All Forum Posts by: Austin Mountain

Sounds like you have a leak or a toilet that won't stop running.  Doesn't matter if the place is fully occupied, tenants will ignore the obvious issue if they aren't the one who has to pay the bill.

Don't step over dollars to pick up dimes.  Fix things correctly the first time.  Cutting corners will cost you in the long run.

If he wants it that bad have him pay your electrician to install it properly.  It is an upgrade for you but still your property and liability if some goof wires it incorrectly.

Probably safest to check with your accountant but I would have an operating account, rental account and escrow account for security deposits.  You don't need a new account for every single property.  All rent and property expenses should go through the rental account.  Operating account for administrative stuff like signs or supplies.  Obviously, the escrow for security deposits only to be used for move out purposes.

I would send them their remaining security deposit with the deducted $200 with the bill for those services.  I also would stay away from texting tenants unless it was someone I knew personally.  For example, I rented a place to a friend's girlfriend so I don't mind if he texts me that the hot water isn't working or whatever.  I stick to email if you want something in writing.  

Tenants like to lie and puff their chest to bluff landlords into caving.  Send him the remaining $1300 of the security and don't worry about it.  The ball would be in his court if he wanted to pursue legal action and its just not worth the $200 for the aggravation.

It is simply not worth the liability.  Tenant screening and placement is basically risk management and pitbulls are just too much of a potential risk.  

One of my favorites was a tenant freaking out that their sink was clogged and would not drain at all.  Turns out she had the stopper in the drain......

Lancaster County and Lancaster City especially are hot right now.  Rent rates in the city are damn near what I paid when living in downtown Denver, CO which is insane.  But there are those hot pockets in the city that are commanding rates like that.  You still have plenty of areas in the city and surrounding spots of the county that are far cheaper.  You also need to be careful of which areas of the city you look at.  You can go from nice to bad rather quickly on some blocks.

If the property even makes it to the MLS it will be gone extremely fast if it is a good deal and someone will likely over pay for it. If you see something on the market that has been sitting then there is something wrong with it. It is either over valued or has a significant amount of work that needs to be done to it.

I look at income, credit history, landlord references and do a background check.  Credit check is really important because it will show you if they have a track record of paying their bills on time or if they don't.  It does not matter if they make $5k a month if they don't pay their rent or utilities.  Just because they make money does not mean they are responsible with it.

It is 2019.  You can invest anywhere with today's technology.  First, I think you need to clearly define what criteria you are looking for and then start looking at markets that interest you and fit that criteria.  Then you should start reaching out to realtors and property management companies in those areas to get more information about them.  

You can find most information online but speaking with someone who is local and knows the area can give you insights that you won't find online.  They are the ones that can tell you to stay away from a certain area because of known drug problems or how certain zip codes have negative stigmas in the area.  

Connect with people and develop that relationship.