made: I have not raised the rent on the tenants who have been in the rental since 2003 (I should be charging roughly double what I’m currently charging). I know I know…FOR SHAME! Originally, the agreement was, we would keep the cost low, provided they took care of the property…I am now in need of raising the rent in order to take care of repairs.

Here’s where the rock meets the hard place: I am VERY reliant on the current rent as it is, I cannot emphasize this enough. Without this income, I WILL NOT be able to make ends meet.

In total: I need a new lease agreement with the tenants and need to raise the rent, but I literally cannot afford to lose the current tenants. I would also like to hire a property manager, but I'm not sure where that falls in the overall scheme of things. 

I need a game plan, I've been doing research online and there is sooo much out information out there, I’m not sure where to start and feel overwhelmed at this daunting task. I'm just looking for a starting place or a good guide to follow. Is there something like that out there?