Running a Real Estate Business

Anyone that tells you owning rental properties is a great way to make money has got to be a wonderful fix-it person or insane.

My husband and I currently own three rental properties.

The house at 103 Weir Point Dr., Manteo, NC, was on the market but didn’t sell. So, we rented it to a lovely family from WV. I cringe each first of the month now for the “wait for funds” to be transferred from them to me via Zelle. I also cringe when they call or text me about the latest problem.

One involved an animal in the attic. I called the pest control company (something we pay for as the owners). The problem is that racoons from the nearby national park are climbing a tree, jumping on the roof, and hopping onto the Andy Griffith fig tree for a snack. (Yes, the tree originally came from a cutting from Andy Griffith’s fig tree.) I’m not joking, especially since the lawn, care including tree trimming, is their responsibility as outlined in the lease.

Are you interested in purchasing a home in Manteo, NC? $650k including fig tree and potential racoons. The Cabin at 5956 Critton Owl Hollow Rd., Paw Paw, WV’s original structure was built in 1789. It does have plumbing, heat, internet, and 38 acres.

My renter recently vacated, leaving a mess behind that I won’t try to describe to you. Let me just say that 5 cats, 2 dogs, and 2 parrots were involved. I’ll also mention he “sublet” to a couple, one of which was wearing an ankle bracelet gifted by the state of WV. Subletting was not part of the rental agreement, which stated the rent as $400/month. This fiasco involved calling a parole officer who hadn’t done her job in terms of getting the proper approval for this couple to live there.

It should only take me a couple more weeks to clean that mess up including replacing the furniture they destroyed. Interested in an off-grid get-away? Maybe I’ll AirBNB it at some point.

And finally, the Tudor Square Townhouse. We have owned this one for over 20 years. The first renters were Scouting America connections. One was an Eagle Scout and his new wife (I knew his parents and helped him earn his Eagle badge), followed by a lady who worked at the Department of the Interior Indian affairs (I think she was a friend of one of the former scoutmasters).

Next was a couple who became down on their luck and asked their church to pay their rent. We didn’t take the church money but allowed them to break their lease with no penalties.

Then there was a retired government worker who was a chain smoker. That was bad enough, but the staircase and design of the second floor acted like a chimney leaving smoke residue which had to be scraped off the walls and ceilings prior to re-painting.

Our current renters are two sweet women with two cats. They called me on Monday night to let me know there was no water. The first thing I asked them to do was to open the crawl space and check to see if there was a pool down there or if they heard water running. The pipe has burst before. Nope no water. Then I’m thinking huh, did I put that water bill on auto pay? Yes, I did.

Did I change it when my credit card was last breached? Yes, I think so. On further investigation, no it wasn’t on auto pay and I had indeed gotten a letter stating service was to be cut off by October 14. They cut it off on October 20. I had neglected to open the letter. So, I apologized profusely and offered to pay for bottled water until the next morning when I could take care of the bill.

They declined driving to the store for water since they had consumed adult beverages. They said they’d get help from neighbors should the need arise. Happy they consumed alcohol responsibly. I was able to pay the bill online that night but could not re-connect the water without speaking with a human.

The next morning, I called the water company. The first message I was given was, “We are having issues with autopay, please contact us directly for more information.” When I was connected with a human, I was able to get the water turned on. Thankfully no extra $75 connection fee was required and the ladies had water by 10:30am.

The morals of the story, because sometimes we all need to be reminded:

• Open your mail as soon as you get it.

• Have a handy person on speed dial, you will need them unless you live close and have a bunch of duct tape.

•  Screen all applicants and have an iron clad lease for the state in which the property is located

• Have a lawyer on speed dial, just in case.

• Insure your property as a rental.

• Have a good sense of humor.

• Be willing to keep the deposit if someone really messes up the place.

Happy land-lording to you!

Marsha Riibner-Cady (NC)

Chair Entrepreneur & Small Business Committee

2022-2026