Yes but you are talking about good tenanrs most likely in red areas. These bleeding hearts are talking about protecting bad tenants in blue areas. I have a three bedroom single family house newly rehabbed for rent I have now gone through about 60 inquiries only one made the prequal and she was a no-show.
The place is in a small upstate New York Rust Belt area. Definitely not an urban hood. About 3/4 of the people are on some sort of housing assistance program almost all vape/smoke and are tatted up.
Around here property taxes and school taxes take easily 3 months of rent out of the year and that is market rate rent. That’s not even counting insurance or utilities... definitely not counting rehab or maintenance.
Your experience is similar to mine. I’ve twenty rental properties for twelve years, probably 100 different tenants in that time. I’ve never evicted anyone. In three cases, I chose not to renew the lease because they were causing problems. I’ve never had a tenant stiff me on rent.
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I have had some pretty bad tenants but that is not the norm. If they have a financial setback or divorce then it can get pretty bad. In the few cases I have had to evict they waited until the last possible day when the sheriff was coming to put them out.
I have decided I will try to avoid all that in the future by offering a months rent in cash if they leave within a couple weeks, that will save me money in the long run.
I have people leave after breaking the windows, putting holes in the walls, ruining the floor with dog poop and pee, when they weren’t supposed to have any pets. I’ve had to replace doors, windows, sub floor and flooring. I’ve had my appliances stolen. It can easily take a year to break even but I still do it. All my original money is still there and then some.
If I can maintain my health I will keep the rentals for the income if not I will sell out. If I do sell out the capital gains taxes will eat me up and I will have a drastic cut in monthly income. I think I might be better off having a property management company take care of them for me. I only have 8 units so it isn’t too bad right now but I am getting older every year so that it is becoming a real hassle.