All Forum Posts by: Eric Y.

@Sam Leon

I would absolutely charge on the blinds. That looks like dog wear to me (I've had the exact same issue on the exact same blinds, except there was no argument when I made note of them destroying the brand new blinds I installed 12 months prior for them). Even if you don't have perfect pictures, I hope you have a receipt showing when you bought the item. Don't forget to add something in for labor--nothing is free in this world.

The AC coil cleaning, probably not. That just comes with being the property owner. I generally expect 0 not-explicitly-stated-and-agreed-to maintenance done by tenants. I have yet to be proven wrong minus a few isolated cases.

Tub is iffy. I'd go for it, and if he pushes back hard and seems serious about fighting you in court (highly unlikely) maybe try to "play ball" and lower it or something. You can buy a fantastic brush-on (assuming no sprayer) tub refinishing kit for ~$40 from Sherwin Williams if you want to do it yourself (it is easier than it seems, just make sure you wear the proper mask--stuff is BRUTAL). The cheapy $15 big box store ones did not work very well for me. If you pay someone else, expect it to cost $175 to $300.

Trash removal without a doubt would be charged for. Document it. You didn't rent it to him with the trash there. You're not responsible for disposing of his illegally dumped environmentally harmful trash.

House was purchased for $44.4k and put about $27k into it with appliances and all the small things/fees (way overboard for the area, but I do the majority of the labor and a lot of finish work like custom built cabinets, etc). Rented for $1400/mo which was high for the area, but finishes were top notch. Sold for $122.9k about 4 months later with tenants in place. This was out in the Milwaukee area.

I'd generally agree.

Though, one of my best tenants did have a "minor" (restructuring) bankruptcy in 2008. However, when I mentioned my criteria she was very up front about it and also had done a lot of work (which she was able to produce evidence of) to repair her credit, make restructuring payments, and her previous landlords all said good things as well as super steady work history.

On the flip side, one of the 4-unit buildings we purchased with in-place tenants had 3 of the 4 tenants who would have never had a remote chance of passing the screening. Of course, 3 of the 4 tenants routinely had issues with the previous owner (and even were in the hole on rent and the previous owner didn't move on it--which is VERY easy to do in CO). I bought the building with much bigger plans than the current owner so I wasn't worried about in-place tenants. Luckily, 2 of the 3 leases expired and went M-t-M during the sale so it was easy to rectify as soon as I got my first sap story. I used to be a little more lenient when I first started in this industry, but they will(99%) absolutely eat you up at any sign of weakness. As soon as I reverted back to letting them know this is a serious business and that I will be a very fair and responsive landlord, which was obvious given the condition of and work in all of my properties, I haven't had any issues. In fact, most of them pay me early.

@Mike McDermott

Thanks for the reply. That is roughly what I came to understand as well--but I took the "complicated" method of separate LLC's across the board (which includes separate bank accounts, books, EINs, etc). It seemed to be the only "super safe" method that I could realistically achieve and that my lawyer agreed with. It helps that LLC's in CO are incredibly easy and cheap.

How is Wisconsin doing? I'm about to unload my last property there (in the MKE area) but haven't kept up with the local market too much.

@Josh L.

I still use carpeting in parts of my rentals. Mainly in the bedrooms (we still get cold weather here, nice to step on warm carpeting barefoot).

1) Where do I buy my carpeting?

Craigslist/HD/Lowes. I'm not picky. Just shop them all around. I've been using the same carpet guy for awhile now and most of the time he will tell me what he has in excess (and thus sells it dirt cheap) or what he knows a few shops are trying to move. If theres no deals, then just getting the stuff from HD usually works well. You can get a decent carpet & pad for ~$1/sqft as a good rule of thumb.

2) What types?

No real preference here. I pay more attention to the pad (spend the $ to upgrade to an 8lb pad with some stain/odor fighting abilities). You're definitely going to replace the carpet at some point, but you might be able to salvage the pad. So far, by doing little extra upgrades I've managed to routinely attract quality tenants and haven't had to replace carpet anywhere. My only "bad" tenant has been very long-term and luckily lives in the only rental I have with 0 carpeting. Anyways, keep the colors to a neutral/earthy look. Possibly some multi-colored strands and this will help you save the carpet a little longer by being able to blend stains/etc. Your worst enemies are going to be 1) cats (well, lazy cat owners), 2) puppies, 3) people eating/drinking in the bedrooms.

3) Nope. So long as the color works, I assume it will have to be changed sooner than even the crappiest carpet would normally wear out (though I have been wrong so far--I wouldn't count on it).

4) Your most wear prone areas are going to be entry ways and hallways. I'd never have carpet in those areas (even in my own home, generally speaking). Tile around entry-ways (give people a chance to take off their muddy shoes on a crummy day without destroying hardwoods or carpet) and going hardwood/tile in the hallways will just last you much longer and can be refreshed without redoing the entire thing.

5) Good luck and don't overthink it. Using the thicker pad will make even cheap carpets "feel" muuuch nicer to feet and feel. Keep the colors nice and warm and you'll rent faster and for more money.

@Tom Meade

Great advice. That is roughly the setup we're using (which was copied from a much larger portfolio fund).

@Mike McDermott

Would that be a NYC-specific ordeal (I'm not familiar with the case, but any chance they took it to a higher level like state or district courts for a confirmation?). It's true though, if a good enough lawyer can pierce that corporate veil you'll be toast.

I prefer brick ranch homes myself so this is something you come across a lot. One of the very first things I'd check out is the gutters/downspouts and see how they look. If they're dumping water right at the foundation (or the grading is negative and pushes water back into the house) then you could have a potential issue. I've bought 2 homes that had the beginnings of these issues, but once I put gutter extensions on and fixed the grading around the house there has been no issues at all and the repair work looks fine with no new cracks appearing or worsening. If there isn't any issues with water and drainage, then I'd be weary. That is showing some movement and depending how old the house is, some settlement is normal. Check other structural weak points (areas around doors/windows mainly) and see how they look. Also ask neighbors or mailmen if you can. I've gotten so much useful information just by asking people--they love to stop and chat for a few minutes. If they are exceptionally helpful and friendly and I still buy the house, I usually give them something to let them know I appreciate their time and information (this also has a double-whammy of getting you a friend and ally with eyes on the property daily). Neighbors usually feel you out to see who is buying, anyways so you need to make a good impression.

New to BP and stumbled across this. Would love to show up as well. Same question as Julie--do we just show up to the location at the right time?

I finished active duty in 2008 and I still use my (now expired) card at Home Depot constantly. The manager told me it was for "veterans and active duty", so I don't think it is an issue. I definitely don't look active anymore with a huge winter beard, but I just pull out my regular driver's license and the military ID card side by side so they can see my name on both and have never had an issue--even when they have to get manager approval because the discount was over $50.

I wouldn't be too worried about it. They may have just been trying to joke and aren't as tuned into how insulting it can come across as (lots of joking happens once you're in--regardless of gender). It's somewhat rare, but not too much anymore these days. My last hire was a female and she is an excellent contractor. I'm not sure how your area is, but the last time I posted an entry-level job ad I had almost 100 replies within 8 hours. There is a ton of competition out there, just stay upbeat and keep on working towards your goal.