When a tenant goes south I look at how many thousands of dollars that tenant paid towards my mortgage and I end up owning the property. I have had tenants pay for 1/3,1/4 and 2 over 1/2 of my mortgage. Look at the forrest not just the tree.

We all would like a tenant to leave the property rent ready but that is rare.

It is sad to have a good tenant vacate, especially after 6 years. Actually $700.00 in damages over that period of time is not to bad and you are fortunate that the security was enough to cover the costs.

Two years ago my rental income totally paid for the property and both units, so I am now showing a good profit even after expenses. I have met a lot of good people who have rented from us and have helped a couple when they were ready to purchase their own homes. When we do get a person who tends to be hard to work with I often think of the good ones and it makes it a bit easier.

I am opposite of those on here who like to have frequent turn overs and updates.

Back in the 1980's I forced my father to partner up with me and buy an apartment property. A tenant lived there for over 7 years and left having done $5,000 in damages. My father was sick to his stomach and mad that he invested with me in apartments. I proclaimed, "I wish we had 100 tenants like this"! My father thought I lost it so he asked me to explain.

I said that during the tenancy that tenant paid us over $100,000 in total rents, and the profit after all expenses were paid left us with around $70,000 cash in hand. So if every tenant made us $70,000 and the wear and damages amounted to a mire Five Grand, then we are over $65,000 in profit!

Keeping the correct perspective is important. It is also important to continuously improve the business. Business improvements most often come in small increments.

Jim,

Good advice.

I remind myself it's a long term investment and this was just a blip.

It also helps to get into my Porsche and remind myself I'm still rich.

Thanks Jim.