I didn’t have the energy or budget to make repairs.
I bought a single-family rental property that was in a terrible state of disrepair. Because of the rapidly expanding housing market in the Jacksonville, Florida, area, I hoped that making improvements would prove to be a worthwhile investment. I assumed that updating the property would attract a higher class of tenant. Due to extensive water damage, I just about gutted the home. I tore out walls, ceilings and floors and hired licensed contractors to install brand new electric lines, plumbing and ductwork. I invested in a new water heater, central air conditioner and appliances. New windows, exterior doors and insulation elevated comfort and energy efficiency. Brand new kitchen cupboards, countertops, toilets, sinks and fixtures ensured a functional and beautiful kitchen and bathrooms. I laid down a combination of tile and laminate flooring and installed brand new light fixtures. I painted the interior and exterior of the house and spent time and money on landscaping. When I listed the home for rent, there was a great deal of interest. I did a thorough background check before choosing a renter. Within six months of the tenants moving in, the property began to look rundown. There were toys and garbage scattered across the lawn. The rent was late every month. Shortly after that, they stopped paying rent all together. Getting them evicted was a difficult and time-consuming process. The renters were extremely hostile and deliberately caused damage. When I finally got them out, I discovered that they had poured cement down the drains. I didn’t have the energy or budget to make repairs. I simply wanted to walk away from the property as quickly and painlessly as possible. In that situation, selling the home for cash was the right decision. I secured an offer within 24-hours and closed within ten days.