I became a landlord (landlady?) on April 7, 2010 when I purchased an investment property with a tenant in it. The property was purchased from a friend and he assured me that she was a wonderful tenant. Better yet, her rent was always on time. Since my tenant has terminal cancer, a government funded program paid for 75% or her rent which was sent directly to the property owner. The tenant was responsible for the balance as well as all utilities.
I would basically be responsible for upkeep and maintenance, changing the batteries in the smoke and carbon monoxide detectors and, of course, the taxes on the property. Based on my investment, if nothing major broke, and I had a 90% occupancy rate with no rent increases or major tax increases, I would break even in a little over three years with no mortgage on the property. It seemed like a perfect opportunity for me, until the tenant decided that paying her balance of the rent any time before the middle of the month was too bothersome for her. […]