First Rental Closed

[Chris Nare]

On Friday, we began our REI journey. We closed on our first property that our agent found off-market. It is a 2 BR, 2.5 BA, one car garage condo in Fairfield, OH. We got it below market and need to spend about $15K to take care of the deferred maintenance and get the unit in shape to rent. Since this has an HOA, the rent will include water, sanitation, lawn care, and snow removal. Also, it has a washer and dryer. The tenant will need to pay for electricity. Some investors say they do not include any additional appliances since they can break, so we must fix them. I am interested in hearing your thoughts about this. Should we have the washer and dryer in our condo? Also, if we do, do you suggest we increase the rent for this or add the price for them in addition to the lease? So, for example, we would charge extra for these on top of the monthly rent?

Thank you for your reply.  

[Randy Rodenhouse]

I typically do not include washer and dryer with my rentals. I have found that they break down and I'm constantly repairing them since they're not treated properly. If you do decide to get the washer and dryer than definitely want to charge additional rent for them to make back what you spent on the appliance  and for future maintenance.