Lifestyles Unlimited by Del Walmsley
Rental Property Investor · Baytown, TX · Member since 2008 · 94 posts · 21 votes
Lifestyles Unlimited by Del Walmsley
Most Popular Reply
Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votesAlthough I was never a member of Lifestyles, a few years ago I taught some classes for them as a guest lecturer and attended some others. I also got to know some of the members as well as Del and others working for him. I do not think Lifestyles is in the same category as many of the other guru and mentoring programs, in that Lifestyles provides a hands on approach with very specific guidance and an emphasis on the actual purchase of residential properties. Their emphasis seems to be on realistic approaches to real estate investing, unlike many of the easy money (and useless) methods taught by the "gurus".
On the down side I have found that Lifestyles "over promises". Hence they are able to lead an inexperienced real estate investor to believe that obtaining "the lifestyle" i.e. passive cash flow is much easier than it really is. A number of the members I am personally aquainted with have purchased a large number of multi family units, however, for the most part these have been management intensive apartment projects that do not lend themselves well to absentee ownership. I know quite a few ex members who said that they were able to obtain positive cash flow from their investments, but that the passive part was a myth, that they were spending lots of time putting out fires at their properties. The truth of the matter is that Lifestyles bread and butter are C and D apartments, in these absentee management usually means profits are absent also. Further, Lifestyles tag line is that they can teach anyone enough so that anyone can be successful as an investor in real estate. My experience in the business (30 + years), has shown me that this is absolutely incorrect. Just like not everyone can be a successful surgeon, airline pilot, or major league baseball player, not everyone can be a successful investor. Better to find out if you have the capacity for success in real estate before you invest your money, find out if any of the ingedients you might be missing are obtainable and then figure out if they can cost effectively be obtained.
Jody, Lifestyles may very well work for you in your ambition for real estate investment success. Lifestyles is certainly a much better choice than most of the other so called guru or mentorship programs. However, I think you are currently suffering from myopic vision, seeing only the positive and not the negative. I'm afraid the tone of your posts are similiar to those of new multi level (network) marketing recruits, i.e. Amway, or whatever their name is this month. It sounds like an almost religious feverence, Del is a deity whose only purpose is to help people, the mentors at lifestyle do it to give back, not the money, etc. The truth is Lifestyles is a business like any other business, despite what they may claim or it's membership wants to believe, they perform their service for the same reason we all work , THE MONEY.
155 Replies
- Real Estate Investor · San Antonio, TX · Member since 2010 · 10 posts · 3 votes16y
That may be your opinion, but I personally know several challenge and pig members. 5 apartment deals were purchased yesterday here in SA all with Dels help and the support and mentoring from Lifestyles. These are people who otherwise would have stil had their money sitting in a worthless 401k or IRA. (hoping they die before they run out of money.) All you're doing is slandering his name without any proof. Have you ever been a member? Why all the negativity? First you were asking questions like you knew nothing about the group and now you're saying you know Del very well. What are your intentions?
- General Contractor · Houston, TX · Member since 2010 · 4 posts · 2 votes16y
At first I wanted to see if you were another salesman from LU posing as a happy member again. It has happened many times on several forums and it is wrong.
I then said you seemed real and wished you good luck investing.... if you want to give him your money, go for it!
- Real Estate Investor · San Antonio, TX · Member since 2010 · 10 posts · 3 votes16y
Well I am real and I can show you the deals Lifestyles has helped me with. But you simply are slandering their name. (you've spoken false defamation of a person or entity) You still have not answered any of my questions...or shown proof of what you're saying. Were you ever a member? or a vendor? What went wrong for you to be so hateful? Or are you just jealous? I plan to become a pig member as soon as we sell off some land we don't use. And yes I have personally talked to several pig members and every single one of them are very happy and grateful for Lifestyles.
- Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes16y
Hi, I find it very ironic that there are some people who enter the real estate business thinking that they have what it takes to be a hard nosed business type, that they can make a fortune through shrued business dealings, basically finding distressed sellers that they can take advantage of or out manuver others in business dealings, yet they don't have enough sence to find information on their own and end up being taken themselves by snake oil salesmen.
There are many mentors who will give guidance for absolutely nothing, many for a small fee for the time. As the price goes up, that should be an indication that they are not in the real estate business, but the real estate education business and most of them will take your money and just get you in trouble.
