All Forum Posts by: Ken Musial

I've used laminate in areas that I thought would always be dry, but it never ceases to amaze me what tenants are capable of.  I also had a dishwasher leak and create a river underneath the floor through the entire dining room and part of the living room.  I've since started using Shaw vinyl flooring and so far so good.  It's the tongue and groove click type and can be installed right over your slab or sub floor.  I did an entire 1,000 sq foot condo in only 2 days with just me and a utility knive (and a lot of blades).  Looks great but time will tell what it looks like in a few years.  The only drawback I can see is that it could get tears in it if you were to drag something heavy across it.  

I've watched a few of Repair Clinic videos and it's a great site.  However, their prices are in line with every other place I've looked.  It seems like Electrolux monopolizes their parts and figures that large property managers will pay the crazy prices since its usually security deposits that are paying anyway.  

While turning over a vacant rental property, I noticed that the lower storage pan in the fridge, along with the shelf support, was broken.  Unfortunately, I didn't notice this prior to refunding the security deposit (yes, negligent on my part).  When pricing replacements for these, I discovered that the average price for these two pieces of cheap plastic is about $120.  An extensive internet search for cheaper alternatives have come up empty.  I don't want to replace the fridge but for about $200 more, I could get a brand new unit.  Has anyone come across this dilemma and do you know of any source of cheaper and/or used fridge components?

Thanks,

Ken 

It all depends on the story you can piece together from the background check.  You can mitigate your risk by asking for a performance deposit in addition to a security deposit.  This would be refundable after the initial lease expires if you didn't have to go through an eviction process.  If she doesn't have the money to pay you 3 months up front, than she's already scraping by and can be weeded out then.  If she agrees to it, then your risk is partially covered and she is more motivated to improve her situation.  Plus, you know she really can't go anywhere else and could be a good long-term fit.  

Hey Eric. I'm late to the party, but I have 4 successful rentals, that are all in VB. However, none of them are single-family homes. As mentioned in a previous post, it's very difficult for a SFH in VB to satisfy the 1% rule. The only deals I seem to find where the numbers work are lower-end condos. On average, you can at times find a 2-BR condo with 1-2 bath in the 50k-60k range that will rent for 1k - 1.2k, with about 10k in average rehab costs. With condo fees in the $200 range, that's an avg of $900 net rent vs a total investment of about $70k. With that said, i do stay away from anything west of Independence and north of VB Blvd. However, a lot of investors tend to shy away from condos in general, and a lot of that has to do with being at the mercy of the HOA. I have two in one complex and am now the vice president on that board to help gain some leeway.

If you live near an IKEA, they have many light fixtures that are considerably cheaper than what even Lowe's and Home Depot have.  I just bought a bunch of 3-light vanity fixtures in BN that were $15 per.  

Ever wonder who climbs cell towers to steal all of the copper parts?  I think we have our prime suspect.  He'll need that much for the house just to replace all of those band saw blades.  

In my market in VA, most non-corporate rentals offer washers and dryers. I provide them and it usually becomes a valuable selling point. You can always find used appliances on Craigslist and never pay more than $100 for a washer AND dryer. Of all the repairs I have needed to make, the most common are dryer belts and safety switches, which are both easy fixes if you manage them yourself. Also, the older non-digital style units seem to last forever, although I have no scientific proof of that. The nicer stuff used in my house seems to have more problems than the older Craigslist appliances in my rentals.

I agree with you, Gail.  My compassion for other people also does NOT make me someone who is going to let people stay rent free and cause me to desperately file bankruptcy.  Why do you consider Greg's generalization "an experience", but yet my reply is wrong?  

I'm from Virginia Beach and also just signed up today.  Welcome to the community.  

Ken