All Forum Posts by: Ben Skove

I agree with @Jean Bolger about the possible need to remove flooring/subflooring. In a former life I was an EMT, and have come across my share of bodies in various degrees of decomposition. There can be a fair amount of liquefacation, which is going to seep into whatever's beneath. Think pet urine, only worse.

American Homes 4 Rent cuts around 15% of its workforce.

What do you think? Just poorly run, or is this as a result of (or anticipation of) fewer distressed sales and higher prices? Given they're cutting "acquisition and construction staff", it seems more of the latter.

They currently have only 56% of their inventory rented. Must be nice to have deep pockets!

For those in the landlord business, are any of you competing with these folks in your market?

@Al Williamson I thought you might be interested in this after hearing you discuss the idea:

After cleaning, one product I like for hardwood floors that don't need to be refinished yet is Quick Shine by Holloway House. (I have no financial interest in the product.) Pretty easy to apply with a sponge mop and gets them looking nice and glossy. It isn't a floor finish like poly, but it's perfect for getting rent-ready.

Like others on the thread, I take them with some of the same understandings. You have to dig into the actual credit report to see what's going on.
@Tom Goans

@Tom Goans I've gotten flexible on the payment date as well. Current tenant had been late for a couple of months (though never more than a few days). I had a quick conversation with her, figured out when she was getting paid, adjusted the payment date and prorated the half-month she was getting over the next several months. So far, win-win.

Eric,

While the crown wash itself looks to be in patchable condition (and thus a more affordable expense), I'm wondering what's going on with those flues. It looks like they'll both need to be replaced and have caps added. Tom is right - you need to give the inside an inspection. Given that they've been open to the weather, your lovely freeze-thaw cycles up in Minnesota may have been pretty unkind.

@Brett Russell Back when I lived in a very, very rural area (and prior to becoming involved in real estate investing), I noticed that - at least in that particular area - decent SFR rentals were hard to come by and seemed to rent quickly. Since it seemed like everyone in the county was related to everyone else, people tended to stay close to home. There were also section 8 renters, if that's something that interests you, in addition to people who rented houses to seasonal farm labor. (That seems like a tough niche - umpteen people crammed into a single house...I would have hated to see what it looked like afterwards.)

What's your target market? Are you within commuting range of a larger town/city? Farming and the seasonal labor that goes with it? Decent-sized local employers?

Congrats, Brian! Thanks for sharing the details on this!

From my understanding, the lead laws in Massachusetts are more stringent than most other states. It's imperative that you familiarize yourself with them, as my casual reading of the rules show that you have to remove or cover lead-based hazards where there are kids under 6:

Massachusetts Lead Law & Legal Documents

I found this FAQ telling: "Can a rental property owner be held liable for a lead poisoned child? Yes. If a child is lead poisoned by lead hazards where the child lives, the owner is legally responsible. An owner cannot avoid liability by asking tenants to sign an agreement that they accept the presence of lead paint. Complying with the Lead Law is the best protection an owner has from liability."

Disclaimer: I am not a lawyer.

@Tom King I ask the same questions. I've also had prior landlords wanting to establish my identity and the tenant's permission prior to releasing the information - which is perfectly valid and was satisfied by faxing over the applicant's signed release. You'll generally get more complete / honest answers from landlords prior to their current one, as they have no need to get a bad tenant out.

It would raise red flags to me if a prior landlord wouldn't comment on a tenant either way.