All Forum Posts by: Bob Paxson

Quote from @Allen Duan:

Hi Zach,

You'll need house rules and some sort of house manual that includes check in/check out instructions and information for your home. You can build this out over time, but at the minimum they need to know how to check in =)

You also should be prepared for a post stay inspection so you can check for any damage or missing items. You may know off the top of your head what was in there before this first booking, but creating a system is always ideal.

Also, as a first time landlord, be prepared for how you'll handle maintenance issues and other issues that require boots on the ground. Are you going to go yourself to take care of things or do you have others lined up to help? Your first booking usually reveals many issues that would be hard to notice without living there yourself. 

I hope that helps! Happy to answer any questions.

 Allen, do you have any examples of house rules etc to use as a template that could be  used… not sure if sharing that info would be ok just figured I ask

Thanks!

We usually just get a hold of a title company and they will set up the closing and let you know all the information you Need before the closing ….. that’s how we do it in  Philadelphia

I highly recommend switching to a landlord policy I really think you’re wasting a lot of money on a homeowners policy. Get your tenants to Carry renters insurance and you should be good to go but I would also keep your umbrella policies.  I’m not an insurance broker or agent just from my experience you will save a lot of money and if you didn’t know it increase your deductible when appropriate some of my rentals have a $5000 deductible just my two cents

Quote from @Tom White:

Quote from @Bob Paxson:

Anyone have experience in Wheeling WV

We have 3 properties in Wheeling & 14 in a 15 mile radius.

Tom, That’s great! I have no experience in Wheeling WV I was wondering if it would be OK to pick your brain a little bit to see if it makes sense for me to do some investing in that area. Let me know if you have any time to talk thanks again for your response to my question

Just increase the rent the amount of the renters insurance and include it as a bonus to tenant

Anyone have experience in Wheeling WV

Start eviction process immediately don’t wait another day. I’ve been down this road when I first started landlording and learnEd my lesson the hard way. Again don’t waste another day you’re going to take a hit but that’s part of this business next time you’ll know better than to keep cutting slack and trying to help out.

I agree with @mike Roberts .....less utilities the better.. also in City of Philadelphia unpaid gas bills from tenant will go against the property nice fat Lien... Go with electric.... 

No......history shows not much if any impact on real estate