All Forum Posts by: David Jay

You may just consider hiring a professional property manager. They can handle the eviction, new lease etc.....When I was starting out I learned a lot from my property manager. A good one adds value. 

What kind of property is it. My attitude is that I want the type of property and tenants that have their own washer and dryer. I’d do the improvement. A property with washer dryer hookups is always worth more then one without. I’d make sure the rent reflects it. 

If it’s an old house with wood windows you could also have issues with lead paint. Also there are some old row houses considered historic that can be fussy about replacements. I’m not in your area but have done replacement windows multiple times. I use a glass company that custom measures each window and retrofits. Vinyl, low e a whole house is in and out in a day. Minimal trim work needed and included. Usually about 6 weeks from measure to install. But my last job was pre COVID so who knows now. I was paying about 500 a window all in pre COVID but I’d imagine along with timeline the pricing is higher too. 

It seems like at least half of the inquiries I get have ESA. That’s one reason why as my properties turn over I’m moving away from self management and handing them over to my property manager. A good property manager knows how to follow the law and still skirt around the thorny issues. For my part I want to provide safe, clean and modern properties that are well maintained, and just want tenants that take care of them and pay rent timely. No BS, no drama and no viscous breeds or nuisance pets.   

Wow. It sounds like you are living in the property so this could be as much a roommate as a tenant. I’d totally trust my gut on this, and I’ve found trusting your gut, is pretty important in all facets of real estate (and life for that matter).

Depends on the property and who you are marketing for. I’ve found it’s more about type of surround, doors, and fixtures then tub vs shower for cost. 

Sounds like you need a mentor or a property manager. A lot to consider. How much are you raising their rent and are they otherwise good tenants. Turnovers are always costly. Sometimes you make more by raising slowly to market and avoiding turnover. Looks like you have a lot to learn. Some you can get from books but no substitute for local boots on the ground advice that you trust. 

My local market, Reno NV, has had massive price appreciation and rent increases over the past few years. I bought most of my inventory during the last downturn so my monthly payments are pretty reasonable. Just having my first vacancy in a while. The tenant was there seven years, so can’t complain. During the summer, this popular neighborhood would have less then five vacancies and a Zillow ad could hit 100 responses. I’d say over the years you might see 10-15 vacancies at any given time. Now there are over 30 sfr available and we are moving into the slow time. For me it’s not a problem as I can price aggressively and still cash flow well. But I have to wonder how many are more recent purchases that were banking on a frothy rental market that seems to be cooling. Anyone else see a cool down coming in their area?

Agree you need a contingency for a home inspection. Yes the foundation is important and expensive but so is the roof, plumbing, electrical, well you get the idea. I always like to be there during the inspection, you learn a lot. Unless they’ve been updated a 1940s house has eighty year old plumbing, electric and HVAC that may need to be modernized. 

I agree with Mike F, get your insurance involved. I will admit I have never had to use my property insurance as a landlord. But in my other work I have extensive experience with liability insurance and threats of suits. The way it is handled is to never respond to the threat personally unless the insurer instructs you to do so. Your payment of $300 could be looked as an admission of guilt in case they decide to pursue more damages. I suppose you could get an attorney to write up a termination of liability, but wouldn’t be surprised if that doesn’t add at least a grand or not more. Our insurer always wanted to hear immediately if a suit was threatened. In fact, I wouldn’t be surprised if there’s not something in your policy that could even void your coverage of the incident if you settle it off the books. In any case, I doubt they’ll raise your rates on a petty claim. I’ll also add after dealing with multiple threats of suits they almost never come to fruition.