Nickel & Dimed to death - Spending Habits
Building up a nice portfolio but feel like I'm being nickel and dimed to death!
I take pride in my properties...I want them to look nice, be safe and efficient which translates into good tenants and less headaches. But I feel like every time I turn around, something is needed or a good tenant is complaining about...(you name it - windows, doors, concrete cracked driveway, ect).
I am willing to work with good tenants on getting the place in line and also look longterm at the improvement of the property. On the flip side, I feel like I can't let my cash flow build up a nice cushion and start to get a good ROI.
Its a fine line we have to walk on to not spend much but keep quality tenants so 2 Questions:
1) How does an Investor/Landlord control spending habits? outside of necessary fixes/repairs.
2) How do you deal with an annoying tenant who wants this and that fixed replaced/improved? when to fix or tell tenant to 'beat feet'?
Most Popular Reply
I know some landlords are perfectionists but for me that seems to put too much stress on things and raises expectations to a very high level.
Responding to tenants is a personal thing but for me hopping every time a little thing is noticed is not what works for me.
As a real estate agent dealing with investors I noticed people starting out as landlords saying if the property is nice only nice people will come. Not true. It almost seems like a magnet for bad tenants sometimes when everything is new and perfect. Buyer buys place, spends a fortune making it perfect for the perfect tenant that trashes it. Buyer again makes it perfect, sells it and loses his shirt.