It’s Not You, It’s Me; A Tenant Leaves

Just when I thought everything was rolling in a positive direction, I get hit with this text from my tenant;

Just so you know we will be leaving our unit by the end of the month. An opportunity came through to rent the house next door. We understand that this means we lose our security deposit because it has been less than 1 year.

And just like that, I am at 50% occupancy. I had banked on those tenants, which I inherited, staying for at least the course of their new 1 year lease. That would have given me a chance to nurse my depleted cash accounts back to full strength after just buying the place.

I could just get a new tenant in, but my plan was always to invest some money into fixing up the unit when it did become vacant. I just thought that would be somewhere down the line.

Here is the bad news;

They are leaving right now and I am on vacation for 2 weeks (poor me) right in the heart of July. It is unfortunate timing for hurrying to get the place back to rented. Likely, I could get new tenants quick, but I do not like the layout of the unit. I am new enough to the landlord game that I want to be proud of my units. This one needs help.

Good news;

Well nothing except for the dog. What? Turns out they are moving because my building has about 40 square feet of yard. Great for maintenance, lousy for dog. Next door has an actual yard, so I don’t blame them for moving. It will improve the life of the dog by a 1,000%. And now I get to say ‘No Pets‘ to the next tenant. Who’s a Good Boy?

My tenants even gave me a lead on a new tenant but that did not work out. A couple wanted to rent the place knowing the rent was $750/month. Their total income for the household was $780/month in SSI. How were they ever going to make ends meet? I told them we were going to use the time to do some renovation and the unit was currently not for rent.

More from the Rental Property series;

Running the Numbers on a Rental Property

Zoning Laws and Red Tape

Problems with Appraisal

The Home Inspection

The New Building is Acquired!

My Permanent Tenant/sister-n-law

 

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