New landlord requesting tips on rental - laundry, pets, lease
Greater Boston, MA · Member since 2021 · 6 posts · 10 votes
New landlord requesting tips on rental - laundry, pets, lease
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4yLots of questions. I suggest you buy a few good books on managing rentals; that will answer most of your questions. The Biggerpockets bookstore has a good one from Brandon. I personally like "Every Landlord's Legal Guide" by NOLO because it's full of practical advice but it also points you to your State laws. It's updated annually and they have a great website.
You can buy a lease through Biggerpockets for $100 or upgrade to Pro and get access to them as part of your membership. It's approved for your State and it's as good as any lease you'll find. I've seen hundreds and speak from experience.
Yes, you should allow pets. If you don't, many tenants will sneak them in or claim them as support animals which can't be discriminated against. Learn how to screen the animals, limit them, and monetize them. You can typically make an extra $50 - $100 per animal, per month. Set up a system for inspecting every 4-6 months to prevent any damage from getting too far along.
Best appliances? I buy Amana, which is typically the cheapest, and they do just as well as anything else. I manage 400 rentals and have pretty good experience, but maybe someone else is more knowledgeable.
Other tips? I have 1,047 more but don't have the time. :) Read some books and you'll find the answers to 80% of what you're looking for. Then come back and refine your knowledge through Q&A.
The DIY Landlord Book4.7248 Reviews
6 Replies
- 4yMalcomb StapelPro MemberInvestor · Topeka, KS · Member since 2020 · 669 posts · 488 votes
@Grace Olinger I will throw out a couple, as I'm sure you will get plenty of others.
1. If you do allow pets, charge a pet fee, not a deposit. A deposit suggests that they may be getting it back. There pet is definitely going to cause some sort of damage that will need to be addressed.
2. Do a walkthrough on day one with them and note any deficiencies and take video or pictures. That way you can compare them to when they move out.
3. Provide an move out inspection list with items that will be checked on and the fees associated if they do not pass check.
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes4y
Lots of questions. I suggest you buy a few good books on managing rentals; that will answer most of your questions. The Biggerpockets bookstore has a good one from Brandon. I personally like "Every Landlord's Legal Guide" by NOLO because it's full of practical advice but it also points you to your State laws. It's updated annually and they have a great website.
You can buy a lease through Biggerpockets for $100 or upgrade to Pro and get access to them as part of your membership. It's approved for your State and it's as good as any lease you'll find. I've seen hundreds and speak from experience.
Yes, you should allow pets. If you don't, many tenants will sneak them in or claim them as support animals which can't be discriminated against. Learn how to screen the animals, limit them, and monetize them. You can typically make an extra $50 - $100 per animal, per month. Set up a system for inspecting every 4-6 months to prevent any damage from getting too far along.
Best appliances? I buy Amana, which is typically the cheapest, and they do just as well as anything else. I manage 400 rentals and have pretty good experience, but maybe someone else is more knowledgeable.
Other tips? I have 1,047 more but don't have the time. :) Read some books and you'll find the answers to 80% of what you're looking for. Then come back and refine your knowledge through Q&A.
The DIY Landlord Book4.7248 Reviews - Lender · Hollidaysburg, PA · Member since 2022 · 5 posts · 2 votes4y
Hi Grace!
Congrats on becoming a new landlord! I'm not much help on the laundry issue but I do have some info that may help on the other topics in question.
Along the lines of pets I personally don't think it's to much of an issue. Any more these days it seems like everyone has a pet, so it may certainly hedge potentially good tenants. I'm not aware of any higher insurance premium charges (at least not knowingly) for allowing pets in your rental. Differentiating increases in premiums between and investment property and a primary residence with a tenant in it seems like a trivial disparity for an insurance provider to ring you dry in the name of pet damage. Regardless, if providers were to increase your premium (which I haven't seen to be the case with my properties) it would probably be insignificant. As always though you would probably be best to reach out to 2 or 3 providers to get quotes and ask if they charge extra for pets that are present. I do allow pets in my properties. I utilize pet fees in addition to rent which I have written into my leases. This is an easy way to insure against increased wear on flooring and carpeting.
Honestly, when I started I just google searched rental property leases. I know this sounds like pretty vague advice, but each landlord can have quite a bit of difference between their leases depending on their personal experiences. Doing a google search will give you a great rough concept on how they are laid out. I do have to name drop Brandon Turners book on rental property management as it had a huge part in the development of my lease. This would be an exceptional place to start. I also sought advice from my closing attorney to see if their was anything she recommended I include in it as well. You will most likely add some personal touches to your lease that you find more convenient, but that's all part of the landlord process!
Some other tips that I have would probably be to have a plumber snake or inspect your drains in the unit prior to renting. This way you have proof that the drains were fully operational prior to renting. I have had many problems with tenants clogging drains and then blaming "bad pipes" for the clog even though they were all new PVC and completely functional prior. This is just a headache that I choose to avoid and It protects you from incurring ridiculous costs for repeatedly calling in a plumber to snake drains. This is something that I learned the hard way and put in my lease. Another cool tip is you can pay someone to cut your grass now and write it off (if you have a yard of course). Not sure if you can write off 100% of since you are house hacking but it may be something worth looking into with your CPA.
Hope this helps a bit! Cheers!
- New to Real Estate · Burlington MA · Member since 2022 · 26 posts · 15 votes4y
Hi Grace:
I highly recommend joining Masslandlords, as they have compiled many excellent documents, including leases that adhere to MA laws, as well as several addendums covering a multitude of situations and also have a forum where you can ask questions and benefit from others' experience. They host regular zoom meetings about germane topics, such as heat pump technology or security deposits. Their leases are very comprehensive, things I never even thought of, such as prohibiting growing marijuana or harboring fugitives. You also get a discount at Home Depot of 15%. I would recommend SpeedQueen washer and dryer, as they claim to last 25 years. During the pandemic that was all that was left, so I put those in. Expensive, but pay now or pay later is my theory. Or you could go to a Restore. Many people remodel and donate very usable appliances. They have to be less than 5 years old. I would also recommend getting the drains snaked prior to a tenancy and put it in a clause that you will either pay for one snaking during the tenancy or that the tenant pays as you had it done prior. Allowing pets will greatly expand your pool of applicants. I permit one cat or one dog and don't charge a pet fee, although I have hardwood floors not carpets. My last tenant had a dog and it was no problem; my current tenants have one cat. You can specify dog breeds you don't allow in the lease. One other clause to add to lease is that the premises are rented "as is" to preclude folks from asking if they can cut a hole in your basement door for a cat door (yes my tenants asked for that on day two) or refinish the basement, or anything else.
- Real Estate Agent · Daytona Beach, FL · Member since 2019 · 37 posts · 15 votes4y
I allow pets in my rental units because I believe pets are family. I have a cat and a dog. My cat will mess up some good carpet if given the chance and my dog can make some noise. I always include either a pet rent fee or a non-refundable deposit though.
When I was a renter, an interesting lease term I ran into was regarding noise reduction. I had an apartment that required 75% of the living area to be covered to minimize disturbance to the bottom unit.
A common and important note are what the tenants are responsible for and what the landlord will cover like who handles a burnt lightbulb or a clogged toilet.
- Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes4y
Grace,
If you decide to allow pets, discuss with your insurance agent what pets or breeds will cause you issues with the insurance. We represent many different Insurance companies in MA. Each has a list of prohibited dog breeds and other animal situations not allowed (farm animals, etc.). If you rent to a tenant with a prohibited pet your policy may be cancelled or non-renewed. If that happens you will need to find other coverage and often that will be more expensive and may exclude liability for animals.
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