Just keep on trucking
All rents in on time this month, too. Yea!
Did have a problem with the water bill at one unit. In Colorado, water is lienable. So, if the tenants don't pay, it comes back to the landlord. I've been stuck with water bills before, so I have the water companies send me notice if the bill is deliquent. I had a notice. After going around with the water department and the tenant several times, I finally got them both on the phone at once. The tenant got the shut-off delayed a couple of days. And then made the payment just in time. Whew! Irritating, but worked out OK.
Still no progress on the refi.
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about 1 month ago
Sounds like being a landord in Colorado can involve a lot of BS that consumes valuable time. I'm glad things worked out for you this time, but what if it happens again, and again.......
It would be pretty unfortunate for you to have to do this extra stuff that's not making you money.
I tried to request you as a colleagu but I don't know the status on that. I don't think it worked.
Any thoughts?
Arron
about 1 month ago
I accepted your request.
This sort of stuff is par for the course of being a landlord anywhere, as far as I can tell. Yeah, I could pay a property manager to deal with this. In this case, they would be charging me $95 a month to make a few phone calls. Most months, it would $95 a month to do nothing but collect the check. So, I think dealing with this sort of thing IS making me money.
about 1 month ago
"Most months, it would $95 a month to do nothing but collect the check. So, I think dealing with this sort of thing IS making me money."
If you get your property in good shape before renting it, run your REI efficiently, screen and train your tenants, that $95 a month you are "paying" yourself could work ouy to a couple hundred bucks per hour. Good work if you can get (create) it.
about 1 month ago
about 1 month ago
I think your math is worng Klaus (even though I understand you are talking abut yearly, not monthly), but still, I would think (and believe), managing your own property. If you have the time, is worth it.
about 1 month ago
Jon K is correct that its $95 a month. With the two properties, that get total rent $2100 a month, I would be paying a PM $210 a month. So, I am "earning" $210 a month by collecting these rents myself and dealing with the occasional problem myself. It is not, IMHO, worth $210 a month, $2520 a year, to pay someone to do this job.
Showing a vacancy is MUCH more work. I have a friend who has about 30 properties. He pays a PM half a month's rent per vacancy to deal with the showing, screening, and leasing. That may be worthwhile, especially since 30 properties probably means one or two vacancies a month. But to pay someone $2520 a year to pick up the rent? No way.
If I'm reading your comments correctly, Jeffrey and Jon, you two both agree with me that this is a profitable use of time.
about 1 month ago
It kills me that burden falls on the landlord . . . I've had the joy of paying those bills for tenants - NOT - what a bloody disaster! It's time the system starts to hold people responsible for their own actions (or inaction in this case). For crying out loud!
BTW - I'm glad everything worked out in this case!
about 1 month ago
I'm with you, Jon. I refuse to use a property manager! The 10% of rents is too steep for my pocket books - especially when you consider what you get in return, or lack thereof.
Thankfully, the areas I buy and hold do not lien the tenant's water bills back onto the property. The tenants sign a water affadavit and makes them soley responsible for the bills. When the tenant moves out, the water goes back in my name. Works just like gas and electric. I'm sure all of my tenants are behind in their water bills... What's that old saying? You can't fix stupid?
about 1 month ago
i wish i could have my tenants pay h20 bills...my h2o bills are through the roof...