All Forum Posts by: Bill Ward

I'll go against the grain, depending how much time you have left on the ones that you've owned the longest. If one is close to being paid off, personally I'd ride that one out if you don't need the extra cash flow now....If it's going to go up significantly when it's paid off and you want to have it paid off. And I mean a few years left not 15 plus years. If they aren't close to being paid off then might as well take the lower rates to boost the income. 

@Gavin Mckinley one year I had to replace the water line from the road to the house, that was $1,500. I just had some deck work done that was about $1,000.00. But typically yes, cleaning, switching over utilities, and covering a full mortgage or partial for the month is the biggest. Next planned expense will be replacing carpet will LVP.

If the dollar became stronger tomorrow, would you lower the rent for your tenant? Probably not. Write a lease, when it expires adjust the rent if you need to. 

@Gavin Mckinley my property rents $400 over mortgage PITI expenses. It already has new hvac, appliances, roof. In theory it cash flows $400. Maintenance hear and there and once a year turnover has me about net zero. Meaning any capex expenses if they come up will be out of pocket. Just some numbers for you.

Waiting for my Blockbuster stock to bounce back then we'll talk!

@Bonnie Low  no the driveway wouldn't increase rent $200, but rent in this area has increased that much since they signed the lease last November. If the current tenants move out I could raise it $200 and I'm pretty sure still rent it out. If they want to stay I'll raise less to keep them. They have been good tenants.

There is no trip hazard, and that is an older picture. The grass is much better now. I will hold off on the driveway and focus on the carpet and master bath next. Thanks!

Thanks @Scott Mac, that's actually an old picture and yes I used to have an extra vehicle parked behind the fence. The tenants do not park there and the grass has grown back. And I actually had an estimate done years ago to run concrete all the way back like your picture, I was going to use it for my boat and motorcycle. But ended up selling the boat and moving. Funny how life changes so much from what you expect.

There's no edging around the asphalt as it looks like they just poured in the middle and let it seep out to the sides, instead of making hard defined edges. Sometimes I get stuck between what 'I would do' and what 'I should do for a rental'.

Thanks everybody!

Here’s the driveway on my rental property. It’s functional but not pretty. Personal I think it’s ugly. There’s no defined edges, cracks where grass is growing through and gravel showing. It’s just asphalt that appears to be leftover used when they paved the road. 
Should I replace this with a concrete driveway? Asphalt over it? Or do nothing since it works. 
I’d say it’s a B class property (I think), rent is 1300 but could get 1500 after this lease. 

Looking to hold for a few years and increase value of property. 

@Andrew Watson Thanks, it already has a new roof, hvac, water heater, refrigerator. That's a major reason I decided to rent it out to start with. The next expense will be replacing carpet with LVP, replace siding on 2 sides (aluminum still needs to update to vinyl), maybe a small bathroom remodel.

Thanks for all the advice.