All Forum Posts by: David Felt

Hey All - One of my tenants ran a load of laundry and forgot to put the disscharge hose in the utility sink for when the wash drains. Instead when the washer drained water went everyone. There was water in the utility room, went through wall to the next bedroom and left water stains where I may need to replace the floor. 

Is this something that I should pay for? Should my tenant pay for everything? Should I have them pay right now or out of security deposit whenever they move out? 

Thanks for your suggestions and help! 

Thanks everyone.... we have decided to wait till all the work is 99% complete and then post it for rent! Probably the safest option and limit the risk involved. Plus potential renters can actually see the finish remodle rather than having to invision the updates coming. appreicate you all. 

BP Family - 

I am currently under contract to purchase a long term rental home and will be closing on July 12th. I am planning on installing new carpet, countertops and paiting the cabinets right away when purchasing. It should be ready for a tenant to move in on August 1st. I got the current owners (person who is selling me the property) blessing to post the house for rent right now with a move in date of August 1st if I wanted to. 

QUESTION: Is it worth posting for rent right now? OR would it be better to wait till the renovations are complete? Has anyone listed a property that they are under contract for but dont fully own yet? (we are past inspection & appraisal - just waiting on loan to close)

- There wont be any photos of updated carpet, kitchen cabinets and countertops

- I can't show the property in person considering I dont have the keys to proeprty yet

- Would be gathering leads for people of who are intersted in hopes of getting it rented out faster 

If I post the property now, I could probably have a tenant lined up to move in August 1st. If I wait to post the house till the renovations are complete I probably wont be able to have someone move in till September 1st which is past when schools gets in session. The area of the house is in the top school district of Ohio. A lot of people move here to get there kids in the school district. 

Without renovations I would probably list the house at $1,725 and with photos of renovation I would list at $1,775.

Thanks!

Looking to get first rental property within the next 6 months and would like to plan ahead. Anyone know of CPA in Cincinnati? Obviously with real estate experience and working with investors?