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All Forum Posts by: Sylvia B.

Sylvia B. has started 74 posts and replied 1314 times.

Post: Would you live in one of your rentals?

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419

No, I would not want to live in my rentals. Some are smaller than I want, none have big enough yards, and all of them are in town. I live on 80 acres 5 miles out of town and like it that way. It has nothing to do with the quality or upkeep of the house.

We provide quality rentals and look for quality renters. "It's just a rental" is not something we'd ever say. However, "It's not my preference, but some people like it" is.

Post: How do your tenants submit maintenance request?

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419

Mine call if service is needed ASAP, such as a burst pipe or AC out in mid summer with temps approaching 100, or if it is complicated. If not time sensitive they text or email. I have good tenants who do not abuse the phone. Earliest call I've had is 8 am (burst pipe) and latest was 9:30 pm after tenant suicide. Both apologized for calling early/late. (!)

Post: Should I make my tenants get rental insurance?

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419

We require our tenants to have renter's insurance. If they do not already have a policy, (which many do) we pay for a minimal policy for them. They must apply, but we pay the bill. It has $5000 coverage for their belongings plus $100,000 liability. It costs us $40-75 per year. They are welcome to buy their own policy at any level of coverage they want, of course.

Post: Should I make my tenants get rental insurance?

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419

Yes. One reason is to prevent rate increases due to claims.

Suppose the tenant has a grease fire in the kitchen. The primary claim is against their policy, not yours, so the claim won't make your rates go up. Now if the fire is due to faulty wiring, that would be on you.

Post: Landlord entry laws

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419
Quote from @Nathan Gesner:

NOLO is an excellent resource. Note they point directly to the actual statutes:

https://www.nolo.com/legal-enc...


I would print off the law and hand it to the tenant. If he refuses you again, serve him notice of termination.

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.


 And that tells you pretty much all you need to know about being a landlord in CA.....

Post: STR tip for lower nightly rate on map view

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419
Quote from @Lane C.:

@Sylvia B. I disagree. this is genius. It’s clickbait for Airbnb. You’re increasing attention to your listing and in reality you’re not taking money out of anyones pocket unless they decide to book. I like it.


 Yes, it's clickbait, a detestable practice. My time is valuable. Wasting it with dishonest advertising is not genius.

Post: STR tip for lower nightly rate on map view

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419
Quote from @Dave Stokley:
Quote from @John Underwood:

Are you in effect offering a BOGO?

Any trick to lower you nightly rate on the map is worth looking at. Not sure I want to start giving away free nights during the prime season though.


No he's manipulating the price it displays to trick guests into clicking on his listing. Personally I think it's dishonest and a guaranteed way to piss off potential guests.

 I would vote for this post 10 times if I could. That type of manipulation frustrates and angers me as a potential guest.

Post: Potential renter wants to pay full years rent up front ($54k)

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419
Quote from @David P.:
Quote from @Colleen F.:

@David P.  The bank WILL file the suspicious activity report and a form 8300 for transactions over $10000.   The Sars report lists suspect information on it, that will list your name.  She doesn't want to deposit in her account because if she does that, under suspect information they will list her name. Suspicious Activity Report - Examples, Format, Pdf | Examples      You want to do this but she is involving you in a financial transaction that could backfire on you.  Also what happens in 2 years?  does she hide money from you. 


 That is the tough question. Whether she has good moral or not. But in terms of the cash part almost make sense for me to keep it as cash myself and deposit it slowly into my own account so it doesn't set the SAR off. Is there anyway for instutions to come after me as a creditor saying i have her money and try to get it from me?


 This is called structuring and will get you in more trouble than just depositing the whole thing.

Post: Small things you see in listings that drive you nuts

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419
Quote from @David Dachtera:
Quote from @David Dachtera:
Quote from @Sylvia B.:
Quote from @David Dachtera:

My biggest kitchen peeves are:

- Stove in a corner

- Stove on an inside wall

- Stove on an outside wall, but no range hood or the range hood is not vented to the outside

* Heavy Sigh *


 Just curious -- why do you dislike a stove on an inside wall?


 How do you vent the range hood?


See the documentation which comes with the range hood. Basically, you're providing a vent to the outdoors for the exhaust fan in the range hood. Sometimes known as a "wall cap".


 Vent through the roof or make a bend in the attic and vent through the wall.

Post: SELL VACATION HOME NOW OR AirBNB/VRBO IT?

Sylvia B.Posted
  • Rental Property Investor
  • Douglas County, MO
  • Posts 1,344
  • Votes 1,419

My general impression from your post is that you need to slow down and figure out what you're doing. You seem to be acting before thinking everything through.

You put the house on the market, got several offers, and NOW you're wondering if you should keep it as an STR? People tell you that you can make more money keeping it, so you jump on that and say that's what you'll do. THEN you mention scorpions and your fear that they will cause you problems with guests?

Stop. 

Think things through. Write a list of pros and cons for selling and keeping. Evaluate your options, and determine which best fits your financial and personal pleasure goals and desires. Once you have done all that, THEN act on your decision.