All Forum Posts by: Jeff Penovich

We have units with both a keypad and lock. During the last turnover we thought it would be easier and less risky to only give physical keys since that’s harder to share than the keypad code. The renters would really like to have the keypad code but I’m hesitant to share as that would likely mean needing to share other keypad codes with other units.

The reality is, I’m not entirely opposed to having them have the code, but want to reduce the possibility of a code “in the wild”. However, our tenants currently are good, no issues, and not likely to just share the code Willy nilly.

Wanted to ask here what people think?

PS it is a kwikset keypad so when there is turnover we reset and change the keys

Recently we've seen a dramatic increase in our rentals HOI premiums. We're wondering if anyone else has noticed a similar increase. 

For example one property went from $829 to $1575 (one roof claim were the roof was replaced in its entirety)

Another from $837 to $1005 (no claims)

Is this just happening across the board? Inflation related?

Under contract and reviewing the inspection report.

Several things need to be completed prior to renting it out:

Painting

Cabinet refinishing

Kitchen floor

Dry wall extraction and repair - after water damage

Breaker box - new breaker

New sink fixtures and adding disposal to it

Some minor electrical repair - gfci

Between now and final closing, what should I be doing to line up contractors to fix things and minimize the time between taking possession of the property and renting it out?

@Maria P Soriente

I'm confused after taking into account the realtor fees it seems like you only made a couple thousand. An I missing something?

@Charles Carillo

Fair points. Thank you for sharing.

I will make sure to take this into consideration. It makes a lot of cents (haha)

When deciding to either self manage a property or hire a management company, had anyone ever considered leveraging a home warranty to cover those repairs?

I'm comfortable vetting renters and tracking my cash flow, so the biggest thing I see a property management doing is sending someone out to fix or replace something. A home warranty seems like this would provide an easier predictable cost (with the right coverage) instead of having a PM having a fixed hourly cost to send someone out plus cost of repairs or replacement.

You will need to search the internet. I answered your question and wish not to explain further on a public forum

@Frank Patalano

IBS

@Anton Kreil

Recreational Equipment Inc...

Nah, just kidding. It means real estate investing.

@Jaron Walling

Thanks Jaron. My full-time job takes up about 12 hours of my day. That's why finding something in the REI space that is flexible and part-time works best. I'm hoping to still spend an hour with my family in between all the grind.

Was REI your part-time thing in the side to pay off your car or something else?