I ended the My (Many) Thoughts on Becoming a Landlord post with a very rainbow/ unicorn view of the whole process. Things have been extremely easy for us during the past several months, but in the interest of full disclosure, I wanted to share that the past month has not been easy at all!
Earning extra income is the best part of the whole thing, but it also happens to be the only good thing about being a landlord. There are tenant issues, of course, but I think the big thing that has hit us this month is the reality that we actually have to deal with 3x the regular hassles of owning a home because we have three homes (#1- my old house, #2- garage apartment, #3- our current house). Seems like something I should have expected, right?
Some readers have expressed interest in the process so here's a bunch of the real-life inconveniences that we've been faced with this past month:
- Tenants in #1- Once of the tenants is getting transferred to another state for work and moved out this past weekend. Her roommate found someone else to move in and we had to put time into amending the lease, resigning everything, etc. With the tenant who wanted to stay put long-term gone, we don't know if the lease will be renewed again in January or if we'll need to look for someone again.
- Tenants in #2- Our August tenants totally bailed on us last minute. In addition, after showing it to a couple of people pre-advertising, we realized that we needed to completely finish every detail of the unit before showing it to anyone again. Not having the place rented out and having spent so much to get it to this point definitely gives me a combined feeling of guilt, frustration, and disappointment.
- Bad luck in #3- We had both the hot water and AC go out within one week= $$$.
- HOA in #1- I'm not sure that I've mentioned this before, but my old house was part of a very small, nontraditional HOA... which I am unfortunately still the president of [insert curse words here]. To make a long story short, my neighbor had water problems in her home and the problems affected the common areas covered by the HOA. So, on top of everything else, I'm juggling calls from contractors requesting payments, calls to the insurance agency requesting that they make payments, and random permit issues that seem to be never-ending!Oh, but
best part: I get to pay my part ($500) of the deductible. Actual best part: getting to deal with the neighbor harassing me with emails because I'm apparently not doing my job (that I don't even want) well enough.