All Forum Posts by: Bob Romano

im 53, bought my first SFH 5 years ago with $30k i have saved up as a down payment. I now have 5 SFH fully rented , did 1 flip, and 1 commercial bldg in my portfolio.

What I do on one of my properties that has a sprinkler system is I state right in the lease, the tenant is responsible for any amount over $150 per quarter for water /sewer fees. One quarter, her water bill was $600 and she quickly called me to shut down the system, it got to expensive for her and know she hand waters the yard. But if i didn't put that clause in the lease, I would have been on the hook for that bill!

I use DocuSign and have no issues with it. My tenants love how they don't have to meet in person to renew now. I signed up for the yearly plan, I think it was $99, I use it on all my properties now. 

@Jill F   I think your letter was great! I made a few tweaks and I will be sending it out to all my tenants. Thank you again. 

I pay for the water on my SFH. I put in the lease though "that if the water bill is more than $150 per quarter, the tenant will pay the difference". To date, i never had a problem. I send a copy of the water bill to them for proof and they either send me a separate check for it or add it to the next months rent. I rather have the piece of mind knowing that it is paid each quarter by me and it wont get shut off for non payment.

I took out a $100k HELOC on my primary residence at 2.99% for the first year, primary house was appraised at $750k and I only owe $95,000 on it, so I have tons of equity in it. I bought 3 more SF rentals with that 100k ( 20% down on 3 SFH) refinanced one of my other single family , pulled out $105k equity on that one, paid off my HELOC and still had $5k left. Now I have 3 more SFH ( 6 total) , fully rented and all positive cash flowing. Now i can use the HELOC again if another deal comes up or if i want to jump on a great deal as they pop up. So in closing, the HELOC has worked fine for me.

Thanks for all of your input guys, much appreciated! 

@Brian S. I will definitely add this to my leases going forward.

Thanks Brian 

My lease states as follows: "

We provide you a washer and dryer for you to operate at your own expense and risk. You agree to not hang or place laundry on the exterior of the building or lawn. You agree not to install a washer or dryer in your living unit without first receiving our written consent. New laundry hookup and equipment is at the tenant's expense and risk"