My wife and I have a couple of different rental properties.
Some of those properties are rented from month to month and some of them have yearly leases.
Most of the month to month leases are properties located near the mountains, beach, or lake. These properties are more like vacation rentals. I do my best to find monthly tenants, but sometimes we rent the places for a week at a time. We always require a security deposit, but it is only $300. Until last year, my wife and I rarely had any issues with our rental properties. In fact, it was a lucrative deal for the two of us. Over the past year, we have had one problem after another problem. Eight months ago, one of our rentals had a major plumbing repair that required us to spend $3500. The floor in the kitchen was flooded and my wife and I also spent an additional $1,200 on the flooring repairs. Now we have to deal with another issue. My wife and I rented one of our units for a 2-week period. The tenant stole the window AC unit located in the living room. We only have a couple of properties that have window AC units and this particular place has one in the bedroom, living room, and kitchen. The tenant stole the window AC unit from the living room. I’m not sure if he thought we would not notice, but it was the first thing I saw when I walked through the door. I immediately called the tenant and left a voicemail. When the guy didn’t return my call for three days, I charged his credit card.