All Forum Posts by: Sandy Keller

 So just be sure that the  lease says no smoking.   I will check that with my property manager...... and if it doesn't we will just have to add that into future leases. :)

I am new and learning. :)

 I am more concerned about systems like plumbing electrical and AC.  Typically our manager buys used appliances for cheap and all repairs of anything have to paid for as neither my mom or I are handy.  They buildings with the electrical, plumbing, AC, and even appliances are all old and we have frequent repairs, but I am wondering if the warranty company really will repair replace in such old buildings..... They say they have no age limit, but I am skeptical because I know they want to make money too.

Can you have a no smoking policy in your rental units, and if so how do you enforce it?

I have seen ads for home warranties and of course the company tells me how great they are for rental property.  Here is what I have been offered:

Do they really give what they promise? Are they really worth it or are they too good to be true?   It would be this price for each of our 12 units.....so the cost would be about $6000 per year.  However, our units are old and there are lots of issues that come up every now and then the various systems.  

What are you opinions on home warranty systems??  For or against?  Worth it or not?  Thanks.

Discounted Rate As Per My Supervisor!= $495.00 for 1 year (Normally the price is $660.00) + 1 Free Month! = For Total Plan

(The Discount Expires 09/22/22 @ 7:00 PM EST)

Total Plan Includes:

• Air Conditioning System
• Heating System
• Plumbing System
• Plumbing Stoppage
• Electrical System
• Water Heater
• Ductwork
• Clothes Washer
• Clothes Dryer
• Refrigerator
• Oven / Range / Stove
• Cooktop
• Built-In Microwave
• Dishwasher
• Garbage Disposal
• Ceiling & Exhaust Fans
• Garage Door Openers
• Whirlpool Bathtub.

Great Reputable Review Sites to check Out:

Reviews

https://top10besthomewarrantyplans.com/?gclid=EAIaIQobChMIiuT8x62s8QIVFODICh2XvQV1EAAYAiAAEgKM2PD_BwE

https://www.usnews.com/360-reviews/home-warranty/choice

https://www.choicehomewarranty.com/home-warranty-reviews/

https://www.consumeraffairs.com/homeowners/choice_home_warranty.html

https://www.trustpilot.com/review/www.choicehomewarranty.com

 Thank you.  I know at this point we are sticking with the property manager that my Dad picked, however, I am working on trying to help Mom see the value of fixing things up.  Perhaps a line of credit may be a good idea.  I'll have to investigate that.  I still would most love to be debt free, but that my be impossible if we wish to keep the buildings in good repair.    yes so much is a catch 22.  I guess we just keep trying to make the next right decision, pray for wisdom and do the best we can with what we have all the while researching and learning more.  

 Thank you.  Yes I do fear the ticking time bomb......We will have to work at finding some solution in the middle, to both keep my Mom comfortable with decisions while also doing what we can to update and maintain. 

 Thanks.  These are some good ideas. 

My mom has $23000 left to pay off on 12 residential units in the Chattanooga Area.  Once that loan is paid off we will free up another $1200 per month.   They are two 4 plexes (each of which need new roofs, gutters etc......not sure about inside upgrades but sure a lot is needed there too.  Then there are 3 houses one with upstairs and downstairs rental units, but that house needs new roof, gutters etc and new exterior paint....also not sure of inside...likely it is in great need too.  Then there are two other houses both with new roofs.  Selling any of them ins not an option as my Mom is not adventurous and these are left to her and me after my Dad went to Heaven.  The rents on all units are around $600 per month  for two or three bedroom units  (way too low, but can't just jack them up all at once.  After expenses including remaining mortgage is cash flow of about $1-$2  thousand per month  assuming all rents are paid and no major repairs...also we don't really have cash reserves for major repairs...trying to save, but these are old units and the $1000 cash flow keeps getting eaten up with new roofs,  AC units etc every once in a while and we are trying to make extra payments on $23000 loan to get it paid off in a year..    I really want to take the 2 four plexes and put the water meters on each to make it so tenants pay water and sewer instead of my Mom.  (Cost guess about $3000 each four plex but would save about $300 per month for each four plex so money would be replace in one year)   Mom is not in favor of refinancing as she wants to have a very low risk of having all units completely free and clear.   There are advantages to that, but perhaps we'd be better refinancing one unit to get several thousand out to make improvements so we can raise rents and get better tennants?  Ideas?   When they are paid for....likely within the next year, what do you think we should do first....roofs, siding....water separation?   Any other ideas.  The rents must get raised as well to keep up with costs and typical rents of the area.  How much per year can we raise them for current long time (2 year plus tenants)  Any other ideas advice...even if it is not what she would want to do, I am curious what the pros think are good ideas?