Have you ever heard this one? “We used to have a rental but we had a bad experience and we never wanted to go through that again so we sold the property.”
To me that is the same as saying, “My education was so expensive and stressful that I don’t want to use it so I ripped up the diploma.” Essentially, the expense and stress of any situation is just like paying tuition for some education. Now that you paid for an education you should use it. Ask yourself things like what went wrong? What should I have done different? How can I protect myself better in the future? How do other people do it? Do I need a professional? Do I need a different professional? How can I be better prepared?
Maybe the answer's are use a better lease, do a better job screening applicants, do regular inspections, get a property manager or get a better property manager, and/or save a little money each month to prepare for rental expenses.
If you can use what you learned to prevent problems in the future you will discover your “tuition” resulted in more good than bad.
Working harder and smarter to protect your investment.
Kasteel Property Management