Hands On Real Estate Investing

Approximately 3 years ago, we rented a 2 bedroom 1 bathroom condominium to a young man. He was married but leaving his relationship with his wife. We felt fortunate to find a good tenant because the rental property is in a low to lower-middle income neighborhood. His credit wasn’t so great but he had stable employment and very good income. All went well until he decided to move a young lady in with him. There were some security concerns in the neighborhood so she began encouraging him to move. The last straw was when the building management neglected to repair the air conditioning system in a timely manner. It was a hot summer, and the building had been without air conditioning for about 2 months. We provided a portable air conditioner but the electrical current was too high and it kept tripping the circuit breaker. The tenant provided 60-day notice of intent to terminate the lease in June. He paid the June rent, but did not pay the July rent. On August 1st, we changed the locks because he still had personal belongings in the condo.

We sent emails and text messages asking about the July rent, but he did not respond. The only way he can get the rest of his belongings is by contacting us to arrange for the July rent.

On August 2nd, we heard from the tenant! He asked us to use his security deposit for the July rent, and he would give us $500 cash to pay for the first 11 days of August. Bingo! Changing the locks was an effective, non-confrontational way to send a message and get a resolution.

For beginner real estate investors, tenant screening and requiring a security deposit is critical to your financial success! Do you have any property management tips you would like to share? If so, please share your tips:

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.