Mr k, did you finally get tired of being a landlord or did you reach an optimal ROI and retire from the rental business? Just curious. We have personally had one unpleasant experienced that turned us off from renting out to others. Not traumatic, just annoying but enough for us.
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.