All Forum Posts by: Jill F.

I agree with @Roger S. . Our lease makes the tenant responsible, but twice a year we go through our units to change filters and once a year we do smoke detector checks. It gets us in the units and tenants appreciate the service rather than resenting "an inspection"

@Account Closed 

Did you forget the verse that goes "Do not Judge; and you will not be judged"?

With a multifamily when you have a vacancy, your occupancy is usually not 0%. Really though, when we buy we are looking for good deals, so I am willing to buy either, whatever looks like the best deal at a given point in time.

In Ohio, oral leases are enforcable in court (the courts just won't enforce late fees without a written lease). I prefer month to month leases especially in "C" neighborhoods, that way all you have to do is give 30 days notice to tenants when you want them to leave and no reason is required. When we take over apartments, we have existing tenants that are already month to month, sign our monthly rental agreeent. We feel that a term lease gives the tenant more protection than it gives us (the landlords}.

I rent college apartments in my city. Here, you have to rent June, July, and the first week of August. Otherwise, you'll either have to wait for the few that start in the winter semester or market to someone else.  (I thought your place looked really nice.)

I put dishwashers in the "unwarranteed" section of my lease and tell tenants that they can use it if it's there but if it breaks they have to fix it if they want it fixed.

When you can quit or pay is governed by the state and by your lease. Where did you get your lease? Was it written by an attorney that specializes in repping LLs in your local court? (If not, I would do that ASAP so next time you'll be ready). What is the term of this lease (M2M, yearly, something else)? If it is M2M yay! you can non-renew get these tenants out try again. I have a late policy that I use to govern my responses to late rent. It's worth the time it takes to figure out what is acceptable to you so that you don't have to worry or make decisions when late rent does happen.

A little over one year in, I like being a landlord. I like searching for and finding properties. I like improving properties on a budget. I like selecting tenants. I find it rewarding to get new (and inherited) tenants trained, to find reliable subs, to make process changes and enhancements that save money, or time. I really don't even mind finding the best way to part ways with a tenant that is not working out. I do at times find particular tenants or situations frustrating but landlording is a good fit for my skill set. Self managing my properties is a startup business not just an investment and as such my expectation is that the first couple years require significant set-up time and effort. 

So I think "many people" don't like being a landlording primarily for the reasons below:

Unrealistic expectations. Landlording is not a passive investment and there is no such thing as an "easy" business startup. 

Insufficient Capital Reserves. Everything will not go perfectly and there may be startup costs that cannot be immediately covered out of revenue.

Unsuitable properties.  "Accidental" landlords that are stuck with time and money pits that don't cashflow.

Conflict avoiding personalities. Landlords that are not willing to deal with conflict will have a difficult time enforcing rules and requiring pushier tenants to toe the line and will have a difficult time managing needed contractors

Insufficient Communication, Planning, and Organization Skills.

I'd put it on craigslist for $500. You might get someone interested in a project boat.

in Akron the water company will for some addresses-- you just have to call the water department to see if it is available. It's $300/meter plus the cost of splitting any shared lines and getting the harness for the meter set up by a plumber.