All Forum Posts by: Matthew S.

Need some advice on what to do or not do with the new property I bought for rental.

1) Kitchen area has knotty pine in great shape. I’m getting conflicting advice from friends - some say it is mid-century retro cool, others say to paint it all and the cabinets. One person said “try and add some mid century modern vibes to make it feel on purpose,” but I’m not sure what that would be. Also, the vinyl flooring is in pretty good shape, but would you do something different?

2) I pulled up the carpets and removed all the tack strips and staples. As you can see, the oak is is pretty great condition. Would you do a full sand or just buff and coat?

I agree with this – especially when starting out, it’s best to keep it as low-risk as possible. Having one paid off rental rather than several down payment rentals will help you to focus on your job, learn the ropes, and build up cash for your second rental. I own four doors mortgage-free and am bringing in more net income from them than a lot of people on here who have a dozen leveraged properties.

I have two tenants ready to sign a lease. One will move in next week, the other will move in in May after she graduates. To cover the rent in between, they want to get someone to live there until May. I plan on screening that person like they were a tenant, but how would you handle the lease? I was thinking of keeping the subletter off of the lease and let the arrangement be between him and the tenants, but what are the pitfalls of this? How would you handle this situation?

 Ha ha – yes, I can legally refuse Section 8. Section 8 in TN has crazy high standards that properties need to conform to in order to qualify for being able to take it. It's not just a check/food stamps, but a whole system that ensures properties are up to the state's standards. And I would rather not be a landlord than have to deal with that level of bureaucracy.

Thanks for the replies, everyone. To clarify, I don't care if it's a family with kids, I was just concerned about the sheer number of people (of any size!) in such a small place. Still looking for qualified tenants (i.e. income and job stability). Haven't had problems with my other properties, but this one seems to be attracting a lot of Section 8 folks (I don't take Section 8), even though it's in a nice neighborhood.

I have a new property in TN that will be available for rent soon. It's 975 sq ft 3 bd / 1 ba. The interest I'm getting is from families where there's a mom, dad, and 4 kids. I don't discriminate against kids, but 6 people seems like a lot of people to fit in such a small house. 

Can I have a base rent rate and state it's for up to 3 people, with a fee ($50/month?) for each additional tenant? Has anyone done this?

Right now I am providing washer and dryer sets in 2 of my properties. One of my tenants is leaving, and for the next one I'd like to add a clause that basically says they are free to use the washer and dryer, but I won't repair or replace them when they break down. (I'm hoping to eventually phase out providing them, but don't see a a reason to pull out and trash working ones.)

Does anyone have sample language from a lease for how to word this?

Absolutely. It just takes correct estimating and planning– in my case, I think it would have been a major overhaul of the entire house's plumbing to get it to the point where I could add it. Would love to hear what results you get with the property you're planning on doing this with, as it's something I'd be interested in doing in a future property.

I've got a house in East Nashville with a walkout basement and considered doing this, but found that installing a bathroom with an upflush toilet would have been very expensive and might have run into further snags. Also, the sound of the upstairs bathroom was prominent in the basement. Just things to consider– hopefully your experience can be better.

Hey folks, I've had a duplex for a decade where I've provided a washer/dryer and dishwasher on each side. Have had to replace one dishwasher and a couple of w/d's over the years. I just bought a new property and, in talking to my landlord friends, have found that most of them don't provide any of these.

Installing a dishwasher in my new property would mean:

1) cutting out some of the cabinets (it's a 1951 house, so the kitchen is already small, with limited cabinet space) or

2) get a portable one that the tenant could connect to the sink when needed

I want to be able to charge fairly high rents for the property, and preferably rent to a family (it's in a hot neighborhood and has an absolutely gorgeous and huge backyard, which is rare). I personally would not want to live in a property without a dishwasher, and wonder if not having one would be a turnoff for prospective tenants. At the same time, the expense and ongoing maintenance is something my investor friends warn me about and I have a little experience with already.

What would you do?