All Forum Posts by: Mario Russo

Hello, 

My wife and I live in a 3 Bed, 2.5 bath townhome in west Minneapolis. We are a part of an HOA community with about 100 other townhomes in our area. Over the last year a brand new luxury apartment complex was built right in our back yard. Not literally, but pretty close - about 50 yards away. It is beautiful, white trim, granite countertops, stainless steel appliances, the whole 9 yards with lots of great amenities as well (gym, outdoor pool, 24 hour concierge service, etc...).

Our townhome has about 500 square feet more than the average 3 Bed at the apartment complex, however it's not quite as updated and modern as the new units in the apartment complex. We do, however, have our own entrance with a two car garage. 

My question is.. when we are ready to rent, what would be your advice on how to price our townhome compared to the luxury apartments across the street? Higher? Lower? Rents at the apartment complex range from $2,300 to $3,300 for a TWO Bedroom and roughly $3800 for a THREE bedroom. 

What makes sense? Curious to hear your thoughts, thanks! 

@Nick Webb That sounds like a nightmare, sorry you had to go through that. Thanks for sharing your story, it definitely sheds some light on what to be aware of moving forward. Sounds like allocating money for capex expenses and not touching it is the way to go for a lot of people. 

@Faraz Tariq I will certainly look into it. I've actually heard good things about it here in Minnesota! 

@Milo Jocson Thanks for the input, I really appreciate it! 

@Cliff H. Thanks so much, I checked out the document. Thanks for sharing, very helpful. So if I'm understanding your comment correctly, it sounds like what you're saying is that I should just purchase new appliances and systems (with capex savings) when they are old and outdated instead of trying to suck the life out of each with a HWS, right? 

@Jonathan G. Thanks for the info, I will do that. I'm hearing similar themes in this discussion forum. 

@Anthony Wick Great advice, I really appreciate it. I'm hearing similar advice from others as well. I will keep that in mind for my next purchase :) Cheers!

@Kris L. Thanks for the input, very helpful. That's kind of what I was thinking but was unsure. I think I'm going to hold off for now. 

@Bjorn Ahlblad Thanks so much for the advice!

Hi BP, My wife and I own a townhome rental property. Recently our water heater went out (it was 25 years old) and it looks like it may be about $1100 or so to replace. This got me thinking about using a home warranty service, like CenterPoint or American Home Shield, for various repairs and replacements like this. I'll be the first to admit I'm not the most handy guy when it comes to home projects and repairs. 

Has anyone had any experience with these programs as a landlord? Do you suggest signing up for one? Are they worth the money? If so, which company would you recommend? 

Thanks in advance!