Owning a rental unit can be a great source of income without much effort. However, if you have tenants move out suddenly, your income stops for as long as the unit is vacant. Finding ways to productively use any sudden unit vacancy time can help you improve the property and get you money again as quickly as possible.

What to Do When You Have a Sudden Unit Vacancy: Do Maintenance on the Unit 

It is easiest to do maintenance on a unit when it is vacant. This is because you don’t have to worry about working around your tenants’ schedules, leaving appliances accessible and working for them, or trying not to damage any of their property in the process. Therefore, if you have a sudden unit vacancy, get started on any maintenance before a new tenant moves in. This is a great time to work on more intensive maintenance like replacing flooring. Flooring should probably be replaced or repaired if it has deep scratches, intense stains, or other major damage. These types of damage cannot be fixed by just a good scrubbing or a new varnish, so more serious maintenance is needed that would be easiest to complete in an empty unit.

Start Looking For New Tenants 

In order to start getting income off of your property again, you need to find new tenants. As soon as possible, get a listing out and start accepting applicants. When going through applications for your rental, look for tenants who seem reliable, have good credit scores, and are looking to move in quickly. You might also want to look for tenants that are looking for somewhere to live for a long time. Long-term tenants make vacancies less frequent. Having long-term tenants could hopefully help you avoid having sudden unit vacancies again in the future.

What to Do When You Have a Sudden Unit Vacancy: Decide If You Want the Unit 

Having a vacant unit gives you a lot of freedom when deciding what to do next with the property. This could be a great time to evaluate whether you want to continue owning the rental property at all. There are many reasons why you might decide that owning a rental isn’t right for you, including not liking being a landlord or shifting life goals. If you feel that owning the rental property isn’t aligning with your life, you may want to sell it instead of trying to rent it out again.

While a sudden unit vacancy may seem like a big setback, it could actually be quite beneficial depending on your situation. Don’t panic if you have a sudden unit vacancy. Instead, use the time to plan out what would be best for the unit and your finances.

Check out this article on why an HOA can be a great choice for an investment property!

See you at a meeting soon!

The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.

Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.

To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.

The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.

We meet twice a month.

Click here for information about the monthly luncheon.  

Click here for information about our nighttime general meeting. 

One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.

We look forward to meeting you at a meeting soon!
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