I have an idea, if there is anyone in the United States that has an "inside line" on a new and secret method of buying or selling dirt, just pose the situation on BP, but don't give the details of the secret. I (or others) will finish the strategy from beggining to closing for you. Then you can determine what you paid for on a more informed basis. Good Luck, Bill
- Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes16y
Jody,
How much have you given "LU?" Would that be enough for a down payment on another property? I dont know why it took you a few years to read rich dad poor dad. The only thing you need from that book is the picture that shows that you should spend less than your earn. I am about your age and have around 50 units. This business is very basic is many regards. You can learn most of it by talking to people and from doing(does not cost anything). If you would like to use me as a mentor I can give you a special deal tonight only. It is a one time fee of $2995 and then I charge .50 a minute for phone convo. I think this is a great deal and will make "LU" look like nothing. I can show you how to buy buildings with 25% down that will be CASH COWS! - Real Estate Investor · San Antonio, TX · Member since 2010 · 10 posts · 3 votes16y
I paid $500 total to Lifestyles and I've taken the two day class 4 times so far. Each day consisted of 8 hours of eduation. And what are you referring to? I never said it took "years" to read Rich Dad,Poor Dad" LOL. It took me years to finally take the first step to invest. Nobody in my life was investing, most people said it was too risky and said I should avoid real estate all together. I kept hearing horror stories from negative people. I had bad credit and not much money but I had the determination and hunger to learn. I ended up reading most all of the Rich Dad books and listened to all the audios, on top up other personal development audios. That's about 27 books over 3 years. I didn't grow up with money, actually we grew up paycheck to paycheck and I lost my mother at the age of 17, where things got much harder. I was very grateful to find Lifestyles where I met many like minded people with the same goals I had. By the way, LU does not charge by the "min". After becoming a member you get unlimited answers from mentors, you can speak to in person or over the phone. I really benefited from the hands on mentoring. I know I would not be able to do what I've done without their help and support. And I know I am not the only one.
Lifestyles Unlimited’s students own thousands of single-family rent houses and hundreds of apartment complexes across Texas and the US. In three of the last four years, the National Apartment Association has named a Lifestyles student as owner of the year. Their success is due in large part to the hands on mentoring available at Lifestyles Unlimited.
So you can continue to be hateful and disrespectfu, but members will continue to succeed! :mrgreen:
Best wishes! - 16yDon KonipolBusiness MemberInvestor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
Although I was never a member of Lifestyles, a few years ago I taught some classes for them as a guest lecturer and attended some others. I also got to know some of the members as well as Del and others working for him. I do not think Lifestyles is in the same category as many of the other guru and mentoring programs, in that Lifestyles provides a hands on approach with very specific guidance and an emphasis on the actual purchase of residential properties. Their emphasis seems to be on realistic approaches to real estate investing, unlike many of the easy money (and useless) methods taught by the "gurus".
On the down side I have found that Lifestyles "over promises". Hence they are able to lead an inexperienced real estate investor to believe that obtaining "the lifestyle" i.e. passive cash flow is much easier than it really is. A number of the members I am personally aquainted with have purchased a large number of multi family units, however, for the most part these have been management intensive apartment projects that do not lend themselves well to absentee ownership. I know quite a few ex members who said that they were able to obtain positive cash flow from their investments, but that the passive part was a myth, that they were spending lots of time putting out fires at their properties. The truth of the matter is that Lifestyles bread and butter are C and D apartments, in these absentee management usually means profits are absent also. Further, Lifestyles tag line is that they can teach anyone enough so that anyone can be successful as an investor in real estate. My experience in the business (30 + years), has shown me that this is absolutely incorrect. Just like not everyone can be a successful surgeon, airline pilot, or major league baseball player, not everyone can be a successful investor. Better to find out if you have the capacity for success in real estate before you invest your money, find out if any of the ingedients you might be missing are obtainable and then figure out if they can cost effectively be obtained.
Jody, Lifestyles may very well work for you in your ambition for real estate investment success. Lifestyles is certainly a much better choice than most of the other so called guru or mentorship programs. However, I think you are currently suffering from myopic vision, seeing only the positive and not the negative. I'm afraid the tone of your posts are similiar to those of new multi level (network) marketing recruits, i.e. Amway, or whatever their name is this month. It sounds like an almost religious feverence, Del is a deity whose only purpose is to help people, the mentors at lifestyle do it to give back, not the money, etc. The truth is Lifestyles is a business like any other business, despite what they may claim or it's membership wants to believe, they perform their service for the same reason we all work , THE MONEY. - San Francisco, CA · Member since 2009 · 171 posts · 24 votes16y
This thread has devolved more into a display of ego than critique of the program.
