[quote=spdrun]So you list the two properties $250 under market and rent them to bus drivers or grad students for a year. Shouldn’t be that hard to rent if you drop the rent by $250, and you’ll still break even.[/quote]
You sound like a real estate agent that has a simple answer for what could be a huge problem.
Assuming that the folks that lost their jobs agree to leave quickly & peacefully and leave the place clean, you may have limited down time.
I have seen divorces & job loss change people 180 degrees. The nice calm friendly tenants who pay their rent on time become the enemy squatter from hell and not only does an eviction cost you money for legal fees, you could be facing up to 6 months of unpaid rent and a destroyed property.
It doesn’t happen to everyone, but be a landlord long enough and you will deal with problems that you never thought would happen to you and that usually comes with expenses that you never expected either.
Flippantly saying “just lower the rent $250 and your problem will go away” is naïve at best.
