In general our rental properties have been pretty great. Our owner occupied duplex has always had great tenants in the 6 years we have owned it and our other duplex has been wonderfully cash flow positive since we purchased it in January of 2016. During the majority of the year our properties are pretty hands off other than yard maintenance and the occasional repair. But come late April and May every year the number of hours we have to put in to managing our rentals increases dramatically. As we live in a college town all leases start on June 1st so all three properties have the potential for turnover at the same time. Although this is time consuming it is also when we are most likely to increase rent so that is always a good thing. If we have good tenants we sometimes keep the rent the same to make sure they stay but if there is a changeover we always increase it at least slightly.
The tenants in our duplex unfortunately decided to move out to Oregon. We were going to keep the rent the same for them at $1390 per month as they were super chill, were great neighbors, and always paid on time. Alas they were moving so we started our search for new tenants. Continue reading “The Good and Bad of Rental Properties”