It's going around...I'm looking at about $15,000 worth of 'improvements', and about a $6,000 lawsuit.
Good news is, 6 years after the fact, the last tenant to skip out on me tried to refi a house...we got ours from her, in full. Yay, justice!
Now that is sweet justice, good for you man.
I may have written it off, but the PMs response to me was what pushed me over the edge. When I flew out they refused to return my calls. The first night back I had to break into my own home to view the damage for myself. A few days later, in the early AM, they drove up, tossed my house key in the driveway and drove off. The guy dropping off the dumpster actually found it and asked if it was mine.
I had originally found this PM through the national association of real estate property managers-which turned out to be a total joke.
I had three weeks (off work) to rehab the home, which I didn't think I could pull off once I realized the true extent of damage. Every house I ever flipped always went over budget and took longer than anticipated. No bank would give a loan for that home, so I had to sell it to a cash investor, taking a huge loss (on paper, I still made some money.) Lucky for me the RE market was strong when this happened. There was not one thing in that house that was salvageable. The tenants made sure that they destroyed enough things to make it a complete gut job (tile behind toilets, holes in shower enclosures, windows, etc, you name it.)
As I found out later the PMs "background check" was performed, but had numerous red flags. Previous addresses didn't match, evictions, judgments, collections (even from blockbuster), bounced rent check (first month, I was never told.)
I rented that home out of necessity at the time, and boy was it a learning experience. It'll be my pleasure to drag them into court next month. As far as land lording is concerned, I plan to do it again, but with commercial property, that's what I'm shooting for in the next couple of years.