All Forum Posts by: Mike Palmer

Hello:

Thank you for the thoughts. I am not sure how various tenants would use the doors, but I assume there are 1-3 that receive regular use and the other 2 not so much. 

I know there are many (including Airbnb/short term rentals) that use strictly electronic locks, some of which don't even have a mechanical key or any kind of backup. I would like to use an electronic lock (and not to have to change keys every turnover), but it is not cost-effective to put them on every door. I am just worried about tenants not having keys to all the other doors. It seems that would result in doors being left unlocked and/or...

Hello:

I am thinking about switching to smart locks on a property that is far away so I can better manage it remotely. I have searched and there are so many forums about smart locks, but after going through several of them I have not seen any that address this question specifically. I have a property that has 5 exterior doors that enter the house. It is too cost-prohibitive to smart lock all 5 doors. Has anyone else done smart locks on a house with multiple entry doors to the same unit? Do you just do one smart lock on the main or most used door and not give out keys to the other doors?

@David Fairall and others:

A little farther away from you but we do have several BP members down in Utah County, and there is a monthly meetup in Provo. Here is the info for the next one if you are interested: 

https://www.biggerpockets.com/forums/521/topics/721151-utah-county-meetup-for-august-taxes

Hi everyone:

Just curious what you are all thinking and seeing on this now that 2019 is well underway. Rates are down a bit, and the economy still seems to be chugging right along. What are you seeing on prices? Inventory? Are we any closer to a correction? 

It seems to me things are still super hot, maybe even more so than last year. I have a property that I may want to move out of and 1031 into something else, but I am having a hard time knowing if this is a good time to do so. It seems I could easily sell it for a good price, but it might be hard to find a good deal on a suitable replacement... Is there any reason to think it is better to move forward with that now, or that it could be better to wait? What are you seeing and experiencing lately? 

Any more ideas on what to do with an 'extra' room? 

A little more insight/clarification: the other 2 bedrooms are HUGE (not sure exact size on those either, but they are the largest bedrooms I have ever seen in a rental), so currently we have 2 people to a room in those. Going to 3 bedrooms and adding any more people and parking would be a problem. 

Hello:

Yes it is in a basement. I am not sure the exact size. Probably about 14X18, with maybe a 1/4 (or less) of that taken up by the laundry area.

It does have some vents in the wall as well, and it is an old house so I am guessing it has some leaks and overall adequate ventilation, but being a basement and the property itself has limited parking so I think it works best as a 2 bedroom. It could become a problem to have too many people with this particular set up, but maybe I should consider the 3 bedroom angle. 

If not, any other ideas? 

Hello:

I have a unit that has 2 bedrooms/1 bathroom, kitchen, family/front room, and an 'extra' room. It is basically a bedroom (has a window and closet), but it also has a second closet that serves as the utility room. So this room has the furnace, water heater, and laundry in it, and they are only accessible through this room. The door to the room is also louvered to allow for airflow to the mechanicals. But it is a good size room and there is still plenty of space to spare.

I wouldn't use it as a bedroom or sleep in there if I lived there, but wondering what is the best use for this room? It does not have outside access (except via the small window), so I can't think of any good ways to rent it out separately. I usually just advertise it as a 2 bedroom unit with a storage/office/den/extra room, but it just feels like there is so much wasted space. 

Any ideas?

That is cool. I assume that is just the cost of the flooring? What does it usually run for install, and how do you typically go about that? 

I haven't made any flooring changes lately, but next time I do I plan to go with interlocking vinyl plank. Tile is too easy to crack/break if a tenant drops something on it and I don't care for the glue down planks, but that is just me.