All Forum Posts by: Account Closed

@Chris K. nailed it. Its not about number of units or number of homes. Its about revenue. Work the same stuff asking "How much residual income do I need to quit my job?" Focus on revenue. We had to learn that one over time (even after a seasoned veteran had told me this years ago in Florida), but once we did, it changed our entire approach. I see portfolios with more units and less cash quite a bit.

If you set a $$ goal and can hit that goal with less units, then you are much better off. That is less tenants, less toilets, and much less management.

@DuRon Netsell Well I think that is great. There really is no better way to learn. When its all over and it sells for a profit, then you remember it as being fun. That is awesome and thanks for sharing. Congrats!

Great work! I love that you shared this. Without living in it how fast do you think you could have done it?

With technology a good PM will provide videos to an owner when needed. There might be a fee but it's still an option. An out of state investor can watch the private video on YouTube and have a good idea of the condition. We use video for some complicated maintenance requests, move in and move out documentation, and more.

If your pm won't send you a video then at least get pictures. If your pm doesn't have a cell phone that takes pictures . . . That's funny. I'd be done.

Check out all the content on choosing a good pm. Only work with the best. They make too big of a difference in your returns. And you don't have to micro-manage a good PM.

Good choice to fire them and move on. When a PM starts to cater to the tenant they are just greasing the squeaky wheel. I have found these PMs don't have an owner mentality. And they usually have not, or don't own properties themselves. Good PM makes a huge difference. I have 0 tolerance for bad or even mediocre PM. Fire and move on. Use the best.

We charge additional $300 deposit per pet. We also require a pet application that gets similar information to what you have. We charge additional $25 per month per pet. We perform additional inspections for pet damage, twice a year and about a month after moving in. Good people with good pets will pay to have them. The inspections allow you to catch problems and damages before they move-out and while you can hold them responsible during tenancy.

We don't allow the breeds that most insurance companies will not allow.

@Bill S. good point on having them replaced and not letting tenant do it. That is a liability issue you do not want. Great info.

@Tim B. Then it is time to stand firm. Transfer all communication to writing or email, if not already. Quote your lease. And never let them reduce rent or not pay in exchange for maintenance or complaints.

I see a lot of people talking about contacting insurance. That is also a great tip to pass on to your tenant. "It is unfortunate that the grates were stolen. As per our lease . . . We need to have this addressed quickly. If you do not have them replaced within XX days then we will line this up and you will be charged. You can also contact your renter's insurance agent to see if they will cover this and install a security system to avoid future problems."

Tenant charge, if it is covered properly in your lease and not violating state regulations. I would let the tenant know in writing (email is fine) they are responsible for the property while occupying it and quote the lease. It is unfortunate that theft takes place . . .

I would then add the replacement costs to their ledger. The suggestions about security signs and video are great, and I might make those to the tenant, but I would not provide them. Hopefully you have a professional relationship with your tenant and you have not set a precedent for the tenant to bring their problems to you. My kid cracked the screen on my phone, Verizon thinks I have to pay for that. Exactly.

Usually whenever possible you would have the utilities in their name, but roommates are not that easy. The easy answer is using the security deposit. Your lease should hold them responsible for the utilities and allow you to charge them for unpaid utilities. In some cases there is an additional fee for unpaid utilities. This would be pointed out in the move-out information you provide when they give notice.