All Forum Posts by: Christian Morency

When I was transitioning into the Rental business, from being a handyman, one of the things I did to improve my cash flow was to offer a five year lease to property owners who had trouble with their rentals. I offered to do everything for free in terms of management and maintanance but the materials would be paid by the owner. As you may know, labor costs are always way more than materials. At the time, about 20 years ago, I made $100 per month per property. In other words, I leased it for $300.00 and sub-leased it for $400.00. I paid the rent even if it was vacant. I did that to get around having to have a license to manage other peoples properties. I took on the risk of a five year lease in exchange for the profit potential.

The point here is to cover your taxes, insurance and materials and let someone else get the profits so you won't bleed to death.

It's a win win for you and the contactor/handyman of your choice. Most of them are really slow on work these days.

I'll bite, but I can't help you, because I don't remember the name of the course I bought.

It was over twenty years ago at a seminar that included Wade Cook.

I ended up buying Russel Whitney's course for $400.00. There were twelve cassette tapes and a bonus book on how to handle the actual negotiations with the seller while "sitting at their dining room table".

Basically, what the course taught worked. Of course, I had to take ACTION. I remember how shaky my hand was from being so nervous at my first closing. It's amazing how things fall into place AFTER you take ACTION.

I now own thirty rentals and still haven't figured out how to make serious money.

I have learned more about investing in the past year by reading in Bigger Pockets than I have in twenty years of hands on with no continuing education.

I essentially bought myself a job, but I totally enjoy being self employed and the variety it offers. I do almost all of the management and maintenance myself.

Evictions are the most stressful part of the job. Toilets are a breeze compared to irate tenants.

Toilet turds don't talk back, tenant turds do.

Be careful not to step on a turdy tenant.

To prevent this problem, just spray the windows with hairspray prior to spraying the unit. Water will wipe off any overspray.

To do a temporary fix, just pull out the diswasher and sand the underneath of the countertop with a good 36 grit disk sander until you get to good wood or reach the back of the formica. Then use construction adhesive straight out of a gallon can to glue the 1x4. Let it dry overnight before screwing anything into it.
I personally varnish the underside of all of the pre-fab rolled formica countertops that I get from Lowes or Home Depot.
I have been doing that for over ten years and have not needed to replace one yet.

You can order a custom window to fit any opening.
A clear plastic shower curtain does a great job of keeping the water off the window and letting the light in too.
Be sure to make the window ledge at a steep enough angle to prevent anyone from using it as a shelf for soap or shampoo bottles and it will drain water really good if and when someone forgets to pull the curtain over the window.

Everyone has good advice so far.
This may sound wierd but a dog could find the source and let you know between which studs the dead animal is in.
If nothing seems to work, the smell will fade away on it's own or you can place a pie tin in every room with a pile of sulfer like you find on the tip of a match and that should remove the remaining odors. Just shut the house up tight and back your way out and let the smoke sit overnight. My grandma taught me that one.
I once bought a house where the formal dinningroom had been the litter box for dozens of cats for over ten years.
When I went to mop the bare wood floor, after removing the carpet, the smell got worse. We didn't know what to do. None of my helpers would go back in the house.
So I got three gallons of bleach and we ran in and poured it on the floor and ran out and left it to evaporate for the weekend. We did that twice between washings.
Polyurethane sealed in whatever odor was left.
I lived in that house for seven years before selling it for a sweet profit.

Hardwood floors are by far the least expensive and easiest to maintain between tenants. I use dark walnut stain for easy touch-up when required. My longest running rental with hardwood floors also happens to be the first one I bought in 1987. It's getting to be about time to add more urethane.

Regarding carpet, I buy the best quality for the money that I can find when I need it and then I glue it down real good so it becomes almost watertight. After that, you won't have anymore problems with the odors and mold and dirt and bugs and stuff that love to hide out in the padding.

I had one house that went through a flood. The tenants got FEMA money and bought a new car. I got nothing. So I literally power washed the carpets along with a wet or dry vacuum to get the mud out and re-rented the house. I could never have done that if there had been padding.

Carpets that are glued down last up to 15 years. That's why they do it that way for commercial applications.

I never buy the cheap junk they sell at Home Depot or anywhere else. You get what you pay for.

P.S. The browner the color, the longer it lasts.

My first experience with a gas unit from Home Depot in a one bdrm Apt. has been picture perfect. It has been 8 yrs with not one service call and no tenant learning curve like the Electric one I just put in a one bedroom house.
It does not put out the same volume of water so it basically is the opposite of a regular hot water heater in terms of "how to" get hot water fast. Because the coil is 1/4 inch or less, the slower the flow, the hotter the water, to the point of an automatic shut off.
Having gone through four different tenants, I can say that the learning curve is two to three weeks.
After that they love it because the utilities are lower, and you truly never run out of hot water.
I did both installations myself or the cost would have easily doubled.
Would I do it again? A definite maybe.

Most people won't notice it on their first walk through. If it is in the right spot, put something over it. Like a chair or rug or planted pot or just the cleaning bucket or ladder. If it is dead center, stand on it while your showing that part of the house. If and when it gets noticed, play dumb and then, turn it into a positive. Tell'em it must have had a little bit too much glue and how that sure beats having an air pocket which could cause a crack in the future. Tell them it can be fixed, but the odds of matching the grout don't outweigh the strength of the current one. Then say "you know what I mean?" while nodding your head up and down. They will be diffused.

Lots of good stuff on here. I personally can spot a bad tenant on the phone easier than in person. The longer you get them to talk, the more accurate your guess will be. Almost all drug addicts have the same kind of giddy laugh.
Also, on my application requirement sheet, it includes not owing any money to either of the two rental companies in town. People that rent TV's and washing machines can't seem to pay their rent on time.
When I'm asked to take payments towards the security deposit, I tell them that's what family and friends are for. If they won't trust them to pay it back, then why should I?
I charge a fee if I have to pull a credit report but I allow them to pull their own for free. That alone stops most deadbeats. They can't seem to figure out how to do that on the internet.
When it;s time to evict, don't hesitate.
There is no such thing as a tenant moving out and giving you extra money. You are the only one that will lose money in this game, so cut your losses, smile and move on to the next
wonderful and glorious tenant.