Last year, I sold a rental house in Jacksonville, Florida.
I had owned the house for less than three years. When I first made the purchase, I was excited about the opportunity. I planned on the rent covering the cost of the mortgage and liked the idea of a steady monthly income. While I expected the occasional repair or update, I assumed the profit would outweigh the expenses. I underestimated the hassle of dealing with tenants. After investing considerable time, labor and money into the house, I took my time interviewing potential renters. Because I’d renovated the kitchen and bathrooms, replaced windows, repainted and installed new appliances and light fixtures, I hoped for a renter who would take good care of the place. I chose a woman with a young son who seemed honest, clean and respectable. Shortly after she moved in, she started calling with complaints. She told me the drains were clogged. I went over there and found hair, grease, tampons and even a child’s toy clogging the drain. She complained that the dryer was taking too long to complete its cycle. I checked it out and discovered that she’d never once cleaned the lint trap. I also couldn’t mow the lawn because of the garbage and toys scattered across the grass. There were bags of garbage stacked on the porch. The process to evict her was stressful, frustrating and impossible. Even when she quit paying her rent, I couldn’t get rid of her. My solution was to sell the property. I obviously couldn’t list with a realtor and deal with showings. Instead, I reached out to a cash home buyer. I got an offer online and closed on the house within ten days. I was relieved to be rid of the renter and the property.