All Forum Posts by: Shawn H.

We recently had a heat pump replaced in one of our units. The new unit should be more efficient. The first full bill after install was $100 higher than the previous month. I can check the usage online through the electric company, so I suspected something was wrong. When I went to look at the unit, the thermostat was set on 68, so it was set reasonably. The tenant was unaware of a high bill at this point. Part of the increase is due to colder weather, maybe $40-$50. I called the installer to look at the unit. 2 problems: low refrigerant and the breaker to the outside unit was off, not tripped, off. The installer of course says breakers were on when they were finished. The tenant is a single mom, good tenant, I really don't think she flipped the breaker. I believe everything is now working correctly. The tenant mentioned the higher bill, but didn't ask for any discount. Should I give her a one time discount? I don't feel like it is my fault, I have been proactive on having a unit installed and checking proper operation, but I want to keep her happy. The installer is claiming no fault. I don't mind giving a credit, but I don't want to get into the trap of her thinking a discount will be due anytime a bill is high. What do you think?

The older I become and the more responsibilities I have, I've become more adverse to risk. I know generally risk=reward, you can't fly if you don't try, you can't expect to excel or stand out if you keep doing what everyone else is doing... I've become so adverse to risk, or making mistakes, that I over analyze, miss or pass up deals. These self imposed limits have stalled any wealth creation. How does an investor get past the fear of risk or messing up? I educate myself probably too much. This site contains so much information and wisdom regarding real estate and has been a great encouragement. I recently watched the Terry Adams podcast #134. This is one of my favorite podcasts. The whole interview was so common sense and down to earth that I could relate. Brandon and Josh do a great job of selecting investors to interview. I try to take bits and pieces from each podcast to apply to my investing strategy. Thank you to those on the forums, podcasts etc. who share their wisdom and experiences to help others like myself improve in our investing careers.

I have 2 units, with plans to expand. I will probably never have more than 5-10 units. I have been using Quicken Rental Property Manager for a long time and it has served me well. The version I have isn't compatible with Windows 8.1, and the 2015 version has bad reviews. Most other programs are online with monthly fees. The cost isn't worth it for only a couple units. What other desktop (non-online) programs are available? Thanks

Does anyone use auto text response apps for tenant calls/texts? If so, how has that worked out? Pros/cons?

Will increasing the rent, above other area rentals, limit possible unwanted tenant applicants? The area we are in does not have many 'nice' rentals. Most are smaller and lesser quality than what we offer. I feel the higher rent is justified. We have set our rules/requirements high as well to limit the amount of tenants that are not qualified, either financial or background check. Obviously we want good qualified tenants without having to turn down a lot of applicants. Thanks

I have seen several houses lately that would be good purchases. But, they have large trees that could pose future maintenance/costs to remove. By large I mean 4' diameter, 60'+ tall. Should this prevent a purchase, or would you take into account in your purchase price/reserves?

Thanks

In my area, we have a lack of suitable houses for rentals. Many homes are from 1890's-1940's. Not exactly what I want. Does anyone have rentals that are manufactured/modular homes? Has anyone bought or built duplex/triplex etc., from a manufacturer dealer? If so, what is the quality/issues? I'm looking for a more affordable way to develop housing, with fewer maintenance issues than the older houses we have available. Thanks

Duplex, each unit has 2 bathrooms.

Both units are rented with long term renters. In order for me to replace the tub/surrounds in a timely manner, I would have it hired out. I would estimate that cost to be up to $2000/unit instead of $2500 for resurfacing all 4. The company offers a five year warranty. The tubs aren't in bad condition, I thought I could prevent more costly expenses in the future, while also updating the look. I am skeptical as well with the flexing and longevity of the product. I figured the gel coat lasted 30+ years, then the resurfacing could last 10, maybe. Thanks.

Has anyone used the company Miracle Method to resurface a bathtub? I have some fiberglass tub surrounds that are showing some wear. I thought resurfacing may increase the longevity and appearance. What are your thoughts/experiences with this process?

I'm looking for pros/cons of houses constructed out of block with stucco covering. The inside is plaster. The house is on a basement and was built in 1950. How hard is it to maintain, repair? How are utilities/insulation in walls, if any. Does a block house have a 2x4 frame inside the wall or just furring strips for the plaster? Anything obvious I should look for that would be a future problem. I am looking to purchase as a long term rental. Thanks