Without a doubt, the worst nightmare for a landlord is having horrible tenants. Fortunately, our tenants over the last 10 years were mostly trouble-free. However, we are going through the landlord’s second worst nightmare right now. Running a distant second is having an extended vacancy. Ugh! When the unit is not rented, it is taking money out of my pocket. Our one bedroom condo has been vacant since November. That was unexpected because this unit has been occupied almost 100% since we got it in 2011. I guess the Portland rental market is softening a bit. However, there are some solid reasons why we’re having more trouble this time around.
We also put the unit up for sale. We’ll go with whatever works out first – renting or selling. Either option would be fine with me. Renting for a few years would be fine. Ideally, we’d ell the unit after Mrs. RB40 retires so we can minimize taxes.
My First Mistake
I made a huge mistake when the unit first became vacant. I met a prospective renter who was keen on moving in. He used to live in the building and he was familiar with it. However, he planned to stay for only 6 months. He was on some kind of work contract. I prefer a long term tenant so I turned him down. That was a bad move because nothing has panned out since then. One big reason is the rental market is very slow in the winter. Nobody wants to move around Thanksgiving and Christmas. People seem to be more interested in moving in the spring. I’ve got a couple of good prospect who wants to move in March.
If I knew that it would be so hard to find a new tenant, I’d have rented it to him