It took me a while (3 months I think) to find someone to rent this apartment in the dead of winter, but I did it for $900/mo. I found two girls that were great and treated it well. I recouped my entire renovation amount and then a little. Couldn't ask for anything better.
Turning to this new longer-term mindset, I began to set the table for a larger renovation project by putting all of my tenants onto month-to-month leases to allow the flexibility needed to start construction when needed. It ended up back firing with this apartment as the girls came to me early asking for a 12-month renewal, but instead when offered a MTM, it caused them to look elsewhere. Again holding out for the imminent construction to start, I continued to hold this unit off the market and not collect rental revenue in the meantime.
Looking back on this, I kick myself for not heading to their desire for an early renewal. I left a lot of money on the table and now have this apartment back on the market looking for another long-term tenant after all. You'll find out why in coming posts.
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