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Tenant updates

March 4th, 2008 by Kenric

When you have a bunch of rentals you will always have tenant turnovers during the year.  Hopefully, you won’t ever have an empty but if you do, you hope that they don’t all occur in the same month.

Condo #1

My tenant for this condo is leaving in mid-June.  I’ve started advertising this condo at a high rent rate two weeks ago.  Response hasn’t been great so I have dropped the asking rent by $100.

SLC Townhome #1

My property manager has informed me that my tenants have purchased a house and are planning to leave soon.  They haven’t given the 30 day notice yet.  My property manager also tells me that the rental market is great right now and that I can increase my rents by $150 per month.

SFH#2

My tenant’s lease is up at the end of April.  Preliminary talks with the tenants indicates that they will be staying month to month.  I get the feeling that they will be living there for the long haul.

Miscellaneous Rentals

I also manage two other rentals in the Phoenix area.  These have been going pretty well.  One tenant just sends me checks like clockwork every month.  The other tenant is always late with rent.  She has bounced 2 checks in the past year.  The good thing is that she calls me to let me know that they will bounce even before I get the notification from my bank.  She always tacks on the late fees and bounced check fees.  She’s been in that home for 7 years now and I don’t foresee her moving for at least another 5 years.  I haven’t raised her rent, but with the fees she has been paying alot more than her rental rate every month.

Property Taxes

I was doing my taxes tonight for 2007 and my tax amount for one of my properties seemed low.  I went back and checked and then realized I never paid my second installment 2007 property tax on this property.  I guess when I moved the tax bill never got forwarded to me.  I logged onto the county assessor and find out that I am two  tax payments behind on my property!  So I went ahead and paid the online last night, there goes another $4,500 I wasn’t preparing to spend last night!

Insane Sales Taxes

I just read that the city of Chicago voted to increase the sales tax to 10.25%.  I can’t even imagine that.  Maybe it’s because it is double digits but it certainly feels like alot more than 9.75%.  I tend to avoid cities that have a sales tax over 10%.  We have one here in Arizona that charges 11% on food.  There’s just something not right about paying that much tax on a hamburger.

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