All Forum Posts by: Account Closed

I haven't seen too many different versions myself, but this from Amazon (not an affiliate link or anything) is the version that I read - just a typical paperback. I'd really advise against buying it new, though; it's such a popular and well-read book that you can easily pick it up from a library or a used book store very cheaply.

@Chris Silveri Welcome! Glad to have you here on BP, hope that you enjoy poking around and taking advantage of the immense quantity of knowledge on the site.

As far as if your plan is reasonable - you mention that you are barely breaking even, but you're paying down principal of the loan. Is this including setting aside money for expenses like property tax, repairs, big expenses like a new roof, etc?

If so, then it definitely sounds reasonable!

Loved this podcast, been trying out the Getting Things Done method for a few months now after reading the book.

Now that I know he's coming out with a 2015 version, I wish I'd have just waited for that one! As @Justin B. said, the old book was a bit outdated and reliant on paper solutions; hoping the new one really dives into how to make things digital.

 Thanks for the term of "hardening" a rental - it's not something I've seen before, so I wasn't searching on that. I did try to use BP's search engine for terms similar to what I used in this post, but was unable to find anything. The first link in that search query looks to be a treasure trove of information, so I'll be digging in. That being said, I'm not sure of your intention in using LMGTFY - I apologize if my question aggravated you; I'm still learning the jargon and my way around the site.

As I've been thinking about how much to set aside for CapEx/maintenance expenses, I keep coming back to the questions of: "How much should I really be spending on X?"

It isn't a matter of questioning the percentage of gross rent that I should be saving for those expenditures, nor the raw amount - rather, it's about what upgrades, appliances, physical modifications, etc., truly end up being worth throwing down extra money for in the beginning. 

To give a few examples (but definitely not to limit it to these) - is there value in purchasing a $500 dishwasher rather than a $300 one? $100 or $35 for a faucet? Top-of-the-line water heater or a mid-range unit?

To a certain extent, I recognize that this can be a function of the environment of the rental and the market for which you're aiming - obviously a luxury unit will not have a $350 refrigerator. For this though, try to take that out of the equation. In your experience with rentals, what purchases truly show value over time from a higher price tag (longevity, fewer repairs, power in impressing tenants, or something else)?

Thanks for the thoughts - I can probably get to a point where I'm personally comfortable with it, especially since they've been there without incident for a few years.

From an insurance/liability perspective, should I be concerned? I suppose I can talk to my insurance agent, but I'm not sure if allowing smoking with oxygen nearby would be considered negligence or otherwise invalidate coverage in the event of a fire.

Hi all,

I have an inherited tenant in a unit which allows smoking in the apartment - they pay rent on time, cause no real problems, are generally "okay" overall.

The problem is that one of the two tenants is on disability and uses oxygen while the other one smokes. As far as I know, the person actively using the oxygen does not smoke, but I honestly can't say I'm 100% sure. Assuming the person on oxygen does not smoke, is there a reasonable justification for me prohibiting smoking inside the apartment?

Don't get me wrong, I know how dumb of a decision it is - I'm mostly concerned about the potential liability if something were to go wrong and a fire were to start. This unit is the top floor of a duplex, so if something were to happen it could potentially affect another unit.

If it makes a difference, these tenants have been in the same unit for 4 years with no incident to this point.

Have any of you dealt with this situation? If so, how did you approach the topic? I'd rather not have this somehow turn into a discriminatory issue against someone with a disability, so I have a feeling it'll be a touchy subject.

Thanks!