Hey there, I’ve been dabbling in the world of investment for a good three years now, and I’ve got a couple of units under my belt. So far, I’ve only had a few turnovers since I’m still relatively new to the game. The first two turnovers were pretty smooth sailing, just the usual wear and tear stuff, and the costs were manageable, each coming in at less than $1,200.
But then came the big whammy – my latest turnover was an absolute nightmare. The tenant left the place in shambles, causing thousands of dollars in damages. To be precise, it’s going to set me back at least $9,000. Considering that the property rents for $1,400 a month, it’s like all the profit I had made from that home has vanished into thin air. Sure, I can hang on to their deposit, but that’s just a drop in the ocean compared to the total cost. Legal action might be an option, but let’s face it, these folks are probably never going to cough up the cash. It’s a real downer, to be honest.
I can’t help but wonder if I lucked out with the first two turnovers. For the seasoned investors out there, is this kind of nightmare turnover a common occurrence? I had my sights set on early retirement through a solid cash flow portfolio, and things were looking promising. But this setback has thrown me for a loop, making me question if anyone actually makes a decent living out of this gig.