Tired of being a landlord? Never wanted to be one in the first place but bought a place with two houses on it and thought I’d give it a try. Both houses are empty now. I see why some houses become barns.
First renter went deadbeat on me in February of one year. I tried to be nice but that only gets you crapped on. Offered to let him work on reasonable terms ($12.50 and hour equivalent and he keeps the time!) nothing. Finally got him out in September.
Left the place a horrible mess. Had to clean the place, replace fixtures, repair, paint carpet. Over 7,000 in repairs. Tried to rent to people we knew by referral, never advertised. They were fine but decided to move to town for $50 difference. Offered to lower the rent, they were good renters. They left. Stuck me with two months water bill.
One house will be remodeled for a guest house. The other offered for move or practice by the volunteer fire department, the one I spent 7 grand repairing and so forth. Oh yea, I also put a brand new heat pump in it for the renters. I think that was 3 grand. Add to all that insurance and taxes and I may get 8 months income a year off the place. NOT WORTH IT.
I’m sorry to hear you had a bad experience w/a renter. I’ve been a renter most of my adult life and just this Sunday heard that my lanlord plans to put the house on the market. I totally get their decision - they are both in their 90’s now and don’t want to deal w/new tenants (the people downstairs from me gave notice they are moving). But I’ve been a good tenant and my landlords have been great. I’ll really miss them! My plans are to try to buy a condo or someplace small.