All Forum Posts by: Rich Sutherland

Thanks very much Nathan. I never thought of calling the suppliers. Rookie mistake, but we learn every day!

Point taken on appliances as well, I had heard some differing opinions from others. 

In regards to the washing machines, it's a 3 family but all units will be taken up by one family. I purchased the house from the owner and decided to keep the washer and dryer in. I have recently heard some horror stories (I'm sure the vast majority of people use the machines legitimately) of people abusing them and ultimately washing clothes 'for free' through the landlord. Just looking for some thoughts and any experiences people may have had. 

Thanks again Nathan, I really appreciate your detailed insight and I'll get in touch with the suppliers for a better insight into costs. 

Rich

Hello,

Couple of questions we are trying to answer right now. 

- if appliances break can you put in a lease that the repairs would be split 50/50 or does it have to be the landlord or tenant that takes full responsibility? 

- if you allow a multi family unit to use the washing machine and dryer, can you put into the lease that if the use/cost is excessive then the use would be cut to one or two loads per week per family? Or worse still take away the privilege? 

Finally, does anyone have an idea of the potential cost for a 3 family unit in regards to water and electricity? Trying to budget accordingly and unsure if the washer will have a larger impact or not on the numbers.  

Thanks very much for your time and experience on this. 

Thank you very much  @Sharlene Mulchandani. I will look into this. 

Thanks @Mike McCarthy, this is a new one to me!  

Hello All,

I have always self screened my tenants but I am now currently looking at using a tenant screening program to help streamline the process. 

 Looking at what is available and the pros and cons of different options, Rent Prep seems to be one option that consistently gets ranked relatively highly. 

Does anyone use Rent Prep and does it justify the cost? Are there other options out there that other would recommend higher? 

Thanks for your thoughts, comments and opinion in advance. 

That's my fear Dean, it would be for asset protection. Trying not to lose the family home, ha! 

I've heard positive and negative on both sides and my attorney had said to go with a larger insurance policy as well. Others say that it's crazy not to use an LLC, but if it doesn't really protect us what's the point?

Thanks for your feedback.  

Thanks very much John.  

Thanks Matt, I have managed to get my pre approval, so hopefully that's the first step forward! 

Thanks Michael. It's dipping that first row in the water, last thing I want to do is make the wrong decision. 

thanks for your post

Hi Bjorn,

what do you recommend for a 3 or 4 family property? 

would carrying extra insurance work better? 

thanks