Hello BP Family. I am looking to do the BRRRR strategy and I have a question about the renters that I will put in the home after it's remodeled. I understand that I will be the owner of the property and I will be responsible for repairs. Let's say that there are damages to the property that are caused by my hockey pants and not by wear in tear. Ex. Kids playing around and putting a hole in the wall or something of that nature. Do I have to continuously come out of pocket to fix these problems or are the renter is responsible for where in tear that they cause?
depends on what your leases says
if the tenant damages the property, they are responsible - that's why you have security deposit
if it's regular maintenance or wear and tear, you're responsible.
the most important thing you can do is screen tenants and buy nice houses, so you avoid people who ruin things. Tenants for the most part aren't too destructive.