Thursday, November 1, 2012

Property ownership - It's a marathon

Just when I think we can get a break from taking care of rentals related work, our favorite tenants are moving out.  We like them because they are nice people, low maintenance, on time with the rent, and did a good job keeping up the yard and garage they were using.  Unfortunately they are moving out of province.  The thing is they are leaving 6 months before their lease is up.  According to the law they are responsible for paying to the end of the lease.  However, we are obligated to make a serious attempt to try and replace them before that happens.

Honestly I’m just bummed about having to look for more tenants.  This will be the fourth time in less than 5 months.  Oh well.  It's not that bad considering we bought both places, revnovated, and found 3 sets of tenants in those same 5 months.  Property ownership is not a sprint but a marathon.  Look at the bright side.  They gave us lots of time so we can take our time looking for good tenants.