Can anyone speak to the $10,000 upsell? The notion of these tiers where the next level is "the" source of ultimate information is arcane. Usually at this point, the courses become more philosophical than financial.
Has anyone from this group transitioned to doing RE exclusively?
If so, how did the information from the group - specifically - assist?
If anyone has been a part of both an REIA and this Lifestyle group what is the substantive difference that makes the latter a better investment?
It would be helpful to hear a reasoned approach.
- Residential Real Estate Agent · Sacramento, CA · Member since 2008 · 6 posts · 3 votes16y
I am also a member of LU, since 2008. They offer good solid info. Keep in mind, it's nothing new. You can get this info elsewhere, but if you like to have support, motivation and to be able to network face to face, then this is a great group.
I've personally spoken to a number of the members that own multiple apartment complexes and what I love about the group is their transparency. They will share everything with you. They do not have the scarcity mentality that you get from most gurus out there that tell you that you have to pay THOUSANDS of dollars to learn.
I've been a member of a number of groups, read lots of books, done a number of trainings, as has my husband. We've been investors for over 10 years and we've never come across another company that provides what LU does at the level they do.
I will say that you are not guaranteed deals. You have to be a squeaky wheel and make yourself known. But how else will you let people know you really mean business unless you show it?
If you are a serious investor, LU is for you.
- Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes16y
I was listening to LU's radio show yesterday. They typically discuss motivation and getting started, but occasionally they'll do deal analysis. Often the deal analysis is for newbies, but I think when they talk about how to turn around a class C or D apartment complex, it is excellent
That's not what they were talking about yesterday. The topic was mentoring, which they are big on, since that's what they do. They used the example of Mike Tyson early in his career when he was surrounded by very successful boxing people. He was dominate. Then they talked about later in his career when he fired his early mentors and his career fell apart., professionally and personally.
So here was my take away--the three killers of success. Ego (pride), Greed and Laziness. They said you might survive one, but not two of these, and there is no way to be successful if you've got all three.
So to state it positively, pursue humility--always be teachable and recognize that you don't know everything.
Strive for profit, but don't over extend or take what's not yours.
And work hard with focus. There will be time for rest later, but get after it now, while the opportunity is sitting in front of you.
- San Francisco, CA · Member since 2009 · 171 posts · 24 votes16y
Jennifer & Jon,
Thanks. From the contents Jon, it sounds like one is as well joining discussions on BP and reading the Tao Te Ching.
- Real Estate Investor · Sugar Land, TX · Member since 2010 · 34 posts · 4 votes16y
I am a member of Lifestyles Unlimited and I think I can give a rather balanced assessment of their program. First, I admire Del Walmsley for his ability to enthusiastically teach, share and introduce real estate investment to the masses. And, what I like about his approach is that he doesn't whip up a bunch of hype, sell you a $2,000 program and leave you without additional resources after 30-60 days. At a pretty reasonable annual membership fee he offers unlimited mentoring via a call-in line where you speak to one of his investor-mentors. You also have the benefit of periodic seminars where they present some useful topics.
I was a tad disappointed in my membership investment at first, however, because it became quickly apparent that the idea that one doesn't need money to get started is not really true.
Yes, there are some examples of people who immediately plugged in to private money and bought one house after the other without coming out of pocket. I wish they hadn't presented this possibility as such an easy one. I also quickly learned that the hard money lenders they recommend wanted to see substantial (i.e., $15K) money in the bank before they would even talk to you. So, when I called and asked the mentors about alternative investment approaches such as double closings, short sales, subject-to's, wholesaling and bird-dogging, I got little or no support at Lifestyles.
LU's investment philosophy is a solid one nonetheless. They teach an aggressive, long-term investment strategy, proper deal analysis, and attention to cash flow - all leading to what they call a lifestyle of passive income and freedom. I also like their approach to property rehab; they place a lot of emphasis in presenting attractive, problem-free and functional properties on the market for their renters.
If I had the capital I would invest in their PIG (Preferred Investor Group) program because it offers A to Z guidance to investors who are interested in multi-family properties which is the ultimate prize, in their philosophy. I also like the fact that they rebate the $10K fee back to members as they purchase properties through their in-house realty group.
