All Forum Posts by: Lauren H.

First let me say this- if it is more than replacing light bulbs, batteries and filters I don't let tenants touch anything. I'm the owner and no maintenance man or PM will ever do as good of a job as me (unless of course you're talking about gas appliances, electrical and permitted plumbing work- all a different story)

If it were my property here is how I would prioritize: 

• A bathroom vent fan that doesn't work, -all moisture should be dealt with accordingly, fix it first.
• Also, they broke the skylight lens when attempting to clean it... I believe they should at the very least split the cost with us. -I'm not exactly sure what a skylight lens is, but it sounds important, do it, but bill them accordingly. 
• a vanity drawer with no pull out stop even though it wasn't designed with one. -find something to glue to the bottom of the drawer as a stop, you don't want a broken drawer because you will probably have to replace the whole vanity
• Put out traps for cockroaches, of which there were none before they moved in, and we saw no evidence of when putting out traps. -advise cleaning the kitchen nightly with soap and water. I grew up in the south, you don't eradicate bugs, you take away incentive for them to come inside. Provide the first set of traps, after that tenant should pay for something so cheap. 
• Removal of a garage shelving unit.(should be left on site?) -they don't want shelves in the garage? If the shelves are fixed to the wall or built-in somehow, leave them. The tenant moved into the property the way it is. 
• Replacing particle wood under the kitchen sink that the tenant claims is moldy... It's not mold it's just dingy. -slap some outdoor oil-based paint on it, but wait until the 2nd or 3rd time they mention it; again, the tenant accepted the property the way it was.
• Replace a leaky garden hose. -does your lease even comment that one should be supplied? This should be personal property. Ignore. 

hey Patrick,

Sacrifice got my husband and I the cash for the first down payment. We went to Wells Fargo in 2011 and were told 15% down, then went back when we had it and were told 20% down, then went back a third time and were told 25% down. We eventually found a lender that would work with us with cash down and very little experience. We moved out of our 1100 square foot condo with absolutely no maintenance and into a tiny 400 square foot apartment and storage locker. We lived like college kids again and put away the 25% down. We purchased our first 4-plex in 2013 and house hacked it. Moving in after the 400 square foot apartment made us feel like a king and queen! 

I think sacrifice is key to getting what you want. Once you trim the fat off of the typical north American life you can reach your goals much more quickly. Honestly, will you really miss that DirecTV account if you get rid of it? Do you really need to upgrade your phone every year? Do you really need a new car? This goes to all of us who have bought into the lifestyle, thereby making someone else rich instead of making ourselves rich. 

Also, 

Remember, the house always wins! In RE, you are the house- as long as you purchased well!

Exterior painted 2014

All vinyl windows 2014

Parking lot re-coat 2015

Re-roof 2011

Newer appliances/flooring

How do you guys feel about these areas of town in terms of quality tenants' desire to live there: 

• Dodson Ave northeast to Campbell street
• Dayton Blvd and HWY 27

Thanks! 

Hi Chattanooga! The market out here in Colorado is getting pretty hot, so I'm researching other markets. I really like Tenessee, so your area is on my radar. 

Specifically, what banks are doing your lending and what type of lending do you have? 

I'm looking at all options, traditional 30-year with 20% down, HELOC something that is paid in full, or refi.

Go! 

You can send a "gift" through paypal... I think it's a 3% fee. I've never actually done it, but we've got loads of credit on those business card offers that you get as soon as you open an LLC. If it's in the bank, then it's good funds for purchase.

Base your numbers on current cash flow, not what the property could bring in later. If low rent earns you money, then you will always be able to afford the building during vacancy and major repairs. 

Get out there and buy something! 

Don't call the insurance until you are ready to absorb the cost of paying higher rates. Call the tree guy and the roofer first and get estimates. 

Have a backup person for showings or maintenance matters. This person should know where you are, what time you expect to leave, and when to expect you to call and check in. If they don't hear from you at a particular time they should call you. If they don't get an answer, they should try one more time before calling 911. 

All of the above are great. 

In addition: if no one is present at the home, owner/landlord can enter during reasonable business hours for all kinds of reasons including "inspection" (which could mean anything) as long as notification in writing is left inside the unit at the time of entry. We recently exercised this right due to smelling smoke next door coming from a "non smoking" apartment and were able to make a substantial increase in rent due to evidence found of smoking in the unit. 

For damage caused by the tenant through will or neglect, not only make the tenant pay for replacement costs, but an hourly rate for repairs as well. If you hire out a handyman, they pay the full bill, but charging an hourly rate covers your time for small things that you can repair yourself. 

Lease for a fixed term- NO clause for automatic renewal. This means if they stop paying at the end of the term and don't want to leave eviction is much easier. 

Rent to be paid by local bank deposit- no chasing tenants for money, no carrying cash, no trips to the bank, tenant always gets a receipt. 

This is my favorite- Increase in rent clause (if your local law allows) saying something to the effect of: "Rent can be increased at any time for any reason at the discretion of management by written notice prior to the next due date."

Keep the good ideas coming!