Many people tell you in life to try out new things and learn from them. Since I moved to Kansas City this summer, I tried the landlord business and rented out my first home. I did everything you're supposed to do: background check, previous landlord reference, made sure the home was clean and prepared for new tenants, and asked friends/family to keep an eye on the property in case of damage or trash. I rented to a young family with two children and all seemed well at the lease signing. Yes, I did create a legally binding lease to help ensure a constant twelve month income to supplement my mortgage. I spelled out all the terms and penalties for breaking a part of the lease and they understood. I got a call in November from the tenants saying they needed to move out immediately due to family problems. Since they signed a twelve month lease, I told them this was not going to happen without an approved subleaser. They vocalized that they understood but at the end of 2012, they were gone.
Despite my disappointment in the conversations with the tenants, I was glad to have that headache overwith and was ready to find a new tenant. When I checked out my home a couple weeks after they moved, it was heartbreaking. There was trash and disgusting furniture left in the home as well as some damage that I wasn't expecting. I had to purchase three doors, hard cleaning products, and some plumbing equipment. I had planned on remodeling the smaller bathroom anyway so this seemed like a great opportunity to get it done.
After assessing all the work that needed done before another tenant could move in, I had decided to put my home on the market and release the tie to my small town. In order to sell it, however, there would need to be some sweat and money. After purchasing the doors, my father and I went to see how we can get the bathroom updated. He seems optimistic and he knows his stuff after repairing older homes my whole life so I know I'm in good hands. I had originally wanted to expose all the hardwood in the home, but the condition is uncertain so we're going to keep the hardwood exposed in the bedrooms, and clean the carpets with a freshening aspect to keep it warm and inviting. Since the carpet is in great condition, there's no need to add more dollars with resurfacing hardwood.
Once all the minor upgrades are complete, then I can contact my real estate agent (who sold this home to me almost three years ago) and hope for a quick sell. I'm definitely going to research ways to keep my value of the home up with the least amount of cost. As long as I break even and get my money back from what I put into it, I'll be one happy camper. Here's hoping!
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