The only thing I can truly say that I don't like is that there is an atmosphere of smugness among some of the high-profile members and I think that trickles down from the top, Del Walmsley. But, because a lot the information has been so valuable, I've chosen to just deal with it and get the most I can out of their resources.
The bottom line is that LU is a great resource for beginning investors who want to get steeped in investor education, as well as more advanced investors who have the capital and would appreciate the added resources (e.g., their realty group who finds deals for investors) and camaraderie with other seasoned investors. The two-day class is eye opening and should be considered by any newbie.
However, if you don't have money to speak of and need to take alternative paths toward, perhaps, an ultimate goal of passive investment streams, you may have to do a lot of self study and supplement your education through other investment clubs that offer a more broad perspective.
Hope this helps!
- Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes16y
The topic that won't go away!
Thanks for the balanced assessment Stephanie. Have done a single family deal through LU? If so, how did that go?
I hope you stick around BP and give your thoughts on different perspectives here, and how they compare to LU's approach.
- Investor · Houston, TX · Member since 2009 · 27 posts · 3 votes16y
Stephanie Thomas......you are spot on! you are very accurate in your statement.
i agree, ultimately it is still up to us work the system and do our due diligence through self-study whether it's through investment mentoring clubs, radio, or books/seminars.
LU is a fantastic place to build a foundation (no pun intended) for folks who are in the beginning stages and are timid about the progression. through its plethora of case studies and vendor spotlights, so much can be learned through the experiences and successes of like-minded people.
oh, and thank you for mentioning the "smugness" (your word-not mine) that exists. i always thought that it was just me. now i see different. i've met Del. he's a good man. now i'm not going to say we're text buddies or we call each other up from time to time. but i've seen him work and he's a good man. i'm not a cat fan but just recently Del sent email blasts looking to find homes for 10 kittens that he had already cleaned up and vaccinated. i'm sure it's probably from one of his apartment complexes, but he didn't have to do that. a person with that type of compassion can't be all bad.
the smugness you refer to is in the "mid-management" at LU. it's not from Del. i've seen it. been exposed to it. there are some individuals there who won't give you the time of day in person yet they're the most kind-hearted people when they're on the radio during the show. i've often made the remark, "you SOUND really nice on the radio."
mentoring really and unfortunately falls on the agents. i'm a member of LU so i know i speak from experience. and yes, i've lost a deal where the LU agent didn't return numerous calls on a property that i did NOT find thru LU but on my own. the listing agent mentioned that i had to use another agent to represent me, hence my call to the LU agent.
also, i've been inquiring about a 4-plex that i found outside of LU. i've met with an LU agent and i've sent that person the listing. as of today, i have not heard back in regards to it. i sent a reminder email yesterday morning. my original email to that agent was sent August 2 and here we are August 9. and they're supposed to help with unlimited questions remember? well i'm still waiting. i'm thinking because if didn't find it through LU is why they're not as responsive.
so yeah, LU is a good opportunity to learn. i have 5 SF properties and a passive in a MF all because of LU. and the networking is great. in fact through LU, i've found another realty company (not a mentoring group but really teaches great stuff anyway) that's really more aggressive in finding SF properties and gives you great insight on the financing.
so don't rely just on LU. they are not the only game in town. there are others who can do it better. bigger isn't always better. bigger can be fatter. bigger can get complacent. but hey it's a business and they're all about selling memberships. there are plenty of people in Houston who'll help you free of charge.
- Real Estate Investor · Midlothian, TX · Member since 2010 · 7 posts · 4 votes15y
RV & Stephanie,
Great comments. I've been with LU since 2007 and am a Preffered Investor and am a Passive in a MF deal and have 13 SF properties. The MF deal was done through the LU Real Estate company. All my SF deals done outside of LU and is much more profitable than the MF deal that I'm in.
I remember when I 1st joined I thought LU was the greatest thing since sliced bread. Now that the honymoon is over I have some critcisms to offer but in general still think that it is a great value add for those that choose to build income streams through residential and multifamily investment grade real estate.
The best value add that I receive from LU today is 1st the networking with like minded individuals, both mentors, LU realtors, vendors, Del, as well as the LU members themselves. Over the last year, the addition of the PIN (Passive Investor Network) group has been very valuable to me. This sub-group consist of on LU MF passive investors. It has help me and some of the partners in my partnership hold the lead investor's feet to the fire that you would not get if you were just out on your own.
