I’m a New Landlord – Broken Stuff Phone calls are Fun

by Darwin on October 13, 2011

I promised you I’d report back with the good, bad and the ugly following the college real estate deal we closed on in September.  So, after a flurry of activity, stress and frustration on the week of closing, we took a bit of a breather following the close date (all details the college housing deal here).  Well, now that it’s October, we started up some routine calls with the property manager to cover some of the items like loose ends from the prior landlord and then boom – he started going into some of the repairs required like kicked-in doors, broken windows, and oh yeah, the new guys in one of the homes are “a bit rowdy”.  He they’ve pretty much blown through their security deposit for the year – which is interesting because the seller turned over the full deposit funds to us at closing?  But anyway, the trend is interesting.  It’s only October.  It’s time for a letter home to the parents I suppose, because it might be a long year at that rate!  Aside from that, a leaking shower already, but it’s manageable thus far…

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{ 8 comments… read them below or add one }

krantcents October 13, 2011 at 7:43 pm

College students are a class in themselves. No pun intended! I would think the management company would shield you from some of this though.

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Darwin October 13, 2011 at 9:17 pm

Yeah, the reason I kinda laugh about it is I was there not too long ago. Did the same stuff.

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cashflowmantra October 13, 2011 at 7:50 pm

Gotta love those college parties and kicked in doors. Just make sure you have a parent credit card for damages and you will be set.

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Darwin October 13, 2011 at 9:18 pm

It’s joint tenancy, so hopefully some peer pressure will reign it in since there’s 5 sets of parents that are gonna get the nastygram.

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Sam October 13, 2011 at 8:04 pm

Toga, toga, toga! I’m glad you have partners and their parents numbers !

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Darwin October 13, 2011 at 9:18 pm

Having a partner’s a lifesaver; there’s often a time when at least one of us is unavailable.

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Invest It Wisely October 15, 2011 at 8:31 pm

Kicked in doors, haha. Must have some wild parties over there. ;)

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20's Finances October 15, 2011 at 8:58 pm

Oh, man… That’s crazy. It is early, indeed. I think the letter to the parents will solve it right away. :) I can’t wait to hear how it turns out. Especially since I am considering investing in a college town.

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