Trish just called. (No, that’s not why!)
Right, well, as you all know, we lost our renters in Tulsa a long time ago (however long it’s been since the last time I posted — so, ages). Actually, we lost them a month before that, but it took a month for our rental manager to let us know.
Here’s how rental managers work: They take the first month’s rent to pay for their advertising, cleaning, repairs costs associated with getting the house rented in the first place. They do all that, tidy the house up, show it to people, and they track down people to rent the place.
Then, when they have renters, they handle any problems that come up. They generally have a few handymen on-call who can do small repairs, and anything beyond that the manager takes care of tracking down repair guys to fix. Now, mind, they don’t pay for any of this. And the renters don’t pay for any of this. It all comes out of the owner’s check. Every month, the renter pays his rent to the manager, the manager takes out 10% to cover his answering phone calls and arranging for repairs, then he takes out any money that went to repairs or whatnot, and if there’s anything left over, he sends that to the owner. Bear in mind that, no matter how much the manager sends, the owner has to pay the full mortgage.
When we were unable to sell our Tulsa house, after moving to OKC, we got a rental manager who came highly recommended. It took him about two months to get the house rented out (which is the same as saying we had to pay three months’ mortgage (remember he gets the first rent check) with nothing coming back to us. That hurt us financially, but I was getting contract work from Lowrance that cushioned the blow. Around March, when we got our first rent check, I also stopped getting work from Lowrance.
So now here we are. As you know, our renters bugged out sometime in July. We never got an August rent check. We heard from our manager early-August, around the time we were expecting a check, that we wouldn’t be getting one, then or for the foreseeable future. He did tell us that the renters had left the house in pretty good shape (thank goodness), and that he’d be getting to work finding us new renters.
Three weeks passed, and when Trish called he said that he’d had a few people interested, but that we would need to put carpet in two rooms to make the house more attractive to renters. He estimated $400. Bear in mind, we’re already significantly negative, and he’s asking for more money. Trish and I talked about it, came up with a couple workarounds. She knew she’d be going to Tulsa soon, so she decided she’d maybe pick up some carpet scraps (room-size) on the cheap, and we could just lay them in the rooms. Something like that.
Well, it took her longer to get to Tulsa than she expected. Finally happened today, and while she was there, she went by the house. Then she called me.
Apparently, the manager lied to us. The house is a wreck. There’s crappy old furniture in some of the rooms, and in the garage. They’d asked permission to paint some of the walls (and we gave them a significant discount on one month’s rent to do it themselves) — Trish says that they only half-finished the painting. They stole the very nice fan from the living room. They left, just, trash all over the floor. Apparently there’s old milk cartons in the middle of the living room floor. And, because of the trash, there’s roaches all over the place.
Okay, all of that is kind of expected. That’s how renters leave a house when they leave, really. But, well, it was expected to be that way when they left, two months ago! Our manager’s job is to clean up exactly that sort of stuff. He lied to us, told us it was clean when they left, and then he did nothing for two months to fix it. In the meantime, he’s supposed to be showing the house to potential renters, which means he’s either failed to do that entirely, or he’s been showing it in the state it’s in.
And I mentioned the bugs, right? The ones that are there because of all the trash left out? That is entirely his fault. That’s probably a $150-$200 fumigation bill, that is entirely his fault. And at least two months without rent because he failed to do his job.
Bah. I know, it’s whining. I’m sorry for that. I try not to use my blog to complain, unless it’s in a philosophical-sounding essay, but this one is just…argh. I’m angry at this guy. He has, personally, deliberately, caused a significant amount of grief to me and to Trish.
Bah! Beh. Angry. Furious. Anyway, we’re firing him. That much, of course, that’s obvious. Beyond that, I don’t know what we can do. We’re stuck, once again, in a position where it would be really hard to sell the house (we’re already past the end of the season). We can go find another manager, but, y’know, this one came highly recommended. How do we find someone better? Even if we do, or if we try to manage it ourselves, we’re still months away from seeing an actual rent check. And it’s probably going to cost us (and some subsection of our friends and family, godblessem) a weekend between now and then, whatever “then” is, to get the place fixed up.
Since we hired that rental manager last October, we’ve had to pay about $7,700 in mortgage. After subtracting his fees (and, remember, first month’s rent), we received about $2,600 in rent. If you know us, you know that’s not the sort of loss we can just absorb, y’know? And we’re looking at it getting worse before it gets better.
Yeah, I’m praying about it. And I’m confident it will work out. God’s never let us down, financially, but he doesn’t mind letting it get scary, I guess. My parents have never let us down, either. Nor my friends. I’ve got a great support network, I just hate being a burden on them. On you, basically. Anyway, keep us in your prayers. That’s the long and the short of it.