My biggest complaint that I would have about LU is that in my opinion, at the core, LU is a Real Estate Company 1st and a Real Estate mentoring/education organization group 2nd. I think that they should be two separate entities. Have the 10K directly go towards the education and mentors and that the mentors not also be LU Realtors. Quite simply, have the mentors just truly be mentors. I see it being a conflict of interest having an LU mentor being a realtor as well. So to say, teach a man how to fish instead of selling them the fish. For the LU Realtors, let them keep what they make or have the LU members that wish to use the LU Realty services pay another fee up front in hopes that they will get it all back in kickbacks received from their commisions. With this kind of clear separation where the mentors are to not profit directly and/or indirectly from LU members closing deals through LU Realty, LU members can then get the best training and mentoring for acquiring SF & MF deals and putting together partnerships.
- Real Estate Investor · Midlothian, TX · Member since 2010 · 7 posts · 4 votes15y
Sure, I'll discuss some of the high level stuff but won't go into all the details here as some of the other partners would probably want to keep that private. Partnership bought the deal for about 1.2M about 1.5 years ago and has put in about 400K into rehab. We did it as an all cash deal and is now rehabbed, riff raff kicked out and stable.
My investment was 50K and to date have had about an 8% cash on cash return. As it was an all-cash deal we are in the process of putting a note on the property and should be able to pull out about 60-75% of our equity. Cash flow after that should continue to give us about an 8-12% cash on cash return based on what we originally put into the deal.
When I 1st joined LU as an FFP member, I had asked Del a question at one of the Case Study events. The question was, "as a passive investor, what returns could you expect as a passive investor on a stabilized property with say a 100K investment." He lashed out at me stating to not try and trick him into having him say something that a crafty attorney might come back.... or something like that. Quite simply, the expected ROI is all over the place as from what I see. Now, I see his point. There are a couple deals that are better than mine. Most making less money and yes, several LU MF deals that have gone bad. The bad LU MF deals are not really LU at fault but the partnership and/or lead investor, possibly the property itself. That's why the PIN group, part of LU, was formed and is a very valuable asset to use for the passive partners in evaluting, selecting, and keeping the leads accountable. I'm sure some of the leads have a distain for this group but I myself am grateful.
- Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes15y
I live in Illinois and listen to the LU podcasts pretty regularly. Seems to be quite a bit of cynicism for the organization in here which is odd considering all they do is try to convince people to take action and help show why real estate is such an incredible investment.
While I'm sure they make money off the memberships, I think you have to look at the value that new investors are getting for that money. Which, speaking to an earlier post, also should explain why the costs are less after the first year. Common sense. The person's first year is going to include a ton of calls. After they get that first year under their belt, they shouldn't be calling as often.
I own 12 single family rentals here and love the podcasts and would definitely join if I lived over there. I'm not suggesting they're perfect but show me another real estate training/organization that provides a bunch of classes and all the calls/questions you can come up with for $500.
If you want to look at a crazy real estate training org, try checking out Renatus where their training program is 13k and you can sell their training program to other people and make 3 or 4k. Half the people in there could care less about the real estate investing. They're there to sell the programs to other people. Now thats a program to be cynical about. LU is an absolute dream in comparison. :-)
- Real Estate Investor · Houston, TX · Member since 2011 · 23 posts · 2 votes15y
I have been an LU member for less than 2 years. I am in at the lowest level $500 first year - $240/yr. renewal. What I like about the organization is that I have never been pressured to pony up more money. They provide several networking events each month with guest speakers. I have only been to one of these where they had a "guru" pushing product. The other 99% have featured contractors, lenders, legal eagles and so forth. I am involved in my first rehab/rent project and I have utilized their unlimited mentor calls numerous times. Never had any pressure to upgrade. There may well be other organizations that are better, but I too have attended a Renatus (Nouveau Riche) meeting and couldn't get out fast enough. Two totally different types of organizations.
- Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes15y
Originally posted by Joshua Dorkin:
Are you putting what you learned from this 2 day class to use, Jack? How much was it? I just visited the website and it looks like some kind of mentoring program. Seems like a free introductory seminar with an up-sell for more materials and courses?What do these guys do besides mentor?
I agree, I think you will get the smoke and not the meat. Everything is an up sell. I would attend, and take it with a grain of salt. This is an action taking business. I have personally never spent more than a few dollars on some books at a garage sale! LOL! Seriously. This is a business of takin action and having good tech support. There is plenty of that here for free!
