All Forum Posts by: Kerry Grimshaw

I have been using Stessa. It’s free and you can take photos of your receipts and categorize your deductible expenses. It’s not necessarily for budgeting but it’s great come tax time when everything is in one place. My mother in law has been using it for her side business - ( which is not real estates related)  she works alot of events and has tax deductible travel expenses for conference. It’s great when your busy and alway on the go. 

I reviewed a lease from a fellow investor and noted that he charged a $100 fee for cleaning prior to the tenant moving in. This seemed like a possible solution for me and was wondering if anyone else has this policy. I currently have 19 units.  It seems as though tenants and I have a different standard of clean lol. They are often nice, responsible people who are trying to balance moving, family, and work schedules. In my experience they just don't have the time. I am also busy and refuse to rent and apartment that is not spotless.   I frequently hire people to aid in the cleaning especially during multiple vacancies. 

Apartment is in Connecticut

I recently had a tenant who moved out for personal reasons prior to the end of her lease period. It was a one year lease (she moved 6 months early) My lease states: If you move prior to the end of this lease period then you will forfeit your security deposit. Would this clause legally stand up in court? 

I have 17 properties and been a landlord for 25 years. I'm not sure how distressed of an area your properties are located in but I think I have a comparable property. I own a duplex in a not so desirable but safe area (small mill neighborhood), the rest are C class older homes in decent areas. I  have had some dealing with lower income tenants/ lower middle income tenants. I have never dealt with section 8. For this particular duplex, both apartments are in  good/ modern shape, fresh paint, nice flooring,stainless appliances, and some little extras (lighting or tile). To make this short, what you put in you get out! If you want to pull this off your going to need to do small things to make up for location. If something is in needing repair, fix it. If something is old, worn or ugly replace it, I would definitely replace the cracked windows (if not today soon or at least have a time frame to accomplish this) and fix the mail box. I install cheap mini blinds in all the apartments ( $50.00 well spent) and I charge the tenant when they move if they are broken. Just because these tenants don't make a lot doesn't mean they want to live in a sad depressing property. I find little things go along way to spruce up the units- maybe a really nice light fixture that I got on clearance at home depot/ lowes. You can't turn every tenant around but if your more selective with screening you can get a feel for people and find ones who will take care of things and appreciate your efforts.  I do not EVER allow stuff/junk outside the apartment. It decreases your home value as well as the surrounding properties. My lease says junk (basically everything (bikes, tires, toys, unregistered vehicles) will be removed and I charge it to the tenant. I do allow some outdoor furniture it it is nice only and they must get written permission. Communication is the best defense, text or call them and give them a time frame for removal/clean up. In the past, I have had tenants put old couches on the front porch. UGH! I now make a point of explaining to every new tenant how upsetting this is (any and all junk) and wont be tolerated. It usually does the trick

Agreed with Cathy C. I always change my higher rent units to stainless. You can pick up a flat top stainless range from lowes/home depot for around 500.00 - worth every penny.  If it was a starter/ one bedroom units (500-650.00 month) I would try to get away with it.  Also if the stove was black - it might blend, but white will not work. 

Thank you for all the responses. I apologize for not responding sooner, I flew out so fast, I left my laptop behind. The Airdna.co site was extremely helpful, Michael Greenberg. That site provided the information I was looking for. 

Joel Owens, legally I own this property myself but there is an understanding it is 1/2 my brothers. It is only the 2 of us so at this time we are in agreement that we want to try to keep the property and if it becomes to much we will decide to sell it. It would just be a break even deal as my father has only owned the home 2 years, and there is little to no equity (approx $20,000). We understand its not a great investment but are hoping over time it will appreciate. Fortunately it is located in a desirable area approximately 1 mile from downtown Gilbert. I have been interested in vacation rentals for a while but keep going back to long term rentals. I'm much more knowledgeable and comfortable with long term rentals. I think vacation rentals would be more profitable and I would like to be able to use my dads house too.

I just listed the home for rent on Zillow as a long term rental. I have two showing lined up for today. I think we will try one round of long term then reassess vacation rentals once we have dealt with the loss. 

 Hi my father recently passed away. He has a three bedroom two bath home 1800 ft.² in Gilbert Arizona. It is in good condition. My family and I are interested in keeping the home and using it from time to time it is still has a mortgage.we are trying to decide between a long-term rental and a short-term vacation rental. We currently have 16 long-term rentals but have no experience with short term. My brother lives close and would be able to manage the property but we're on sure of the market conditions in this area. What would we expect what months are slow? how to begin formulating a budget. drawback from this home is that it does not have a pool. It does however have a beautiful patio covered/door living room that is brand-new. And a really nice backyard space

I typically budget $1200-$2500 per vacancy (after 2-4years) plus 30 days loss of rent. Apartment size 1000-1300 sq foot.  I usually do the cleanup and painting myself so its just material.  I use the same neutral wall color and white trim -everywhere and chose a higher quality paint so its not typically a full paint job. I also pick one "big" improvement" maybe cabinets, flooring, lighting, bathroom, or tile backsplash. I sometimes open up walls to create an open floor plan. But I can only do as much as I can get done in 2-3 weeks so I don't lose more then 30 days rent. I can then force the appreciation and increase the rent to cover the remodel over a two year period to offset the expense and its a nice tax deduction. I find this method to be very effective and I have been increasing the quality of my tenants as well. I watch for tile and lighting to clearance at home depot  during the year so the new fixture cost me $50.00 instead of $150 +. I keep measurements on file so I have an idea how much product I need with 10 0/0 waste, so I'm not really over purchasing. ps- sorry I have no idea how to flip this picture! this is the last apartment I "spruced up" Hood was only $195 on wayfair and $100 for tile! I was able to increase the rent from $750.00 to $875.00  - hope this helps:)

1.I was showing a 2 bedroom completely remodeled apartment a week ago to a couple. After the couple left, I was getting ready to leave when I received a call from another potential  tenant. I made the mistake of not asking any prescreening questions. I said, I'm at the apartment now, if you can be here in 15 minutes, I can squeeze you in other wise Ill be showing the property again on Saturday (Big Mistake)

A women and her friend showed up. The women explained that she needed to move from her boyfriends mothers house because they weren't getting along. There were may red flags but since I was there anyway I asked, So would you mind telling me what the problem is? She said, "Because SHE"S CRAZY!!!! I hurt my back and have nothing, no job, no money, I've lost everything. My boyfriends mom says: "I'm a freeloading pill popper, and she wants me out of her house".

My response: Oh that's very sad, the minimum income to qualify for this apartment is $2700 a month. Good luck, I hope things work out for you.

2. Also just had another tenant ask me if they could have a mini loop rabbit. They explained that they lay out a plastic shower curtain and a blanket on the (new hardwood floors) and then put a doggie circle pen on top of it and they just jump around inside.

My response: sorry we don't accept rabbits.