All Forum Posts by: Matt Clark

It's pretty simple.  Often you can get a contractor to install a submeter like this for several hundred dollars (plus the cost of the meter):

http://esubmeter.com/index.php?cPath=23_26&osCsid=...

Then write your leases so that you pay the gas bill and charge the tenants that portion which they actually used.  You'll have to read the meter within a day or so of the end of the gas company's billing cycle in order to calculate things accurately.  It's a burden, but also a good time for a monthly inspection of your property.

If your state law allows, consider the tenants' gas bill to be "rent" so that if they don't pay you for it you can begin the eviction process.

@Joe Norman, welcome to the business!  Quick and concise:

Class A property = minimum credit score of 650; previous landlord reference w/ no payments >30 days overdue

Class B = 625 score; reference w/ no more than 1 payment >30 days overdue

Class C = 600 score; reference with $0 balance due

Must be able to verify monthly income of 3x the monthly rent

No felony convictions

No landlord judgements/evictions

It's important to have written criteria that you follow every time in order to minimize the possibility of an applicant alleging discrimination.

Good luck!

Attention all Roanoke, VA BP fans:

Roanoke Area Meetup

Wednesday, November 25 at 7:00pm

www.GrandinCoLab.com Conference Room B

This meetup is open to all interested parties, no experience necessary.  Come and be a part of our roundtable discussion of all things real estate.

Please note: the doors at the CoLab automatically lock at 7:00pm, so if you arrive late please call or text (540) 293-1506.  We'll be happy to let you in.  We'll be in Conference Room B, about halfway through the main room and to the left.

Hope you can make it!

Roanoke, Salem, Vinton, Botetourt, Franklin, Montgomery, New River Valley, Bedford, and all surrounding localities.

No way.  You need a deposit to cover potential damages.  If they supply an oven and then take it with them you'll be left with no oven, and any damages they leave behind, with no money to cover it.

I'm managing a multi-family that uses Conservice for submetering. They supply the meters that report consumption via dial up.  I'm not sure about upfront costs, everything was in place before I arrived.  They charge a percentage to meter, bill, and collect the payments.

Their customer service is not good and I would not recommend them.  Whenever we have had trouble with a meter or the reporting system they are virtually unresponsive to requests for service, and then at long last when they do schedule a service call it is expensive.

There must be some better options out there...  

We're in the process of switching paint colors in the closets of a 100+ unit building.  The closets were originally a lighter color than the beige walls, but it's too much hassle for a very negligible gain.  I suppose the theory was the lighter color would brighten the closets that didn't have a light, but it's just not worth it.  About half of the tenants add their own stick-on LED lights in the closets anyway.  

Now we just paint the closet the same color as the rest of the walls when we turn the unit. 

@Mike R., if you haven't already, I would suggest wiring the fan so that it comes on every time the light is on.  This usually makes a significant difference, because the tenants forget to turn them on, and now it will automatically come on.

You should also check the vent outlet on the side of the building or roof and make sure there is actually air flowing out.  

Upgrading the fan to a higher CFM will also make a difference.  Sometimes you can upgrade without changing the housing.  Pull the grille off of the current fan to get the make and model number, then google replacements to see what's available.

Good luck!

@Zac P. you need a hygrometer.  You can find thermometers at home centers for about $20 that also have a hygrometer built in.  It will measure the relative humidity (RH) and track the high and low readings for a 24 hour period.

In Virginia we can accept a partial payment "with reservation."  As long as we provide notice to the payer within 24 hours the eviction process can continue.  This provision would apply to electronic payments as well as payments made by other methods.  Maybe your state law has a similar provision? 

@Account Closed, just curious... why are you applying Kilz to concrete that will be under a laminate floor?

Be careful which flooring adhesive you choose.  It may not adhere to a painted floor.