All Forum Posts by: Marcia Maynard

Some of the newer appliances are more energy efficient than the old, but are not made to last. We still have all the original builder grade Magic Chef (low end Maytag) appliances in our own kitchen from when our house was built in 1986. It would be rare that a new appliance would have such a life span; they plan for obsolescence these days.

I buy both new and used, depending on the type of appliance. W/D - go with used, many good deals out there. Dishwasher - go with new. We buy many refrigerators new from Lowes and get free delivery. We never buy extended warranty. I will buy a used refrigerator if it is in good shape and at a good price, but only after I look up the make, model and serial number to determine its age and characteristics.

Very important, look for appliances that are easy to clean and easy to use. For budgeting and planning, search the web for an appliance life expectancy list.

Also, maintain a good relationship with a affordable and reliable appliance repairman. Keep an appliance book and log information (make, model, serial number, age, color, date acquired, date retired) about the appliances in each unit. Really helps when you need a part or need to call in the repairman. I keep the original appliance manuals in a file in the office and copy the "how to use" pages for the tenants.

Keep track of the information and ages of appliances such as hot water heaters and furnaces too. Especially be aware to replace hot water heaters before they fail in a bad way. In my log, I also note the size of the furnace filters for each unit; comes in handy when I need to make a trip to the store.

@Steve Babiak and @Rob K. ... you amuse me. :-) It depends on the attorney. That tenant was a perfect tenant, rented from me while his house was being remodeled. His specialty was patent law. If renting to an attorney specializing in personal injury law might I might be more concerned. The attorney we use for evictions specializes in landlord-tenant law and is top notch, so I have a good team if the need arises.

I've always thought in terms of units rather than properties, as we invest in SFHs and plexes. My husband and I currently have 15 units. Buy and hold properties for retirement cash flow. A friend with about 200 units in Portland warned us about "the hell zone" (10 - 20 units) because he said you are then too big to do most of the work yourself and still too small to hire out most of it. Well, we are in the middle of the hell zone now, and we are experiencing this first hand.

To manage this volume, requires improving our systems and hiring the services of more trades people. That's good. Self managing the tenant interface aspect, doing turnovers, and filling vacancies is not nearly as easy or as enjoyable as when we had only a few units.

I'm wary of property management companies. It seems working with a property management company would require quite a bit of oversight and I'm not convinced the ROI would be there at this point. Since my husband and I both work full time in our careers, we do see the need to delegate more of the property management tasks now. The question is which tasks and to whom.

If we increase our portfolio to hit that sweet spot of enough units to cover the costs of either on-site management or the services of a PM company, will we still find joy in owning and managing residential rental property? Will it still be a good investment? As fulfilling an endeavor? Twenty or more units seems like a good goal and will help us get out of the "hell zone". It really is an individual choice in the long run, isn't it?

Do an internet search for "Tennessee landlord association" and "Tennessee landlord tenant law". You will find there are many resources in Tennessee that may be of help to you. Do not act in haste. Hire professionals to assist you.

-- Learn the landlord business prior to renting property

-- Know the landlord-tenant laws applicable to your area and know them better than the tenants do.

-- Establish good rental criteria

-- Diligently screen prospective tenants

-- Do comprehensive back ground checks

-- Select low risk tenants

-- Collect sufficient security deposits

-- Use a well written rental agreement

-- Make sure your tenants understand the rental agreement

-- Enforce the rental agreement.

-- Do regular inspections.

-- Hire professionals to assist you as necessary.

Good Luck!

I'm going to respectfully disagree with the assumptions in some of the other posts as to the characteristics of a low income/Section 8 renter and what amenities should or should not be provided based on your decision to rent to this population.

We have successfully worked with the Section 8 program for over 10 years. We do not treat Section 8 tenants any different than our other tenants. We have 15 residential rental units. We have had a duplex with a tenant who receives public assistance and Section 8 benefits on one side and a working attorney in the other side. Both given the same amenities. Both given the same respect.

None of our current Section 8 tenants have young children, but we had one Section 8 tenant in the past who did. Only one current tenant is a poor housekeeper and that has nothing to do with their low income/Section 8 status.

