[USER]

Our tenant broke the lease right before the holidays. This was income we were counting on for a 12 month period and now we need to take our time finding a new tenant.

Because it’s the holidays no-one seems to be searching for an apartment and it’s been very stressful just overcoming limiting beliefs.

This was a learning experience for sure and now I know what to do to protect myself financially.

I’m sure as heck bent on marketing on various platforms and have always adopted a frugal mindset and the best practices.

Any advice for staying frugally focused on the long-term while also allowing myself to feel that it’s okay to live and enjoy the holidays even though it feels challenging to do so especially now?

[Colleen]

If you have kids we found a great way to limit our kids wants. Mommy and daddy have to pay Santa.

That’s why some kids don’t get things and some get more.

It’s just the way life is.

[Kristi]

I’ve had a coworker looking for a place for months. They are out there

[Anna]

Contact your lender
As long as you are current on your payment they can give you a 2 month extension

They will add it to the back end
Or you can add extra payments to pay it off earlier
Do do it this week

Today if possible
The same goes for car payments

[Natasia]

I’m sure a family would love to pay their own mortgage in the home you’re relying on for income.

[Francess]

in my state you are entitled to rent for every month the rent isnt paid according to the lease. so, for example they moved out the end of october.

it took you into november to clean, paint and list the apt for rent.

you get a renter on dec 1. you are still entitled to collect for the month of november.

if you cant get a renter until jan you would be entitled by law to collect the 2 months. as long as the apt.

was habitable ie had heat and hot water, take them to court for the payment. check your state laws on tennancy.

[Jennifer]

Try Furnished Finder as long as it’s furnished. Rent to traveling healthcare workers.

Our contracts are normally 13 weeks and sometimes we extend.

[Susie]

How about offering a discount on the first month or two as a move-in incentive?

[Amanda]

We have a rental. Why don’t you use a rental agency? They deal with finding people, screening and evicting if needed.

It is worth the money.

[Lydia]

As humans, we seem to have this unreasonnable expectation about always feeling good in everything we do. Sometimes, it sucks. Do it afraid.

Be uncomfortable. Decide in advance what is “enjoying the holidays”… and just do it.

Eventually, it will all pass.

[Chanell]

Just use this as a time to reflect and plan. You know what your limitations are; celebrate small and focus on your future goals.

The most important thing you have learned is never to count on tenant income.

This experience is challenging, but it’s a temporary setback. You will have many other holidays.

[LaDonna]

IME there is a lot of movement in the rental market at the start of the year and after school gets out.

In my area a lot of folks seem to reassess their living situations or have job transfers (military) around these times.

[Alyson]

Rental income is supposed to be passive income not a main source. If you can’t afford the property without the tenant, then you have over extended yourself and need to reevaluate your expenses and income and if this is the proper business for you.

[Patty]

We’ve had rentals for years Yup, it happens. The problem with a court judgement is often that you can’t get blood out of a turnip.

We are generally grateful that when they have left, that the haven’t left a dirty house, their belongings, or any damage.

As others have said, an emergency fund is essential. Blessings

[Amy]

Not sure where you live… In my local market (I am a Realtor), we are still very short on housing–both for sale and lease.

Maybe reach out to a real estate agent you know and ask a favor that he/she shares your vacancy.

I have offered similar info multiple times for those who have asked. Good luck!

[Casey]

Lots of people are looking for housing. Price your rental slightly below what others in the area are charging for comparable units.

If you’re near a hospital you might target it towards traveling nurses if it’s furnished and utilities included, usually contracts are for about 12 weeks.

[Deanna]

I like the concept of looking for experiences instead of things. Shop your cabinets and look for new recipes to try or crafts to make.

See if any places are looking for volunteers this week you can do as a family.

[Thashia]

I have rentals too. I learned long ago to not rent in a hurry or because I felt sorry for someone.

I charge less than standard to get a great long term renter.

I have one that has been rented to the same person 17 years. It’s worth it for me to charge less to get a better long term person.

[Terrie]

I have a vacant rental right now too after evicting non-paying tenants. It’s an awful time of year to be looking for tenants.

I use a property manager and we require security deposit, pet deposit, as well as first and last month’s rent.

That gives us a bit of wiggle room if someone vacates early. I also ask for an 18-month lease if the tenant leaves an around the holidays.

Assuming that you don’t have to fork

out a small fortune in repairs in addition to lost rent and that you have an emergency fund, I might dial down gift-giving a bit but I’d proceed as usual with the holidays.

The rental market will pick up as soon as people start getting their tax refunds.

[Patricia]

Be careful and keep in mind that a lot of the time when people are looking to move at this time of year it’s often because they were problem tenants.

Don’t jump just to get the initial rent check it may cost you a lot more than that in the long run.

[Sinika]

Try to find a nurse or physician program to lease it through. Stay positive and if you are a believer, rely on your faith.

[Victoria]

If you have a valid, signed lease, calculate what they owe to the end of the lease, any back rent, repairs and call your district court to make sure the total doesn’t exceed their limit, what their hours are.

Then go to the court, ask the clerk for the form needed, fill it out, check for how you want it served, suggest private service rather than sheriff’s as they only do when an officer is on duty in the area.
Do it now, make sure you get their forwarding address and do not release their deposit.

[Damaris]

Do you have an emergency fund?
It’s commonly said your emergency fund should replace your income for 3-6 months, but since I’m always trying to prepare and frugal, I’ve chosen a 1 year emergency fund and that eases tensions but I also have a separate Christmas account that I deposit to all year long just for fun and nothing else.

I budget for as many categories as possible:
Roof replacement fund
New sneakers category
Car repair fund

I keep all these on a spreadsheet to know what amount is allocated to what purpose.

That always helps me level out the playing field when someone or something throws a wrench in our plans.

Hope that helps!

[Author]

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