Sunday, January 11, 2009

Just Received Mixed News on One of My Rental Properties, Predominately Good Though

Our largest rental property is 3100 square feet. It was previously our primary residence until June of this year. We did get a renter to assume the property on June 1st but they promptly notified us that they were going to break the lease just 5 months later.


I'm trying to collect two months of rent as a penalty for breaking the lease. Unfortunately, they only paid for one. The outgoing tenants cut the power off to the house and even left food in the fridge.

Fortunately, we just found some new tenants who are willing to move in on the first of February, or as soon as we can get the current tenants fully out of the house.

I'm sure a little drama may go down over the next couple of weeks as we jockey for the new tenants to move in. However, in the long run, it looks like the new renters will be a great.

My last major concern on our rental properties is some delayed maintenance at the first house I bought. My property manager is working to get some estimates. Work will likely exceed $10k. Once this is finalized, we'll be able to get back on track with our accelerated payments on our rental properties. So long as the maintenance doesn't amount to anything substantially greater than $10k, we should be able to pay off one of our three houses within the next 15 months.

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