As mentioned in the last post things were going "swimmingly." However, just like in any business or life situation things can change quickly. I had finally reached a point when nothing really needed to be done, and I felt I could possibly put the business on cruise control for a few months so I could build a little financial buffer and not just make it through each month by the skin of my teeth. A good thing, since I just quit my job as a college recruiter. The build up of money would help me focus on making some improvements to properties. ...BUT... I found out some of my best tenants are moving due to their own financial and family problems. UGH!!! They never complained and always paid their rent. Plus, they have been living in that house for over 4 years. Not only are they leaving, but they failed to tell me about some issues that are going to need to be addressed when they move out. Apparently, they were fine living with a bathroom that had been deteriorating (not sure if because the house is older or their own lack of normal maintenance). Either way I was not notified of any problems. By the way, when a tenant says you can keep the deposit, that might be a reason to be concerned. Ha!
Another lesson learned the hard way. A landlord should walk through his or her properties every now and then to do a quick inspection (more than just stepping in the front door). Just let the tenant know that's part of the deal. Don't depend on them to contact you if there is a problem. I should have known better, but as mentioned before I had the problem in the past of giving some people too much credit. I continue to be amazed at how some people live and think it is normal, or how others can be so two-faced.
These people appeared to be educated, seemed to know their way around common household repairs, and, as mentioned before, never called with problems. However, they left me with $5,000 in needed repairs (complete bathroom tear-out and remodel, some new carpet, paint, etc...). If they had simply notified me of the leak in the bathroom I could have taken care of it for less than a $100, and avoided this headache.
Again, I know some of you are probably thinking, "C'mon Chris! You are a handsome, intelligent guy. Why would you not walk through and inspect your properties from time to time?" Good question, and I have no good answer to that, other than I was a sucker I guess.
These are the things that make so many former landlords get out of the business. I look at it as an education.
Here are some before and after pictures of the bathroom:
Before
Before (obvious water damage below floor covering and all around tub)
After
After (everything was ripped out to the studs and floor joists)
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