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There was a water leak from the swamp cooler one month ago. The insurance company has been slow in processing the claim due to the unrelated disaster that occurred nearby. Looking at one month since the initial report of the leak. (The cooler was turned off immediately)
Tenants claim there is mold that is causing their daughter to become sick. They want out of the lease early or they will sue everybody they can.
I am sending a mold inspector to the house to evaluate the home / their claim.
The tenants have been unhappy with the home / and or the leasing company.
As a landlord I have never dealt with this before and really could use some advice.
I would love to have them out. However, I lose money on the house every month and I am guessing Dec / Jan isn't the best time to have a house on the market.
Looking to lose over 3k if they leave three months early.
There was a water leak from the swamp cooler... Tenants claim...
The tenants have been unhappy with the home / and or the leasing company.
They're leaving either way. You'll have to advertise and look for new tenants either way
Do you think it will be easier to find new tenants in mid winter than now?
I would let them out with a 30 day notice. Then start advertising for a new renter immediately.
You should be able to repair the leak/related damage before the check arrives from the insurance company. You would pay with your own funds, then use the insurance check to reiumburse yourself. Just keep receipts for all the work done.
Sounds like you need to perform the work asap in order to rerent anyway. I'd still let the other tenant out now.
As above poster said above, seems better chance to find new renters now before the weather changes drastically in 3 months.
There was a water leak from the swamp cooler one month ago. The insurance company has been slow in processing the claim due to the unrelated disaster that occurred nearby. Looking at one month since the initial report of the leak. (The cooler was turned off immediately)
Tenants claim there is mold that is causing their daughter to become sick. They want out of the lease early or they will sue everybody they can.
I am sending a mold inspector to the house to evaluate the home / their claim.
The tenants have been unhappy with the home / and or the leasing company.
As a landlord I have never dealt with this before and really could use some advice.
I would love to have them out. However, I lose money on the house every month and I am guessing Dec / Jan isn't the best time to have a house on the market.
Looking to lose over 3k if they leave three months early.
You do not have the know how or the funds to be a landlord you should dump it and move on with your life before it takes you all the way down.
Please don't be offended if I don't leave positive feed back for your awesome post!
Don't be offended by the comment.
It is valid advice for the largest majority of one property landlords and predominantly true for the
"accidental" landlords stuck with properties they can't or can't afford to sell over the last few years.
Honestly, I could afford to sell the home. However, I don't want to sell the home. I feel that it will work out in the long run and I want to learn about having rental properties. I have to start some where.
The property has a management company so they are handling most things.
I hired them because I do not know what I am doing but am learning slowly.
So what I lack in specialized knowledge I am trying to make up for by asking people with experience and knowledge of such situations....that is why I am posting this on the forum.
Please don't be offended if I don't leave positive feed back for your awesome post!
Keep at it though!
Sorry you did not like my great advice but look at it from what I know. You should have had it fix right away your insurance being slow has nothing to do with it. You might get sued because you were not responsible in getting it fixed and cleaned up right away. You are now paying for a mold inspector costing you more money. The house losses money every month and you think selling it is bad advice. My apologies, you sound like you know what your doing and the money you make of it (not) sounds like a great investment.
Honestly, I could afford to sell the home. However, I don't want to sell the home. I feel that it will work out in the long run and I want to learn about having rental properties. I have to start some where.
The property has a management company so they are handling most things.
I hired them because I do not know what I am doing but am learning slowly.
So what I lack in specialized knowledge I am trying to make up for by asking people with experience and knowledge of such situations....that is why I am posting this on the forum.
Still my best advice sell the best lesson you have learned is when to get out. Find an investment that you are cash flowing. Find a new management company they should of told you to fix the the cooler right away.
Sorry you did not like my great advice but look at it from what I know. You should have had it fix right away your insurance being slow has nothing to do with it. You might get sued because you were not responsible in getting it fixed and cleaned up right away. You are now paying for a mold inspector costing you more money. The house losses money every month and you think selling it is bad advice. My apologies, you sound like you know what your doing and the money you make of it (not) sounds like a great investment.
Thank you for that advice! This is my first insurance claim ever and I had NO idea they would take this long.
I am going to get the damage fixed ASAP and hope the insurance company covers some of it. That is what I should have done in the first place so thank you .
If that doesn't make them happy I will let them out of the lease. Until I read your comment I didn't realize I may have dropped the ball :/
I lose about $100 per month on the home. I live out of state and plan on returning. Once I am local I can do a lot of the small stuff my self and get rid of the leasing company. It should at least average around $200 a month profit.
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