The “pigs” here being houses
Why is it an issue?
I know someone who lives in a flipped house. They rent it (thankfully) and have had nothing but headaches since they signed the lease. The drains always run slow; the HVAC has to have work done on it every year in summer and winter, because it quits working; the roof leaks; a ceiling has had to be replaced; the windows are painted shut…the list goes on and on. But the house sure is pretty!
That is a prime example of lipstick on the pig. The landlord is just lucky that the people I know actually care about the house. If a landlord doesn’t care about the house, why should the tenants? If everything is always breaking in the house, why should the tenants bother to make rent on time, or even report problems? Then the landlord is shocked when the house is trashed, or they have to evict for non payment. This of course isn’t always the case. Sometimes people just trash houses and don’t pay. However, keeping a nice, safe house that is priced accordingly will draw the right people and eliminate a lot of the chances for bounce tenants (tenants who move a lot) to crash our house next.
Yes, we experience some profit loss up front because we WILL fix that roof before anyone moves in. We also experience tenants who see that we will fix problems and are more likely to pay a little extra for a house that is very nice and well kept. Our experience has proven that there is a person who is willing to pay a little bit extra for a nice and safe place for family. They also pay on time, and report even the little stuff so we can fix it before it is a big expense. Some tenants have even covered the small problems themselves. They are not required to do that, but it is part of our relationship.