All Forum Posts by: Ben Skove

I use Affinity as well on a month to month basis, and it has been quick and easy to shift from vacant to rehab to occupied.

FWIW, I have had to sort through much less chaff with the responses to my "For Rent" sign than through CL or Postlets. There's no question as to where the property is, what the neighborhood is like, etc. Like Andrea, though, I'm by the property often, and the neighbors are also alert to what's going on.

Best of luck! I used to live up the road from you in Surry. I hope the sequester isn't putting too much of a crimp in the area!

My lease is worded like Rob K's: that any repairs or other fees that the tenant has incurred are paid first. The balance is then applied towards the rent. If they're short, they get a three day pay or quit.

Prashant P. has it right. If it's possible that it's going to reoccur, and it's not a repair necessary for habitability, your best bet is to wait and bill it against their SD. If that's exhausted, go after them for the balance.

Don't terminate the bathroom fan duct in the attic. Take the time to run it to the roof or gable. Don't cover fixtures that aren't IC rated with insulation.

I was looking at a house last week where duct tape was used everywhere. Sealing windows. Patching holes. Patching cracks in windows. If it could adhere, it was there. I have a feeling they bought the giant roll and didn't want to have any leftovers whatsoever....

Andrea M. - I've seen properties with the exact same problem as you've had: multiple owners in a short period of time, each seemingly trying to pass the property on before the city inspector finds them!

It always pays to check the code violations are on a property. I'll also go through to see what permits have been pulled for the property - it's a good way to find out how old the roof/HVAC/etc is, or if there's been a lot of work done without permits. I'm fortunate to live somewhere I can do this in a few minutes online.

However, my main use of the vacant building / code compliance list to find deals. :)

Thanks for this, Randy. I've always caulked, but hadn't thought about cannibalizing a wax ring to waterproof the entire flange area. I'm all for the idea of taking an extra ounce of prevention to prevent worries in the future.

In a previous thread there was a discussion (http://www.biggerpockets.com/forums/52/topics/85368-what-potential-breakables-do-you-remove-from-a-property-prior-to-renting-it) about what to take out of a rental to reduce future repair costs. After watching Rent-A-Paycheck deliver a washer and dryer to my rental (and after ensuring they did a proper hookup), and reading The Landlord's Survival Guide, I'm thinking that there must be a way to balance acceptable risk of repair with increased profits.

The Survival Guide suggests making different "package" levels, the equivalent of, say, a small, medium, or large fast-food meal. The small, or basic, level is the property without any upgrades. The upper level includes upgrades that few tenants would be willing to pay for; however, it makes the medium level seem more appealing and budget-minded. It says:

I could price competitively against the rental centers (which IIRC end up being 2-3 times the MSRP when paid over their financing period) and purchase new under warranty (and pay for it with a credit card that extends that warranty for another year). I'd also get the warm fuzzy feeling of providing a service at a reasonable profit while steering them away from predatory places.

In order to work, I can see problem areas that would have to be addressed. First, I'd have to target long-term tenants - someone who would be there long enough to pay for the upgrade. Moving out early makes for the need to reconfigure "upgrades" too often, and the existing upgrades lose the shiny new house look.

Second, a warranty isn't going to cover tenant stupidity, so there's still risk there.

Third, there's the additional cost of money, time, and frustration when there is a problem, even when it's under warranty.

What do you do? What works?

I know that here, while a tax deed auction will wipe out mortgages, it doesn't affect an IRS lien on the property. Good luck, and I'd love to know how it goes!