All Forum Posts by: Craig Janet

Suck it up and pay the bill and communicate with the tenant that this is a one time deal. Also take this as a learning opportunity to simplify your rental. Remove the "complicated drain" and let them use a rubber stopper, no programable thermostats, no fancy ceiling fans with remotes/wifi, no fridges with water/icemakers, etc. It's incredible how dumb some people are. 

So you live in an area that will pay a college graduate with no experience $200K a year but also has livable $150K houses. Where is this? I don't know any occupations that pay $200k right out of college, not even most doctors and engineers. So, as others have said you may want to slow down, worry about school, and keep your debt down to a minimum. Good Luck!!

Quote from @Kevin Kim:

Quote from @Craig Janet:

After you screen and accept a tenant there isn't much you can do. Just make sure if they are late, to immediately contact them and post a notice to quit asap. The notice will usually get their attention. Then proceed with the eviction ASAP. Do not fall for sad stories, just proceed with the eviction.

If I proceed with the eviction, how long it can be at max to move out a tenant?

I just wonder. 

 It can take 4-6 weeks in my area. But hopefully it doesn't come to that. Usually the notice on the door gets their attention. Then they will get served court papers that should really get them motivated to either pay or move out. I've only had one eviction where I had to get the marshalls to physically throw them out. 

After you screen and accept a tenant there isn't much you can do. Just make sure if they are late, to immediately contact them and post a notice to quit asap. The notice will usually get their attention. Then proceed with the eviction ASAP. Do not fall for sad stories, just proceed with the eviction.

Quote from @Drew Sygit:

Why have them fill out anything? It's an extra step that obviously isn't working!

Maybe try to just send them your qualifications and ask them to confirm they understand by replying to schedule a showing.

I agree. If you're going to screen them anyway, What are you trying to accomplish with all this information just to show them the property. I would also refuse to fill out this form. Just tell them over the phone your requirements and tell them you're firm. This will weed out a lot of people. You're still going to get no shows, and people not really interested but that's part of the job.

Real estate prices are still way up, insurance cost in my area has doubled, maintenance and materials are still very high. Rent in my area has not increased enough to cover theses. Now adding another $200-$300 a month in interest makes deals very hard to make sense. I think that will deter many new investors and existing investors like myself. I'm hoping things will even out with lower home prices and due to few investors and new home purchases rents will continue to increase.

The tenant will deny knowing anything about how it broke. It could be the truth or lie there's no way to tell. It could have been from a neighbors lawn mower, kids, a tree branch, even a hard wind in some cases. Replacing a window pane isn't very expensive. It's just another day in the life of a landlord. Fix it and move on.

What I hate about older homes is that nothing is "standard". Every window will be a different size, all the doors will be different. The plumbing will be in a weird place. You can't just go to lowes and find replacements without major modifications. If the trim is damaged you can't just find another piece to replace it. They can be beautiful homes just not very tenant friendly. As someone else mentioned, if you can do this type of stuff your self it makes a huge difference. Contractors know all the extra work and hassle it requires and will charge accordingly.  

Quote from @Norm Kopesky:

We self manage 178iah units, my favorite tip is to use 1/2 in green treat plywood for my tub surround backer, then the surround over top. 
we caulk it all in tidy, and the use garage door pvc trim to finish out the edges of the surround. We are getting significantly more life out of our surround kits now. 

 What kind of tub surround do you use?

If it was a good deal at $350k (assuming you ran all the numbers), why wouldn't it be a good deal at $342K. The lower appraisal just saved you $8K or more if you want to play hard ball.