The Perfect Scenario or a Rental Nightmare?

by Wallace Gibson, CPM

Crystal ballIn the TLC show “Say YES to the Dress!” the brides have an idea what they want their bridal dress to look like and they “will know it when they see it!”
Unfortunately, many Reluctant Landlords feel the same way: a corporate rental — GREAT!! Rent checks come in like clockwork. A part-time resident, only in the area a few days out of the month — WONDERFUL!!! Less wear and tear.
Actually, BOTH of these would-be tenant prospects are problematic.

Corporate rentals, unless there is a personal guarantee by the actual resident occupant, can be a nightmare. If the tenant is fired or the corporation goes into bankruptcy, if there is not sufficient corporate documentation as to why the employee’s rent was being paid, the trustee in bankruptcy can actually call BACK the lease payments.

Additionally, residents who do not LIVE at the property FULL TIME can give the landlord a false sense of security. In a power outage, heat can go off and pipes can freeze and no one knows until it is way too late. Routine items are not handled and likewise maintenance ends up being delayed or not at all.

Wallace Gibson, CPM, is the owner/broker of Gibson Management Group, Ltd., a full-service property management company offering 45 years of professional property management services for investment property owners in Central Virginia * Charlottesville, Fluvanna, Louisa and Greene counties. Her firm’s website is and she blogs at
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