Once we found a reputable property manager in town, we put our house on the market and had it rented out in less than two weeks.  The realtor told us that the woman moving in was single, no pets, no kids and from out of town. What better tenant profile could you ask for?  Of course these claims were shortly debunked. The day she moved in, we drove by the house only to see a huge party.  Then in September when we refinanced (we originally purchased all cash), photos from the appraisal revealed a kid’s room, dog and boyfriend all in tow.  But, she paid on time and from what we could tell was a good tenant so we left well enough alone.

During the 17 months that we rented the property, there was only one major problem which needed fixing.  I was informed via email one day that I had a plumbing bill of 1669 for a clogged toilet!  Frustrated, I phoned my management company and demanded to know why they hadn’t contacted me as my management agreement stated that for any repairs over 500 dollars they would seek my input (I have several plumbers who I thought could have bid the job). As it turns out, the plumber had to dig up one of the pipes in the front yard and discovered that it had been clogged with feminine hygiene products and baby wipes. When I told my manager that I shouldn’t be responsible for this, his response was ‘you can try to get the renters to pay for it but in my experience you won’t be successful’.  After some debate and protest, we ended up paying for the repairs.

No plumbing? No problem.

Selling this house was a difficult decision.  It produced strong return on investment, it was easy to rent and part of me thinks we should have never sold it (more on that in a later blog).  At any rate, it was a good investment that we held for just under two years. Here are how the numbers played out.