How has your rental turned into a nightmare if you don’t mind me asking? Thanks for sharing[/quote]
I’m glad you asked.
1st of all I put my house on the rental market in early August, and it wasn’t occupied until almost November.
The house was pristine, carpet was very new; but I still had to spend $500 for ‘professional’ cleaning.
So at this point I’m down a good $3500 (roughly).
By January the furnace was fried – 2k.
At 1st I had arranged for the tenants to call me when there was a problem – and believe me it felt like my phone never stopped ringing.
The gas company then red-tagged my house for various code violations as another example.
The rent doesn’t quite cover my costs – close but not quite.
Oh, and why did I get red-tagged: one issue was that the fireplace flu was still in place. That was code when the house was built, but not now.
On top of that I’m 50k underwater (including selling costs) and still sinking (even though I bought nearly 10 years ago).[/quote]
Paramount, I have to say first off thank you. You realize you’re one of the few people on this board would would ever openly sharing a very negative RE experience… Most people only like to share the green grass side of things, and conveniently love to shove the brown side under the covers.. (Kinda like one would say how they made a crapload on stock trade X while not disclosing they got their asses handed to them in stock trade Y)…
You openly discuss this takes a lot of courage and balls, and I really appreciate you doing this…
Looking at what you posted, I’m not so much worried about your initial $5500 “loss” because well shit happens.. I’m thinking more over time…My concern is you mention rent not covering cost… If you don’t mind me poking and proding, how bad is this deficit? And what exactly is your cost structure right now on the rental (any change of a refi or something to make you whole?) I’m asking because trying to learn what has happened. If you’d rather do it via PM, that’s fine too…
Thanks in advance.
