All Forum Posts by: Linda S.

@Jim K.,

You are an example and an inspiration that shows hard work, creativity and grit can make you successfull!   So many people just want to buy the rainbows and butterfly story, but the reality is-- the real value on BP is from the SALTY OLD LANDLORDS (no offense!) like us!   The more pestimistic someone is, the more likely they have experience in being burned, and they have learned what works and what doesn't!  I used to be very pro low income, but the reality is, it's hard, and most people can't take the amount of work/dedication it takes.

I tell everyone, my saying for real estate "When it Rains, it Hurricanes!" ... it's tough, and the amount of stuff thrown at you is insane, that's why lower income rentals I say is a very sink/swim, and majority of the people sink because it's LEGIT HARD WORK.

Thanks for posting this on behalf of the another similar, grumpy landlord who has been there, and done too much! 

@Denise Evans,

It's shocking to me that landlords don't think it's their responsibility. In VA, you're required to check them every year. Every year we do it at our annual inspections, and without a doubt, we find some where tenants have removed the batteries, or removed the entire thing-- it's just common place-- tenants don't think safety.

Another thing I'd say, and I'm surprised it's not legally required-- is adding fire extinguishers!   We have them, and also additional fire protections such as a fire ball and a fire blanket.  Yes, you have to check them each year too,  but it's worth it!   We have saved 2 houses thus far, just being prepared.   Most tenants don't want their houses burned down, they'd rather stop a fire, so make sure your tenants have adequate safety tools to keep it small vs. entire house!   The more you can be proactive, the less reactive you have to be!

 Tenants don't ask specifically, they hint they will leave if you don't do something.    The only out of the box solution, is to use her deposit this month, and increase her rent $50-100.

@Account Closed,

This is a slippery slope of complaining, and she is hoping you will lower rent.     Let me just say, of all the tenants I have thought were "great tenants" ... only 10% did I think that after they moved out and I saw the turnover.     90%, I just thought.. oh wow,  all you did was actually pay on time. 

I'd absolutely let her out of the lease, and suggest she find some place more affordable.   It's not your job to solve her problems.

@Elvin William,

I'm going to guess you haven't been in the house recently and seen how your tenants are taking care of it, because that's where most experienced landlords are coming from.   No one ever complains of the rent coming in, but instead of the treatment/damages of the house.     Sounds like you haven't seen the turnover yet, but when  that happens, you will understand more.

@Mike Obrien,

I have been dealing with a similar thing, and unless you can see a crack in the foundation, it may just be a very poor tile installation job.     If it's not 100% perfect, it will be prone to crack, especially if the tenants are heavier or are rough on the house.    It's amazing to me how hard people can be on houses, seriously I used to think tile was the strongest.. nope! 

Before you spend thousands and thousands on this, go out there-- see for yourself with a GC, is there an issue with the foundation, or could it be that maybe they dropped something, and are blaming the house so you don't take it out of their deposit?    

I don't know Florida, but it seems like if it's been fine, and magically it's an issue now-- I'm thinking the tenants maybe dropped something heavy or it was a poor install ation job, and are blaming the house so you don't make them pay for it.    

Option 3 is to remove the tile and add LVT, maybe $5K cost. 

@Justin Brin,

Of all the times I have allowed tenants to paint, I have regretted it 100% of the time at move out.  No-- just NO, it's not worth it.   Tenants are sloppy and they will get it on your floors, baseboard/trim/etc, and you have no recourse because you gave them the green light.   NO.  

Now if someone asks, I say it must be professionally painted back and will cost around $200/room.  That often nips it in the butt pretty quickly!

@Jeremy Pastor,

Survey will only be your final resolution.    Just an idea, can you contact the city or county and see if it's attached to their deed?   If you pull yours and/or your neighbors lines, sometimes they are attached and it's a quick and free solution!

Do NOT rely on GIS online, it's worthless, and sometimes the plot lines make 0 sense.    I have a house where the neighbor had 2 driveways, one driveway even had the matching sidewalk going to my house-- but legally it was theirs.      Yes, the neighbor had 2 paved driveways, and I had 0 driveway.    Survey is the only way to solve it!

@Gabriela Angel,

First-- you need to start fresh with a lease that you provide them, stating YOUR terms and YOUR Expectations of them.    If it's not clearly broken out in the lease, it's subjective, so anything you might charge for-- make sure it's in the lease.   Go over it slowly, highlight the really important parts  and be very clear with expectations and possible consequences.

Second-  Do  a walk through video  (3-5 mins) clearly showing the condition of the house at the date you acquired it, open blinds, show smoke detectors, show any damages-- anything good or bad.   Check those smoke detectors, you're now liable!  We always add a fire extinguisher too.   I can't tell you how much better a video is than 20-50 pics, and it's easier to keep up with.

Google your LLC, if your name comes up as the owner of the LLC, and you told them you were the property manager, nothing will happen-- you will lose credibility, but who cares... so the tenant knows you're a liar, doesn't mean they will move. I will say, if you can't handle being the bad guy, knowing tenants hate you and think you're a worthless POS, you should hire a PM.

However you manage the property will make them decide if they respect or don't respect you.   I wouldn't lose any sleep or think it's a make or break decision, people pick their housing choices based on the house, not who owns it or manages it. Firm and Fair.

@Ellie Narie,

Let me just say, as someone who has managed D- areas,  and recently sold  the ones in the really bad areas-- it's not what you think it will be.   

I would NOT recommend doing it, because without being boots on the ground, you can't actually see what's going on.      As others have stated, the people who do it successfully are very actively managed, and by active-- let me give you a hint, that means they will probably be late on a normal basis, so you'll need to be posting 5-day pay or quits, and filing for evictions with the courts-- now if it's a good tenant, it will pay before the court date, but that stuff isn't in your spreadsheets, is it?   If you aren't local, you'll be hiring an attorney each time, a letter for me costs $250.   Another thing you have to realize, in really bad, D- areas.. property damage is normal from random acts,  before I sold one of my houses-- the front window got broken TWO times by random kids throwing bricks at it, and when it was vacant-- they broke multiple windows  and kicked in the door, just for a place to hang out. I was so happy to sell, just to not deal with the random damages!  Without a doubt, had the most turnover and stress there too.   You can have the best security cameras, and lighting, but guess what-- the streets know when a house is vacant.  Another house in a D area, the local group of guys just decided to kick in my 6 ft security fence, no reason/logic, they were just mad because it added extra time  and they couldn't cut through our yard.    Another house we had to replace the window because random gun fire, and also  had to replace the door because the cops raided it afterwards to make sure no one was harmed.   Your spreadsheet doesn't factor in the logistics of a warzone!  I guess those weren't on the spreadsheet either that made a D- look like the best option!  That's not even touching the amount of deferred maintence you will experience! 

If you do move forward, absolutely hire a local property manager...  The difference between a C vs. D is huge IMO!   I like @Jay Hinrichs term "Financial Suicide" because that's what it really is!  I guarantee you'll be here in a few years, maybe you will   last 5-- and post about your stories as to why not to buy a D- property.   Listen to those who have experience.  

GO FOR A "C"  PROPERTY!    Trust me, it's different!