All Forum Posts by: Heather Frusco

@Josh C. I know one of the property management companies I use offers a rent guarantee that's provided by a third party, which we have used twice now. It's offered through our property manager and it does cost cost about $20 more a month only pays the rent stated on the lease and does not cover late fees but, it does cover missed and no payment rents up to 6 months. It's a bit more but it's something we could not otherwise get on our own since the company only services large portfolios so naturally property managers are only a few which qualify to offer it to their customers.  

@Jay Maranan I wouldn't recommend either. Carpet although better for sound dampening... gets put through the ringer, looks unattractive, will look dirty after a few tenants even if cleaned. Wood is not waterproof, will warp if water penetrates, and is expensive and no one really cares that it's wood, they just want the look. Consider luxury vinyl plank flooring with special attention to the under-matting for sound. It's relatively cost effective between carpet and wood. It's water proof, tenant proof and looks updated. 

@Adam Sieg seems pretty standard. To me finding someone to manage all the issues that come with managing a property properly and ensuring it is compliant and that tenant's are dealt with and on call... $125/mo. is a bargain. 

@Robert Smith yes and yes. You'll certainly see a higher rent rate and at the very least see decreased vacancy by providing appliances (or at least you should). But, yes you'll also have to be responsible if it breaks down through normal use. It depends on your market area but as a general rule, you will find a tenant faster and can increase your rent justified by providing them. We provide them for this reason and for the reason that we don't want the tenants to mess with the appliance connections (gas, electrical connections) over time these connections can fail if tenants are constantly installing and removing appliances, can pose a safety issue and could possibly open up liability and insurance concerns - but a similar argument can be made for providing appliances as well I suppose. 

I'd say as long as your not buying top of the line appliances and instead opt for gently used or discounted appliances they should pay for themselves pretty quickly... but nonetheless it is your choice. 

@Guy Gimenez OMG... I'm having a back and forth with a guy that's quoting E&O and D&O insurance policies from blog links. I'm sorry... Guy I have no doubt you are a smart individual but, without trying to offend you, did you just get these off of the internet to make your point with me? someone one that has actually gone through this?... AND do you know what types of insurance policies your articles are referencing? just as a side it may be wise to review your 'RENTAL DWELLING POLICY' with your insurer and just a quick tip, it is not an E&O or D&O policy. It may be worth going back to the drawing table and doing some more 'research' on google but, once you have exhausted you're search it may be wise to listen to what those who have more experience and have been there are trying to tell you... you don't have to follow it... but listening doesn't hurt, best of luck to ya. 

@Ralph R. again, not true and something you can easily check up on with an insurance agent and by talking to people which have done this before... please review your facts before posting. 

@Guy Gimenez and @Ralph R. you guys are like a broken record... geez, would hate to have to do business with you. I hear a lot of the 'fluff' you're putting out but not a lot of substance. When the majority of posters on here, most of BP and most industry experts are saying otherwise... at some point you have to ask yourself if you're just ignoring the facts altogether and substituting them with... well... 'fluff'. But hey who am I to say? you guys keep trucking along, seems like you got it figured out. Oh and by the way, after reading through your responses on here...

@Guy Gimenez please insert factual downside of why not to have 'additional insured' (so far none have been provided):

@Ralph R. please insert the same and I believe one poster asked you to provide the 600+ unit PM which you supposedly hire but which did not require you to add 'additional insured' - insert here, name, town and state: 

Good luck boys!

@Jefferson Gan omg... if your numbers are looking good, go for it. Hospitals are great resources to have nearby rentals. We actually always keep an eye out for properties near hospitals, there is a lot of business surrounding hospitals and a constant flow for demand. Look at your numbers and if they make sense, this is a good thing. 

@Don Wyllie it looks like you might have overpaid and your cashflow is a bit too tight, no worries just reset and sell it if you can't raise the rents. 

@Eric James Slater the short answer is YES, renters will pay more for an updated space and love amenities. However, just like any investment you have to weigh in the potential returns you'll see for it. But typically anything you can do to keep from being a labeled as a 'rental' and instead a 'home' you'll see an increased return, it's just a question of if it's worth it depending on what it will take to get that updated look.