Grand Prairie, TX · Member since 2014 · 9 posts · 1 vote
Hello all! I just picked my my first rental property which is a 4 plex. The old landlord told the tenants about them having a new landlord. One morning I was walking around picking up trash and looking things to make my property have more curb appeal. I couple came out and said "you must be the new landlord!" I was so happy to meet them and their family. After chatting then the ugly list came out......this is not working, pest, carpets and rats......... I was shocked because I would never live in anything like that muchless my family! I felt really bad. These are good paying tenants always on time (all 4). I feel that they have been toss to the side and sold to me. But much after this meet with the first tenant. The other came out and added to the TO DO list. So Sad......I told my wife that I promise to make them live in a better place then what the last landlord did. Is this a good idea or ride the cash flow until they move out? I would love to make our tenants happy but if we lose money
I would start taking care of the main deferred maintenance problems. Show the tenants that you do intend to improve the quality of their building. But I would not go crazy & start trying to do everything on their "honey do" list.
Every Time I have inherited tenants they always come at the new landlord with "honey do" lists as long as my arm. Some issues are important others are just ridiculous. You have to pick & choose.
The following are all tenant requests I've received when taking over a new building.
Things that needed addressed.
1. Unit upstairs has water leaking into my bathroom ceiling.
2. My toilet doesn't flush
3. My bathroom outlet sparks when I plug in my hair dryer
4. My back door doesn't open
Unreasonable "honey do" list or items that can hit the back burner.......way in the back
1. Can you install a privacy fence for my dog?
2. Can you replace all the carpet?
3. Can you run electric to my garage? ($700 3 bed house)
4. Old landlord never shoveled my driveway. Will you?
Before buying this, did you do some basic reading here on BP to get an idea of things to do / look for when buying a property that already has tenants? Lots of info you could have read to guide you and protect you in advance.
If the units are in disrepair, you will have to get the repairs done at some time - "pay me now or pay me later" type of things at least. You will have to figure out what you can afford to do and when.
I would at least show an effort and keep the receipts for bug bombs, ant/roach spray, d-con mouse/rat poison, insect granules, professional carpet cleaning. All of that shouldn't cost more than a couple hundred and will go a long way with either the tenants or the judge if it were to come up. They could just be trying to get out of paying rent or seeing what they can get away with.
I would start taking care of the main deferred maintenance problems. Show the tenants that you do intend to improve the quality of their building. But I would not go crazy & start trying to do everything on their "honey do" list.
Every Time I have inherited tenants they always come at the new landlord with "honey do" lists as long as my arm. Some issues are important others are just ridiculous. You have to pick & choose.
The following are all tenant requests I've received when taking over a new building.
Things that needed addressed.
1. Unit upstairs has water leaking into my bathroom ceiling.
2. My toilet doesn't flush
3. My bathroom outlet sparks when I plug in my hair dryer
4. My back door doesn't open
Unreasonable "honey do" list or items that can hit the back burner.......way in the back
1. Can you install a privacy fence for my dog?
2. Can you replace all the carpet?
3. Can you run electric to my garage? ($700 3 bed house)
4. Old landlord never shoveled my driveway. Will you?
Prior to purchasing, did you have an inspection? Doesn't sound like it. A few more surprises could be down the road for you.
There's nothing wrong with wanting to give good tenants a safe, comfortable place to live. Why risk losing good paying tenants? To a landlord, they are worth gold! Prioritize the list addressing immediate concerns that include health and safety first. Leave the cosmetic stuff for down the road. Plan on making some improvements every year that way you spread it out. Remember that maintenance and repairs are deductible expenses so you will get it back.
Thanks for great advices! Yes I didn't do much inspection as I should of. This was coming from an uncle of mine because he need the money on his other business (opening a liquor store) I don't want to be a "slumlord" I'll take care of the safety stuff then slowly move to the outside for more curb appeal.
Prior to purchasing, did you have an inspection? Doesn't sound like it. A few more surprises could be down the road for you.
I have never seen a house where this is possible. If you put an inspection requirement with your offer they will go with another buyer. Home inspectors charge hundreds of dollars per house. I just don't see how anyone could do that if you are out there making many offers.
I wouldn't buy a property without an inspection either. Down the road, if I have enough experience to skip the professional and go through it on my own, so be it.
You don't want to bend over backwards for them or they will keep asking for more and more. But of course you need to bring the living conditions up to an acceptable standard. As leases expire you can try to bring rents up as you make improvements, most tenants are more likely to go along with a price increase if they can see they are getting a better place to live.
Prior to purchasing, did you have an inspection? Doesn't sound like it. A few more surprises could be down the road for you.
I have never seen a house where this is possible. If you put an inspection requirement with your offer they will go with another buyer. Home inspectors charge hundreds of dollars per house. I just don't see how anyone could do that if you are out there making many offers.
That might be the single most wrong thing I have ever read on this site. Wow.
That might be the single most wrong thing I have ever read on this site. Wow.
I do my own inspection of coarse, but recently houses here are selling above asking and if you put a contingency on it you will not get the house.
I have found that inspectors can not possibly find most problems. My worst experience was with a sewer that collapsed. That was very expensive to fix. An inspector would not have sent a camera down the toilet to find that. Bids were required at the end of business on that day and I would not get the house had I required an inspection first.
Prior to purchasing, did you have an inspection? Doesn't sound like it. A few more surprises could be down the road for you.
I have never seen a house where this is possible. If you put an inspection requirement with your offer they will go with another buyer. Home inspectors charge hundreds of dollars per house. I just don't see how anyone could do that if you are out there making many offers.
Steve,
We have all our acquisitions inspected - even if we do not make it a condition of purchase. We have found that $500 - $2500 in the context of the size of the building (and purchase price), is typically money well spent as it allows us to plan our renewal/rehabilitation strategy.
health and safety issues need to receive your attention, because this is where you (as a landlord) can get into some trouble.
After repairing those issues, if any, then look into deferred maintenance items. These are important, because you need to protect your investment from further damage.
Tell them that you had some ideas to make the place more visually desirable, but those plans will be put on the back burner, in light of their complaints. Tenants sometime make the assumption that the person that owns the real estate is rich, make sure they understand you are just a regular person who will have to budget for expenses.
That might be the single most wrong thing I have ever read on this site. Wow.
I do my own inspection of coarse, but recently houses here are selling above asking and if you put a contingency on it you will not get the house.
I have found that inspectors can not possibly find most problems. My worst experience was with a sewer that collapsed. That was very expensive to fix. An inspector would not have sent a camera down the toilet to find that. Bids were required at the end of business on that day and I would not get the house had I required an inspection first.
EVERY single property sells "as is"? I have NEVER heard of this.
Are they using the standard realtor contract where inspections and inspection periods are boilerplate?