The key is, when you provide affordable housing (or any type of housing for that matter) you need to reduce your risk. To do so... screen well, select well, have a well written rental agreement, make sure the tenant understands the rental agreement and enforce the rental agreement.

As for tips... if you decide to work with the Section 8 program, take the time to learn about the roles and responsibilities of all parties involved - case managers, inspectors, tenants and landlords. Develop a healthy working relationship with the people in Section 8 office. Communicate well with the case managers. Follow the requirements they set forth. Do your own regular inspections (as you would with any unit) and don't count on the Section 8 inspectors catching all deficiencies.

As @Rod Smith mentioned, a big plus is the consistency in rent payments when they come from the Section 8 program. The tenant portions also come in on time. If they don't, the tenant is in violation of the not only their rental agreement with the landlord, but also their agreement with Section 8. The case manager can help get the renter back on track.

You are right about the length of tenancy.... we have had good luck in that regard. All of our Section 8 tenants have been in our units no less than 7 years and one has been with us for over 25 years!

Hope this is encouraging!

Responsible pet owners also have a vet for their pet, proper shots and spay/neuter. They know how to care for the pet and understand pet behavior. Cats spray their territory and need to scratch. Many like to sit on window sills and warm car hoods. They like to curl up and sleep in tight spaces, like boxes and baskets. Kitty litter boxes need to be regularly used and emptied. Outdoor cats differ from indoor cats. Some cats dig in gardens to defecate and that can be a health hazard. Some cats are docile, some are terrors. You never know what you will get. The damage can be extreme or not at all. It is a risk. If you say yes, get extra security deposit and also charge monthly pet rent. Hard to know if the tenant will be a responsible pet owner, many are not.

Did you google the prospective tenant's name too? And the name of her reference person? Might find something interesting there. If you are in the same locale as your rental property and near the business location of her employer, perhaps drive-by and see if a legit business exists. Talk to them in person. One pay stub is never enough for me, ask for the most recent 3 months and also the tax return from the previous year. If you can't verify the information is correct, then you have good reason to deny her.

Here is a tip from my plumber.... We have hard water in our area and hard water mineral stains in the toilets and sinks are common. To quickly remove these from PORCELAIN, use plumber's "OPEN MESH CLOTH" - you can buy it in the plumbing section at Lowes (and at other stores by other names) It comes on a roll. Cut off a 6 inch strip. Must be used WET. Rub off those nasty toilet rings in no time! My plumber cautioned not to use pumice stone because it can cause tiny scratches. Do not use the "open mesh cloth" on metal or painted surfaces, as it will scratch. Always use it WET. I don't give it to tenants, because of the high risk they will misuse it. I instruct tenants to keep up on their toilet cleaning with a brush and not to use pumice stone. When I do the periodic inspections, I use the "open mesh cloth" strip to quickly take care of any hard water mineral build up on our toilets and sinks. Works like a charm!

We like single story for some other reasons, such as ease of maintaining the roof and gutters. We have six duplexes and all are side by side.

Two of the duplexes have a shared wall of kitchen, laundry, bathroom. The other four have shared wall of kitchen (non-plumbing wall) and living room with fireplace. More plumbing problems and noise with the first two. The other four not so much noise because the fireplace tends to create a buffer and there's no plumbing in the shared wall.

Happened to me. Two bedroom apartment with a single dad and occasionally his three young children for a weekend. The names of the dad and three kids were listed in the rental agreement as authorized occupants. No problems for one year.

Then the "cousin" came to "visit" from "out of state", and her baby and her boyfriend and another couple and their baby and the tenant's ex-girl friend, the mother of the three children. Mostly snuck in at night. Eleven people in the two bedroom unit! Didn't see it at first, then other tenants complained the dumpster was overflowing. Started watching the property at various hours of the day to try to catch who was filling our dumpster illegally, only to discover the extra garbage was coming from our own property!

I came down on the tenant for allowing his friends to move-in. As per the rental agreement, I collected $50 per unauthorized occupant and they had to leave. I allowed the tenant to stay, but doubled his security deposit because he now posed more of a risk and I wanted enough money in the coffers to cover the cost of eviction if necessary. Truth is, rule breakers tend to stick to their ways and will be rule breakers again. Act fast to nip it in the bud.