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All Forum Posts by: Jim S.

Jim S. has started 29 posts and replied 376 times.

Post: Sagging corner floor

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

Depending on the sag. You may need to get a general contractor to check under the floor for structural damage. Always get at least 3 quotes when possible.

Post: Knob and Tube wiring

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

I just upgraded some knob and tube wire. I think it would be very hard to estimate something like that. You never know what you will run into. Some times it goes very easy. Some times OMG. In either case, I would bit the bullet and replace it.

Mine start out with "this is a month to month lease". And what she said, get a lease from a realtor.

Post: How do you manage your apartment keys?

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

I have duplexs so I put both keys on a ring with a tag and write the address on it. I only have 6 doors. And I rekey the locks when they move out.

Post: How long do wall furnaces last

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

I talking about natural gas forced air wall furnaces with a chimney.

Post: How long do wall furnaces last

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

I'm in Michigan so this is in regards to the northern country. Do wall furnaces last 20 years? Do they break down a lot and need to be serviced every few years or more? What is the general opinion of them?

Ask the only people really know. Talk to a local attorney.

Post: Replacing appliances in rental

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

If you are keeping for more than 5 years or so and it's class B I think you want to update appliances. Beware of new electric ranges made after July 2018 they have severe federal regulations. They don't get very hot, won't hardly boil water. If you can I'd go with gas range even if you have to run gas line if it's not to hard, otherwise one made before that time.

Post: What do you drive to your rental properties?

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

A lot of good reasons to drive old beaters. I drove them for years. I drive new/er vehicles now. I am not going to refuse some of the nicer things in life because of how my tenants perceive things or not.

Post: Bank Account Setup when Self-managing

Jim S.Posted
  • Sterman, MI
  • Posts 378
  • Votes 306

I have 8 doors. I do not have an LLC. I have 4 accounts. My personal account. An account that my renters deposit their rent. As soon as they all pay I transfer that money into my rental account which is basically "my books". An account for security deposits. I keep a folder (paper) of my receipts, one for each building for tax time. I don't do monthly books. Have security deposit account non interest bearing so you don't have to calculate interest when you return deposit.