All Forum Posts by: Max James

Thanks@Sarnen Steinbarth !  I am going to give this a shot, I think it'll be just what I need right now.  Would you mind sharing your link to your weebly page?  It'd be great to check out what other investors are doing.

I'm newer to landlording and I'm curious on when/how/why there is a correction or drop of rental prices.  We are in a sweet time I feel since it seems as if rental prices will only go up from here, for numerous reasons.  Were there historical cases where landlords across the map had to drop their rental prices?  

All the PM software looks fantastic, I just don't need to pay $480/year (which is what Buildium charges when you have 0-40 units) quite yet to manage.  

Does anyone have experience using google sites for their rental property management?  I want to start using Buildium or some other PM tool, but they have TOO much.  I am looking for a place to file maintenance requests and hold all my properties.

If anyone has done this, please let me know and share your link!

@Michael Gansberg your logic makes sense, can you validate your assumption?  Is this a scenario you have gone through or someone you know has gone through?  Or is this your hunch of what will happen.  Thanks!

The next DIY aspect is the routine maintenance, such as yard work, leaf raking, etc.  This should be included in your proforma when you bought the place as if you were hiring this out.  However, it doesn't hurt to continue to do this to your properties if you can handle the capacity.  At this point, you are saving some "beer money" and some people actually find enjoyment in doing some of these projects.

It really boils down to the analysis of projected rental rise vs contractor cost when analyzing repositioning deals.

For example, say rents are $500, $475, and $475 with the potential to all rise to $650... Therefore, a monthly increase of $500/month after the repairs are made... Say one could do all the work themselves saving "x" amount of dollars.  Your other variable is time.  If it is going to take you 6 months to do the work, you are missing out on that extra $500/month, or $3,500... 

If your projects would cost under $3,500 to have a contractor do, then you should hire the contractor probably.

However a puppy is another bag of worms.  These  are loud, will inevitably poop and pee in the house for at least a year, and tear into things (depending on the size).  There's a bit of risk involved with allowing puppies.  I would consider playing hard ball and asking them to get rid of the puppy or pay a premium to have it, say another $150-$200/month.  It might work out, especially since you live in the building too.

@Anthony Varner Definitely do not wait.  Knock on their door, take a deep breath, and ask them straight up what is going on with the dog.  Ask to go inside the unit.

On the contrary to what @Perry Ivy described in his post about $3000 worth of damage, I encourage dogs in my units that are located in B+ class areas.  I can't imagine a dog causing $3000 worth of damage without you knowing about it...  People who claim this most likely have never had a dog or have rented to the wrong person and do not have clauses in their lease to handle allowing residents to have dogs.

Allowing dogs will give you a competitive advantage over your neighboring landlords.  I rent to someone who owns a German Shepherd and could not ask for a better tenant and dog.  Never barks, never makes a mess, and honestly, the dog protects intruders.  What more could you ask for?  I also charge a premium for that unit and significantly increases my cash flow.

Nice work DL! Look forward to hearing more about this building as time passes!