Why in the world did you choose Memphis for rental property? DAVE
Thanks for your answer. I don't want to be involved with rentals IN MEMPHIS. I've found the tenants to be pretty bad there. I'm now being told by PMs, after the fact, that 90% of the renters in Memphis have bad credit or judgements against them. 90%! My criterea has been to rent to people with decent credit, and NO COURT JUDGEMENTS for non payment of rent or debt. A person who has had to be dragged into court for non payment, is not anyone I want to rent to. Life is too shrot!
It turned out my criterea was pretty naive for the Memphis market. One of the PMs I used said that if that was my criterea, your property will be vacant a long time.
Note, the subject property is in a nice neighborhood of SE memphis (38125). Rent was 1200 a month. So we are not talking low income here.
Yes, have several estimates to replace the roof. But why replace a roof unless it will raise the potential sales price by a comensurate amount?
It sounds like you have had it with your rental experience. Consider treating this as two different problems..First, do you want to continue with rentals. Secondly, you need a new roof....
Regardless of whether or not you decide to remain with your rental initiative or move on, the fact remains, that the roof needs to be replaced. It's likely that a home inspection for any perspective buyer will reveal that a new roof is in order.
It may be time to be in touch with several roofing contractors for evaluations and estimates and keep in mind that because you have had one bad rental experience doesn't mean all the rest will be the same.