What do i owe my tenant?

Question

Being a first time landlord i was curious as to what more experienced landlords would do in this case.
i have a tenant who has been in for last 6 months and atleast always gets rent to me before the late day. 
the first problem i have had was 2 weeks ago the dishwasher wasnt working and i had my friend down the street go over there to fix it- it just needed a reset. i did not charge anything. however my tenant just called me saying the faucet on the tub is leaking, i know i can go over there and fix it in 30 minutes but is this something i can charge him for, my time basically, or is this something that just falls under my responsibility. I had a realtor rent my house being it was my first time and i had no clue what i was doing, but i am lucky in that i have the texas realtors association lease agreement which states they are to pay the first 65 for visits/problems. everything is new in the house. so do i charge them or just fix it? if i can tell it was damaged becuase of neglagence i am assuming i would def. charge them.
Also this is the first time i will step foot in the house since i rented it to them, is it ok if i check the A/C filter to see if they are changing it? if there is anything else i should check out the first time i go in i would love to know, i am reading/doing everything i can to get my knowledge base up just a lot of stuff to learn.
Thanks!
steven

Just Don · Answer

I dont know your level of experience with drippy faucets.

IF it is the old washer style and replacing the washer is all required its darn simple.  While your that far stick your finger in there and check to see if the seat,,where the washer contacts is smooth and has no crack or ridge. Take a good flashlight and inspect for cracks visible also. Sometimes the seats get a track thru them,,then they eat faucet washers faster than you can put them in

If it is washerless and probably a cartridge type,,its toss and replace AFTER taking old stuff to store to get new identical parts,,,then buy all other o rings also if there are any in the seal the cavity covers.  NOT a bad idea to keep old parts for a couple months in case they arent perfectly 'right'.  After that they are toolbox garbage.  Unless you wanna tag and keep for replacements down the road for matching BEFORE you go fix,,,the one trip fix!!

Congrads on the RIGHT decision,,your doing FINE!!

Bill Gulley · Answer

WIth my tenants, if something breaks, I want to know right now! If they damaged it, they pay for it. If it's not their fault, it's on me. If they call me for some little insignificant matter that any idiot should be able to take care of that would normally be done by a tenant, they pay an admisistrative fee, which becomes part of the rents next due and if not paid, rent is not paid and the  they are in default. Be reasonable, you need good tenants. Be fair, firm and consistant. You owe your tenant a safe and secure residence and the right of quiet enjoyment.  Take things in hand and take control, if landlords run to an attorney for every little matter, he won't have to invest in real estate to earn all the profits from tenants.  Bill

Just Don · Answer

Who is paying the water bill?  If its YOU, your shooting yourself in the foot to NOT fix it(free besides) and reward they with a shiny red apple for calling you.

Now if they are paying the water bill,,know what that place will look like if they dont call for such things??  A disaster in short order,,,not to speak of water damage to cabinets, vanities flooring etc if there is ever a unreported external leak.

Thank your lucky stars they are telling you and dont try to charge them for it,,,or you end up paying for it X10 in the future.

Steven Horvath · Answer

yes owning rentals definetly requires some cash. The good and bad about my rental was initially I had the intention of flipping so the property is completely renovated and should not need much in maintance.
I am forming a serious plan of attack for my 2nd SFR and have 2-3 things i need to master atm.
I m trying to utilize my current skill set/contacts which is construction(i can rehab anything w/ my guys), however i lack the skills needed to find better deals on my own. I would simply have to rely on my real estate agent, i dont think that is sufficient. What do you think my best avenue for finding sfr's 1500sqft 3/2/2 that need rehab are? Should i go with 1 or 2 specific types ie hud, forclosures, owner fianance, and learn all i can about thoughs? Or do i need to be good at all possible ways of finding a property if i am going to find a 50% rule deal. i dont wanna learn how to get properties on the court house steps if its not gonna help me significantly.
steven

Jon Holdman · Answer

As you're finding, the reality is that you need some cash to buy and hold rental properties. Even if you find a good deal, that is, one where you can allocate 50% of the rent to expenses and have a little left, the amount of cash generated by the property is modest.  Really tough to acquire properties without cash.

You might try looking for subject to or owner finance deals.

Steven Horvath · Answer

i want my next one within a year but the way things are going i am not sure. i will have to ask a rich person to loan me the money lol. the 1st rental while its doing good i used my own money and am hurtin

Jeff B. · Answer

BP seems to always have a lot of good advice.  Something you should consider is picking up a book like "Every Landlord's Legal Guide" to familiarize with general rules, laws, and contracts to use when managing your property.  The book will Not go into specific state level laws but does offer links to were to obtain state level legal information.

My other advice is to pick up a book on tax advice for land lords to understand when and what deductions your should take for repairs and how to minimize the tax burden from the property.

Steven Horvath · Answer

Thanks a lot for all your help. like i said when i rented it out i had a realtor, and they had the tenant fill all of that out and gave me a copy. i am gointo fix it tomarrow for free and agree with the above few posts. i rather keep him happy and have him call when things go wrong, also it really costs me nothing but a hour of my time. I honestly was just gonna go fix it, but after reading this site i got a little worried that i was managing my property correctly as i have more of the help your fellow bother out attitude. thanks for all your advice!
Steven

What do i owe my tenant?

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