All Forum Posts by: Jim Adrian

I alway like an itemized bid but it is more common to have lump sum on commercial construction I do.  You can ask for a schedule of values at the beginning of the project. When things change (and they will) you already have set price.  I would have a 10% retainer held back from the contractors payment during construction. This is paid at the end when contractor is complete. Make sure the contractor is bonded and has insurance.

There is a saying... Dress for tomorrow not for today. 

Carpet tiles will hold up but if the edges aren't glued well it will look crappy. They can be replaced easy. What ever product you use make sure it sits in the house for a few days to acclimate.  You may want to open up the product packaging.   At this point, it comes down to what look you want.  A wood looking floor will always look richer that carpet. 

I might have a conversation with them first before changing the process.  If they have been there 10 yrs they may not have any reason to leave so I might cater to them some.  I take checks but looking into electronic payment options.   If they give you cash you must/should give them a receipt.  I wouldn't want to handle cash but cash wont bounce either! =)

I have seen 1.1% for under $100k and decreasing to 0.8% as you move towards $200k based on the home value.  Zillow seems typically low.  I would research and find comps to the area and property.

I learned this after the fact!

People who rent will most likely have a bad FICO score otherwise they would be buying a house.  Collections tell the habit/trend of the people.  I use the FICO score in part of the my point system to grade the applicant.   I would rent to them based on the given info especially with a co-signer.  The only show stoppers would be an eviction or a recent felony but then you still have way over qualified co-signer.

Yes I require them to have ins.  They are to provide me with a copy of it as well.   I have since learned I (landlord) should be listed as an additional insured person.  I haven't figured out how to best keep verifying they continue to carry ins though.

Any way you can keep the tenant with skin in the game for repair cost the better.  They will in turn take better care of the property.  If you do routine inspections you are able to head off any problems or note items that need repair.

@Elizabeth Colegrove Would you be willing to share the verbiage you use in your lease about the $100 deductible for repair items?  I like this idea a lot but not sure what it the best way to word this.

I use  https://www.tenantbackgroundsearch.com/ The have 3 different plans ranging from $20 - $30.  I charge $40 for the background check for 2 people.  The covers one person and some of the other persons background check.  I eat the cost of the other one.  This is the cost of doing business. Sometimes you have to spend money to make money.