Apartment questions

[Joel Owens]

So A few items running through my head.

Apartment complex we just acquired.Landlord left over a hundred key snot labeled.

1.I was thinking is it possible for a locksmith to make a master key that opens ALL doors??I would imagine not as they are different lock sets replaced over time.

2.In the lease there are no pets listed but many tenants have pets.The tenants said they would pay a fee to keep the pets.So Instead of a security deposit I was thinking of a one time "pet acceptance fee".

This way instead of a security deposit having to be escrowed in a separate account the money can be spent right away to increase cash flow.

3.I was thinking to prevent toilet clogs the tenants should put those child safety toilet hinges on top of the lid so they toys etc. do not get stuck in the pipe.

4.One of my tenants cars is sitting in the parking lot without a tag and a flat tire and the tenant says they don't have money to fix.Do I get that hauled away?? It looks junkie and has no tag.

5.Thinking about adding solar lights outside for the night time for security for the buildings and to deter crime.

[Christine S.]

Hi Joel,
Your number one goal should be to collect rent. You need to get new applications filled out to rescreen the tenants, so you can see whom can really pay or not.

The tenant that wants to stay till the 20th, must pay a prorated amount till then or go straight to eviction. Do not let them stay for free. They are honest and telling you they can not pay.

We have only had two tenants leave in all the years we have bought deferred maintenance/ below market rent units.

Since you just introducted your company, sent out a letter informing the tenants that your intent is to give them better living conditions and you will increase rents to market rent, not over market rent. Explain to them that you are an advocate of good living conditions. Tenants relate to this.

Anybody that has no security deposit, must pay one. We prorated this over 90 days, if they had the income to pay for it. With out a security deposit, we would not entertain improved repairs, only necessary ones.

When we newely acquire a property we walked each unit with a hair dryer (checking electrical outlets), broom (unclog garbage disposals), and smoke dectors ( tell tenants not to take the batteries out). We ask the tenants what is wrong with their units and explain that we are doing repairs one unit
at a time and it will take some time.

After we walk the entire property we create a budget and off set it with rent increases. We make sure the repairs are paid for by the building. If you have money set aside for repairs, than do them now and increase the rents.

We ususally replace carpet, tile, and paint. We also will do toliet seats, blinds, caulk tubs, replace sinks, repair any leaks, and remove bug infestations. We have one handyman go out and check all the applicances that tenants reported were not working when we made our list. We repair applicances, not replace them because of missing parts. I will tell tenants, we repair items, not replace them unless we have to. If the tenants are dirty, don't clean, or own a vacumn. We told them to clean and maintain their units.

If the tenants want lower rents, they should move and live in condidtions that are acceptable to them. You have your plans for the investment you bought. Run it like a business.

Always send repair approval items to tenants in writting before the work is started. Have the handyman sign a work contract that states what they are hired to repair( he should be told to only repair what is on the contract). Tell the tenants that all repair requests must be in writing. Keep a log of requests, work orders, and completion dates of work. This will keep you from running to the property every time there is a problem.

Address all plumbing leaks ASAP. We do this the first 48 hours we purchase a building. Sorry about the long answer, you asked a loaded question.

Christine