Back to my story of the 2 bed, 2 bath, 2 story condo in Chapel Hill renting to UNC students because of the great location and a private bath for each bedroom.

We used to pay a property manager to handle getting tenants and managing the property until I went into the condo one summer and saw why it hadn’t rented. The management company hadn’t kept it up. It wasn’t that we weren’t willing to pay, but they didn’t tell us what needed to be done.

First thing I did was to take over the property management and replace the refrigerator with a new one. Second, I advertised in a variety of places. Third, I lowered the rent. I found renters though we didn’t break even that year. The next year I advertised early and it has been rented ever since.

Over the years I redid the downstairs floors in Pergo flooring instead of carpet. Replaced the AC unit, hot water unit, new blinds, put in new lighting, redid one bathroom. If I am going to raise the rent, I would take out the carpet upstairs and put down new flooring, repaint the kitchen cabinets, repaint the walls. Did I say that my husband loves when I devise new projects that need money?