All Forum Posts by: Carrie Purkeypile

I own a duplex in California. I have two good, steady, paying families as tenants. 

Tenant A has been there for many years and has three pets that do not cause problems. 

Tenant B just acquired a dog yesterday, and informed me today. Apparently the dog has been barking since it came home - all night, and all day. Tenant A isn't pleased. I do allow pets (except certain breeds) and charge monthly pet rent. 

I let tenant B know that the dog has already been reported for barking too much and asked if they think the dog will calm down in a few days. I understand that they probably don't have much control over the dog barking. Do I need to set a reasonable time limit for it to adjust and calm down? What would you do?

I had a handyman do some work at a property today and haven't paid him yet. I remember hearing on an episode of BP recently that you should ask a contractor for a (tax) form before paying him/her. Is it a 1099 I should ask for? Or something else? I haven't always gotten receipts from people in the past and it makes it hard to deduct the expenses. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $150,000
Cash invested: $8,000

For my first home I purchased a duplex on short-sale. I lived in one unit for several years and rented out the other. I now have both units occupied.

What made you interested in investing in this type of deal?

Rent is so high in California, I was giving away most of my income to build someone else's wealth! I read Rich Dad, Poor Dad and was inspired to begin building passive income and having someone else pay my mortgage.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS and purchased it through the listing agent, without getting my own.

How did you finance this deal?

First time home buyer's loan required a very small downpayment and I used personal savings.

Lessons learned? Challenges?

I found this deal on the MLS and purchased it through the listing agent, without getting my own. This was a mistake. He didn't take very good care of me and pulled double commission so he was very motivated to make the sale. I ended up having to pay back tax liens at the last moment, and inheriting a terrible tenant.

I recently renovated my duplex and refinished the old wood floors. Now I get to turn strangers loose onto my beautiful new floor! (It's still old and somewhat uneven, but it's polished, stained and beautiful!)

What do I need to tell, ask, or educate tenants about? Should I have special provisions in my lease? What would you do? I'd like to minimize the damage done, although, I know, it's a rental. This is probably a B or C class property - older but in a decent neighborhood. 

Thanks for weighing in Joanna. I decided to get some bids on refinishing the existing floors and that starts Monday!

I posted a bit ago about what flooring to put in my rentals and got lots of responses. Thanks for your input! The vinyl plank team morning and tearing up the carpet super fast to reveal ... wood floors! I didn’t know.

However the wood planks are very small and some are damaged. Now thinking maybe I should refinish instead???? I only have minutes to decide before they start slapping down glue.

@Josh Stevens I agree. There is almost almost always something that needs fixing when a tenant leaves the property. Plus that security deposit is a great motivator for some tenants to clean up really well and fix damage before they leave. If it’s already gone, so is that motivation.

@Spence Kal congrats! Looks like the house is in pretty good shape! The kitchen isn't super stylish, but it could rent this way for sure. Paint will go a long way on this project. (Especially that purple bathroom.) you could replace cabinet doors and flooring for a more modern look in the kitchen. I haven't done a BRRRR yet so I'm learning too.

@Paul DeSilva

I charge monthly pet rent of $25 PER PET.

@Pat L. It’s so good to hear this! Seems like I might be able to go with vinyl plank after all! I really appreciate your input.