All Forum Posts by: Michael Badin

@Daryl Luc Good evening,  If you are comfortable with how you do it and your agent is comfortable then fine.  I hope it never becomes an issue.  Could it be an issue, yes it could.  Why do I have any input beyond assessment of damage... because true experienced adjusters due much more then just assess damage.  An agent with 30 years experience should know that.  Best of luck with all of your investments.

Hi all, I am trying to get an idea of how different landlords feel/ address security at their properties. A short survey if you will. If you don’t mind answering a few questions it would be greatly appreciated.

Thank you to ALL in advance who take the time to answer the questions!!

I’ll start:

1. Do you have security cameras at your rental property?

The current property I own does not. The one I just sold did. Currently looking for new property and it will depend on that property.

2. Would you consider getting security cameras if asked by a tenant?

I would, but it would depend on the situation. I would not automatically get them.

3. If you have/ offer security cameras, do you include costs of security in rent or charge extra?

I did not charge extra at the property I had it at, it was part of the rent.

4. Would you allow a tenant to install security cameras at your property if they paid for it?

I would, but only if they were installed by professionals, the code was provided to me as well as the access to the feed. I would also make sure the tenant was referred to the section of my lease that states:

“…Any additions, improvements, or alterations to the Premises made by the tenant of a permanent or semi-permanent basis become the property of the Landlord. The tenant cannot remove additions, improvements, or alterations made to the premises (even if the Landlords permission to install said additions, improvements, or alterations was not obtained) and the landlord does not have to pay for any additions, improvements, or alterations made by the tenant.”

5. In a large complex this would not apply, however, in a small single family rental, would you allow the tenant to have access to the security feed?

I have not yet run into this situation, the property I had cameras at was a complex.  I don't think I would provide unfettered access if it was a system i installed and was paying for.  If an incident occurred and police needed footage, of course I would cooperate.  If they installed the system, they deserve access.

Some of my tenants do like paying cash. I like cash as much as the next person but I am looking for a reliable way to receive it without me having to go knocking on doors. Has anyone had any success with "pay near me"? I was thinking of using it strictly for cash payments. I use cozy and rentecdirect for online payments.

I don't currently invest in this but know an investor that has a property very similar. It was a hotel many years ago and converted to apartments and boarding house. He has owned the property for about 30 years and has had many long term tenants in boarding units, some more than 10 years. 

He says the property is a cash cow, however those properties are also very labor intensive, so be prepared for that. Good luck if you decide to move forward.

$100 a month is better than $0.  Have you considered other areas?  NY is across the bridge.  I don't imagine it being any better there though.  PA where I am located is a couple hours from you and there are some good areas along the border of NJ that you could get a good return / cash flow.  Depends if you are willing to have that drive and the patience to find the right deal.

I know of the area but not enough to make any analysis statement. However you said you would break even every month? You will not have any cash flow? Don't purchase a property just for the sake of being able to say you bought one. You want to make money off of it.

Rent it as storage.

You said your insurance company said mold is not covered. That just means your current policy does not cover mold. Call them back and have a mold endorsement added to your policy. However, this mold endorsement will only cover mold caused by a "covered peril". It will likely have it's own sub-limit, usually only around $2,500 - $5,000 so make sure you know what you have.

Try cozy.co it's free.  There can be charges for credit cards but you have the option to have them pay that if you wish. That is not uncommon when paying something online there is usually a "service fee" for just that reason.

Sounds like what you are looking for is a T-12. Send me a PM and I can help you out.