All Forum Posts by: Mike Palmer

Hey Chris: I like this concept, but are you saying they cost you $45 for both (a locking deadbolt AND a locking entry knob), or each? I am getting quoted almost that much for just the deadbolt, and then in was about an additional $65 for the locking entry handle...

On a single family with multiple doors this is going to cost me hundreds of dollars to rekey initially. It would obviously save time and money in the future, but I could rekey my existing locks for the next 5-10 tenants for less than it would cost to change over to this system. Am I looking at something different than you are describing, or were you referencing the approximate price per lock (not both for $45 total)?

Do you mind sharing what wireless model you are using?

I will have to look into the landlord locks thing, it sounds interesting. How do you get new/different/extra keys if you want to change something? Can you order new/additional locksets (say if you acquire a new unit) and have them still match your master key?

As to the batteries: I have had the schlage digital on my personal residence for over a year now. It is working great and no battery issues (I have heard batteries last 3-4 years on my model, as it does not have the motor that moves the plunger--those kind are the battery killers). However, I am leaning toward the mechanical models for rental units. I like the idea of no batteries and simple/bulletproof operation. The biggest downside to the mechanical units is they are not back lit (hard to see buttons in the dark). If I install better/proper lighting at the unit I think this could be a non-issue. They also can only have one code (which I guess is really no worse than only one key that fits the lock), where the digital units can have multiple (and even temporary) codes.

I have a door that is tight in the winter when it's cold (seems fine in the summer, but I think just needs an adjustment), and a tenant broke a key trying to get in. You need to kind of pull on the door to turn the knob, and he didn't really pull. He happened to mention that he often has his hands full and it is hard to pull on the door, use the key, and turn the knob at the same time with other stuff in his hands. He is an AMAZING tenant and I saw this as an opportunity to upgrade the lock to the keypad kind with a lever instead of a knob so he doesn't have to even carry a key and it would be easier to get in. The cost is the only other factor holding me back from making the change, but I wonder if this extra expense and the added convenience to him would be a factor in getting him to renew/stay longer by making upgrades that make a difference to him and showing that I appreciate him as a tenant...

I have the Schlage digitals on my own house and I do like them. My locksmith said they will not last like the mechanical locks though. I don't think I have ever heard of a mechanical lock failing (outside of abuse), but I hear about digital lock failures all the time. It is a hefty expense initially, so I definitely can't afford to be replacing them every few years. I like all the advantages of the digital except the longevity/durability...

I don't, but that was not the point. I bought supra combo lock boxes for about $20. They threw on a handle, backing plate, latch and striker plate and they are going for $150?

It is a high cost, but it seems so much more convenient than keys. And I can let in vendors without coordinating keys.

How do the smart key locks work--do you buy extra lock-specific key blanks and program it to the lock, or are you just rotating a pool of keys that are set to work with the lock?

I have only been able to find a few posts on the use of keyless locks. I am thinking of a changeover to keyless, but wondering whether to go digital or mechanical. I have the Schlage digital on my house and I LOVE them. They save so much time and hassle. I once had an emergency while out of town and was able to give the code to a family member over the phone and alleviate the problem. It then took about 30 seconds to change the code upon return.

The one other unit I have them on has also been nice, as I don't need to give the tenant a key, and don't need to change the locks between tenants (just a quick code change).

However, these locks are very expensive, and there are pros and cons to the mechanical vs. electronic. The electronic are nice because you can program multiple codes, you can program temporary codes, and they are backlit so you can see the buttons at night. The draw backs are that they require batteries, they are not as heavy duty, and there is always risk of the electronics failing and locking you out. The mechanical locks are only able to have one code, but they do not take batteries and typically never fail. I have also seen both models available with a self-locking feature, which I think is nice because it ensures the door is locked.

I use a mechanical lockbox (similar to a realtor Supra combination lock) on the outside of the property for a master and extra keys and it has also been very convenient. I had a tenant break off a key, and was able to give them the code to get the extra key without going out to the property.

So, given the differences, would you go with mechanical or electronic? The 'good' mechanical are actually as expensive or more as the electronic (there must be a HUGE markup on them). The big thing keeping me debating is the back light. I was going to install LED motion lights anyway, so I am hoping that would provide enough light to not need the backlit models. The locksmith I spoke to said the electronic ones are not a good long term solution because of the possibility of them going out (and expense of then replacing it again), and I really like the dependability/reliability of the mechanical. Is anyone else using these? If so, do you recommend mechanical or electronic (and why)? If not, what way would you go?

Have not seen an update on this. Still going at it? Did your under-contract deal go through? How about the absentee verbal price who then posted it on Craigslist?

I agree with Brian. I wouldn't let it scare you off. If you are going to buy and hold then you are more concerned about occupancy rates and rent values than long term appreciation and saleability. Without knowing the area, I would think being right by the school would draw more renters, as there are always people that are new to the area and want to live within walking distance to amenities they will use daily. Perhaps if it was an elementary school it would be slightly better, but if the numbers work I would say go for it. I think that people looking to buy would be more concerned about the noise and traffic, but I would think a renter knows what they are getting and is likely looking for something in that location.

It seems the concensus is to put the cost of the warranty away in reserve and find a reputable and economical handyman as needed. I bought my first place and lived upstairs and rented the other unit. Came with a $400 warranty when I bought it. Had one issue that cost me $60 service call fee, and they paid me about $200 for the bad stove. Since I didn't pay for the policy directly I did not renew. I have since bought another home and moved out, and I rent both of these units. The first year after not renewing I had no issues, so I came out $400 ahead. 2013 is the second year, and I just recently had $1,200 in repair expense (A/C fan and a water heater). Had I renewed the warranty I would have been into it $920 ($800 for 2 years of warranty and $120 in service call fees). So I am out $280 by not renewing the warranty. That property has 2 furnaces, so I am now trying to decide if I want to get back into a warranty for that, the A/C compressor, and other appliances...

My new place I bought without a warranty. It is about 25 years old and on the original boiler. Has 2 water heaters that are both 15-20 years old. I know the boiler needs work--it worked last year but was putting out very excessive levels of CO. I am considering getting a warranty before having it checked/tuned up, because i know it needs work and possibly replaced. The warranty companies all seem to have a $1,500 coverage cap on boilers, but for the $60 service fee they will do the tune-up, which seems to run about $100-150 elsewhere. So IF the boiler needs major work or replacement, I will come out a few hundred ahead to get the warranty, and then will be covered for the rest of the year for everything else. If not, it is still a toss up.

Would it be worth the gamble to get one now on this place, knowing that I need at least a $100 tune up anyway and likely much more than that, or am I still better off taking the chance and paying for the boiler if needs be? I did know the boiler was questionable when I purchased the property and have budgeted for replacing it, but would obviously rather keep those funds to get into my next property with. I also think a water heater could go any time, but could also last for several more years. What to do...?