All Forum Posts by: Curt Bixel

I have a duplex in Clintonville that still has a fair amount of active knob and tube wiring.  If I talk to the electrician, he actually thinks the knob and tube is in good shape and is fine.  I am looking into using this duplex as a short term rental and have been told that the knob and tube wiring would need to all be replaced if the home were to be insured for this purpose.  My current insurance company is fine with it, but does not do short term rental policies.  

I am curious if anyone knows if it actually is possible to get good short term rental insurance with knob and tube wiring present.

If not, does anyone know how much it might cost to have the electrical fully updated.  I have included some details below:

- It is a duplex
- 1100 sq ft per side
- built in 1918
- plaster and lath construction
- both electrical panels have been upgraded to 150 amp systems with new electrical panels
- new furnaces and hot water heaters with upgraded supply wires for each.
-

I just finished rehabbing a small house in Columbus, Ohio.  The home was built in 1930, and, like many homes built during this time, has ductwork in the basement that has the old asbestos wrap on some of the 6 inch ducts as well as some of the boots.  

It is really in quite good shape given the age of the home.  Reading online, some sites say I should leave it as it is if it is in good shape, perhaps covering a few small nicks with duct tape.  These sites say removing it also requires disrupting it, and even asbestos certified professionals are likely to still allow small amounts of asbestos fibers to escape.  I am not sure if I believe that. 

I had figured more was probably necessary, perhaps encapsulating it with some sort of HVAC duct safe encapsulating paint.  

The other option is the have it professionally removed.

I have some of this in my own home, and have chosen to leave it alone, as it was in good shape.  

This is going to be a rental property, so I figured I would reach out on Bigger Pockets for some feedback.

Finally, if I am considering accepting Section 8 for the very first time, how does that impact my decision.  I would rather have it pass Section 8 inspection the first time, so I willing to take care of it in whatever way seems most responsible.  :)

I have three new tenants that cannot pay be check, because they have no checkbooks.  The property manager previously had things set up for them to pay through a online portal, but the property manager is no longer involved and I have inherited the lease.  I have no online payment portal, and am in the process of setting one up, but it is not yet ready.

The tenant suggested that we could do this by Venmo this time to provide time for the portal to get setup.  

Now their Venmo interface shows the money being sent to me, and my interface shows the money not being received by me.  I have contacted Venmo, and they say that the issue is that the tenant did not completely complete the transaction on their phone.  The tenant says that they have.

I am assuming at some point Venmo will be able to figure this out and get the transaction completed, as it does not in any way appear that the money was sent to someone else incorrectly.  

If, however, Venmo cannot figure it out, who will end up being legally responsible for this missing money?

Thanks. That seems to make sense to me. If they want to stay longer than 30 days and are willing to pay STR rates, why not. They can stay for years as far as I am concerned. :)

I have a duplex in Columbus, Ohio, which I am planning on turning into a short term rental. It is a 100 year old home, but it is in good shape. The kitchen and bath were remodeled this summer and the entire unit was painted. I plan to make this a STR and do the same with the other side when the tenants on that side move out.

I am curious about expenses.  I am budgeting about $6000 for furniture, bedding, towels, etc.  It is a 3 bedroom 1 bath apartment.  I imagine there will be some more expenses for deep cleaning as well as a punch list of items that need to be addressed after the management company does a walk-through.  I figure about $500 for that.  I imagine there is a "start up fee" for things like new locks, pictures, advertising, permitting, etc, so $1000 for all of that.  I also know that I will need to budget for gas, electric, water, internet, and cleaning between guests.  

What else might there be?  Do I need a different type of insurance from what I had when it was a long term rental?  

What happens if someone gets "tenants rights"?  Is that bad?

@Eric R. Dehner  Eric, I decided to go with the Loxon.  The painter was able to make a compelling argument about why it would be better.  

Jon,

Do you manage a typical long term rental, or are you renting your properties out more short term using AirBnB or the like?

I am considering putting a duplex under management by a short term rental company. The contract they sent me contains the following clause:

b) Indemnify, defend, and hold harmless the Agent, and all persons in the Agent's firm, regardless of responsibility, from all costs, expenses suits, liabilities, damages, attorneys fees, and claims of every type, including, but not limited to, those arising out of injury or death of any person, or damage to any real or personal property of any person, including the Owner, for:

1. Any repairs performed by the Owner or by others hired directly by the Owner; or

2. Those relating to the management, leasing, rental, security deposit, or operation of the Property by the Agent, or any person in the Agent's company, or the performance or exercise of any of the duties, powers, or authorities granted to the Agent;

This sub-section, and all rights to the Agent’s indemnification, shall be considered void if the Agent exemplifies any willful acts of gross negligence;

Is this pretty standard language for a contract?

That is what I have been doing, but it seems like I could make more money by using this specific property as a short term rental.  I don't think I could handle that myself.  :)