All Forum Posts by: Gabe G.

Initially I tried to keep it quiet. But word, got out, because i was taking time off for house closings, and facebook etc.

So now i am pretty open about it, I try not to tell people how many, even though it's not big(10). But I have. The average person, thinks if you own 10 houses, you must be rich. Which is not the case, nor the impression I want to give off.

Thank you for all the input.  

One last question, the tenant, wants to change the locks on the unit.

My question, should she pay for it? And am I able to change the locks anyways, since the male tenant, is still on the lease?

Obviously I don't want to be liable for locking him out of the unit, but i also want to ensure my tenants safety.

Ok. But the male tenant is still on the current lease.

Does he still not have a legal right to be there, unless that is amended, and a lease signed only with her?

This is a first for me. I have a couple who was living in one of my units with their kids. I got a call from the woman tenant this morning, indicating that the male tenant, hit her, and she filed a protection order this morning. The male did not sleep there this weekend, but still has keys.

The female tenant, wants to continue to stay there with her kids. But the man is still legally on the lease, and has a right to half of the security deposit.

In this situation, what are my options, or in your opinion the best pathway forward.

other than this, they have been good tenants, who paid on time and were clean.

I'd like to keep her there with her children.

Hahah. Sorry didn't mean to start a guessing game.

His labor came out to about 550.

it was one long day, and a half day.

I thought that was sorta high, even considering the additional scope of work, for only 45 sq ft of flooring.

He did not install a toilet, just pulled and reseated it with new wax ring.

This also is in Indiana, which costs should be a bit lower.

I was thinking somewhere around 350-400.

I am going to go ahead and pay it of course, he does good work.

But if you aren't monitoring costs, for better deals out there, you will be broke as a landlord, that doesn't do the work themselves.

I recently had vinyl plank flooring installed(first time). 

It was a small bathroom about 45 sq ft of actual flooring.

It included ripping out 3-4 layers of flooring/wood, due to a failed wax ring, that was moldy, and crappy.

Installation of a new wax ring,  laying a new subfloor of 2X4, then laying the plank flooring, and the trim/quarter round. 

Obviously there was more here, than a normal flooring job.

Any opinions on how much in labor you would expect to pay for that job?

What does everybody do on tenants that insist on using the security deposit for the last months rent of the lease?

I have some tenants that are moving out of state, and while I am happy for them. They are moving out on December 4th, lease ends on January 1st. Last rent payment is due on December 1st. They want to use the security deposit for the December 1st payment.

Contractually, this is obviously in violation of the lease. They have been decent tenants, and I don't expect the place trashed, however, anything can happen.

I really only have two options

1. Hold to the contract, and say rent is due on December 1st, and security deposit will be returned after move out. If they don't pay then proceed with eviction.

2.  Schedule a walk through close to the time, they are moving out, and ensure there are no huge issues that I would be taking out of the security deposit and if not hold the security deposit for the last month.

Thoughts?

@Peter Sik  Yeah. I would not feel good about the PM now. When you pushed back they offered a discount.

They should be doing it at their cost, or very close to it.

The fact, they are offering discounts, indicates to me they are padding the repair costs, somewhere. Therefor, they need to be fired.

@Michael L.  

I think your returns highlight the point, unless you can use significant leverage, buy and hold real estate , provides a return that is so, so. comparable with long term returns in stocks and other investments.

It's the leverage available, that makes it appealing.

If you leverage your cash, and buy right, with a 1.5+ percent monthly rent/purchase.

You can get returns on your cash of 15-25 percent.

That's where it gets interesting.

@Matthew Paul

Then unless you have paid off property, you can't afford a property manager.

If the charge, you to lease a tenant, charge you for a renewal(why?), then upcharge you on repairs, for making a call to their contractors.

What is the 8-10 percent monthly fee for?