Not to ramble on, but a good friend of mine has bought and sold over 700 houses. His only education was an introduction book from Ron Legrand that he spent 10 bucks on! :D - Real Estate Investor · Plano, TX · Member since 2011 · 2 posts · 1 vote15y
I joined LU in December 2009 and can share my experience so far. I paid $500 for the basic membership and have enjoyed the 2-day bootcamp, several case study nights, and countless vendor guest speaker nights over the last 18 months. I even presented at the DFW case study night in November 2010 and also was a guest on one of the radio shows that same month with Lynn Andris.
I took RE action in April 2010 with my first SF deal and now own 5 rental homes in Garland, TX. My average purchase price has been $68,500 and my average rehab has been about $18,000. My average refi appraisal has been $108,800 and my average out of pocket cash has been $15,000. My average cash flow after PITI has been $502 after protesting property tax appraisals and doing 30 year conventional refinancing on each. Those are my numbers and do not include any expenses after rehab, though I do manage my own properties on the side while maintaining a full time job outside the RE sector.
Beyond my initial $500 (2-year) membership, I recently paid $300 for an additional 2-year renewal membership which I feel is well worth the knowledge and experience I have leaned on to get me going (and will continue to do so). They do not have any "secrets" but are a group of highly motivational investors who have helped me to stay on track through mentoring and education. They haven't taught me everything, but mostly everything. Their vendor program allowed me to easily plug in the right people to complete my puzzle, from mortgage broker, to hard money lender, to general contractor, to AC repairman.
I have not entertained the PIG $10K membership because I don't believe I'm at a point in my SF investing adventure which would allow me to maximize use from it. I have spoken to two PIG members who said you really didn't need it unless going into large MF projects.
For now, I will stick with buying REO SF properties (none have come through LU) and build up my non-W2 income stream. While not entirely passive in nature, I could definitely see where 20 houses could replace my earned income at a job and give me MUCH more flexibility with my family and my other passions. This is the core of what LU preaches when they say "it's not the money, it's the lifestyle".
- Homeowner · Member since 2011 · 1 post · 0 votes15y
Last Saturdays radio show (I have only listened a few times so do not recall his name) said the repairs etc were up to the renter. How can that work? I had never heard of that before.
- Real Estate Investor · Plano, TX · Member since 2011 · 2 posts · 1 vote15y
Joyce--what I was taught from LU was homes are not apartments, and you make darned sure your tenants understand this. When the toilet overflows or a lightbulb burns out or a garden hose springs a leak, there is no onsite maintenance man who will come by between 1-3PM to replace or repair those types of things. They are the tenant's responsibility.
Since I repair or replace EVERYTHING which might break in 5 years (and which does not have a warranty), my tenants know they are being given a home which is practically brand new on the inside. If their kid kicks a soccer ball through the window, their responsibility to replace. If they drop a bowling ball on the kitchen tile, their responsbility to replace.
My leases all have a section titled REPAIRS. In this section I provide my name and number (I manage all 5 SF rentals myself, remember) along with a statement which reads "Tenant will pay Landlord the first $250.00 of the cost to repair each conditiono in need of repair, and Landlord will pay the remainder, except for the following conditiosn which will be paid as follows:..." and then it goes on to discuss 4 conditions which are "Landlord negligence", "wastewater stoppages caused by roots/malfunctioning equipment", "health/safety issue not caused by Tenant or guest of Tenant", and "heating/AC, water heaters, water penetration". That's it, everything else is the responsibility of the tenant for the first $250.00 of repairs.
I make sure I go over this section with my approved applicants very carefully when signing our leases. I tell them I am entrusting them with a $100K+ home which will be "their home" for the next X months/years. And I do not get phone calls unless one of those four exceptions occurs.
Between my 5 rentals, I have had 3 "major" service problems and all of which involved me violating the "replace everything which might fail and isn't under warranty" rule. My very first rental had a $250 AC repair issue (I was over budget on rehab and chose not to replace a 12+ year old outside unit). My third rental was also running tight on budget and I ended up replacing the oven and water heater AFTER the tenants moved in and heard a loud pop and smelled a foul odor, respectively. All these things should have been included in my rehab budget, and if they put me way over I should have not done the deal (but I'm glad I did nonetheless).
Hope this helps.
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