This is Captain Obvious reporting!
Seriously – I really like being a rental property owner. And I really like most of my tenants too.
But occasionally I get some clown who decides that they’re special and they don’t have to play by the rules anymore.
Like paying rent on time.
So I like to deal with these people quickly, because if I don’t they get worse.
So if you have been following me for any length of time you know that I’m being a fan of cleaning up my rent roll a regular basis.
I find the best time to do that is in the spring. And I consider June 1 to be “last call” for rent roll spring cleaning.
Why? Because the best renters wait until the summer to move, so they don’t have to deal with the kids being in school or changing school districts.
That’s why I consider summertime to be the best time to find the best renters.
My goal is to get the undesirable tenants out and get the new tenants in before school starts after Labor Day weekend.
So then why is June 1 “last call” for spring cleaning?
In my state of Michigan the quickest I can get anyone out of one of rentals via an eviction is 28 days.
Then once the tenant is out, it takes time to turn the unit around to be rented again. If you’re hiring someone to do that for you, it will often take another month for that to be completed. You need to leave time for the person to complete other jobs, you need to agree on what needs to be done, you may have rental inspections to deal with, etc.
Let’s call that another month.
So from the time you decide to replace a tenant it takes two months until the unit can be rented again.
If we left it at that, then you could say that last call is July 1. For me though that’s cutting it too close, because if it takes the full two months, then the unit won’t be available until Labor Day weekend.
Which is too late. Because the best renters don’t wait to the last minute to find a new place to live.
Ideally I want to have my houses available by August 1 or even earlier. There needs to be time to market the unit and show the unit.
And that means adding another month to the process.
So then backing up three months from Labor Day weekend leads to June 1 being last call for your rent roll house cleaning.
So if you own rentals and you need to cull your herd of tenants, now is the time!
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Check it out here: http://www.singlefamilycashflow101.com/single-family-rentals-cash-flow/