All Forum Posts by: Adah N.
Adah N. has started 29 posts and replied 284 times.
Post: Lease Language To Make Tenants Pay To Refresh Paint
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
Quote from @Julie Hartman:
Agree, some touch up/refresh/repaint is expected. That is why we are considering language that passes a portion(not all) to the tenant.
Post: Lease Language To Make Tenants Pay To Refresh Paint
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
Quote from @Theresa Harris:
Start by trying to wash the walls. A Mr Clean eraser works wonders.
If you are not willing to do any of the work (your choice), then you are the ones that need to pay to repaint unless the tenant damaged the walls and that is why they need to be repainted.
You have no idea what the condition of the walls were like when the tenant moved in, therefore you can not charge them for it. Wait until the tenant moves out and then pay to have it repainted at your expense. It will be much easier to paint when it is empty.
Thanks. Previous owner says it was freshly painted, I believe him. No amount of Mr Clean will do it.
I am looking for a way to word lease to make a portion of refresh or repaint tenant responsibility even if it is normal wear and tear, if tenant stays less than 4 years. Why? Reduce turnover costs. Besides, margins for this property is being eaten up by 35%+ increase in property taxes.
Anyone have such language in their lease?
Post: Cost of interior painting - 2013 built Townhouse 2350 sqft 3BD 3.5 Bath, 3 stories
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
Quote from @Bob S.:
Quote from @Madhan Nellaiyappan:
Hello,
What would be the cost estimate for interior painting of a 2350 sq ft townhome 3bd 3.5ba. My property manager is quoting 4k for one coat. I am new to this and am not sure what would be reasonable estimate and if there are any specifications that I need to ask for in terms of the paint used to improve durability. This is for a longterm rental.
Thank you!
Impossible to answer not knowing how much prep work . But 4k does not seem bad.
$4k for “1 coat” is annoying. PM should be quoting to do the job properly period.
$4k to paint $2300+ sqft properly sounds reasonable. It will vary by location though. In metro Atlanta it would be competitive to reasonable.
Post: Lease Language To Make Tenants Pay To Refresh Paint
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
Quote from @Nathan Gesner:
Tenants won't want to rent from you if they have to pay an extra $2,000 to refresh paint after living there for just one year.
You should have a good clause that says you will charge Tenants for anything beyond "ordinary wear-and-tear" on the rental. Good paint can easily last 7-10 years. If you had to repaint the townhouse after just 17 months, that shows the tenant abused the walls and they should pay a portion of the cost based on the remaining life.
You said these were inherited tenants so you probably don't know what condition the walls were in before they occupied or how old the paint was. Maybe the paint was 12 years old and had been badly stained by someone five years ago?
Paint and start fresh. Hold tenants accountable for excessive wear-and-tear.
Thanks. The prior owner said it was freshly painted. Yes, deducting from security deposit which will not cover paint and other charges.
If tenants move into a freshly painted house and move out after 2 years it will probably need touch up or repaint. I want them to pay half, I see how they will dispute and claim paint is normal wear and tear. Even if it is normal wear and tear, I want them to pay half, but will waive if they stay 4+ years. I’ve also heard some judges will not allow it. However, what if it is specified in the lease?
Looking for a way to word it so what comes across is keep walls clean, stay 4+ years to avoid costs…
Post: removing PMI or paying off higher interest mortgage or saving/investing
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
Definitely DO NOT spend $10k on PMI to get $50 per month. I'd say start saving for next property or stock market or even use for improvement to property if it will fetch higher rent or major deferred maintenance. For example if you intend to hold property long term and roofs are 25+ years old or you have 40 year old caste iron pipes etc. Or spend on flooring, kitchen, property renovation if it will fetch you $150+ more rent.
Post: Lease Language To Make Tenants Pay To Refresh Paint
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
It is quite expensive to paint. About to spend $2500 for labor and materials to repaint a 1400 sqft townhouse. BTW this is a competitive deal for my area. Yes, we self manage. No, we refuse to do any of the work.
This will greatly deplete cash flow for those $200/door deals. Tenant (inherited) was in unit for 17 months, we have to repaint as most of the walls are badly stained. This got me thinking about adding a language to lease to deduct (from security deposit) costs related to repainting or refreshing. For example move within and up to 1 year tenant pays for 75% of cost to refresh or repaint. Move after 3 years tenant pays 25% and 0% if they stay 4 or more years. Cost applies when tenant chooses not to renew or landlord terminates due to lease violation.
Anyone include language about repainting or refreshing paint in their lease? Thoughts?
Post: 2023 paint trends
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
Quote from @Cathy B.:
Warm white is great and seems to be trending. The tenants will add their own accents with furniture and art and it makes good backdrop. The warm color makes the space look sunny and inviting. The lighter tone will make the space look larger too.
I use Miller Paint "Pale Quartz" I don't think they do business outside of the Pacific Northwest, but you can look up the color for reference here:
https://www.millerpaint.com/digital-fandeck/
Good luck!
I agree. I don't think the grey will go too far though. I hope it comes back any day now, especially the very light shades. Love the grey white shades.
Post: Is a cash out refinance my only option to tap into equity on a non owner occ 4 plex?
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
@Maurice Smith
Look into a Home Equity Loan. Your original loan remains at the original interest rate. The equity loan will be at the higher 8% interest. Your out of pocket will be much lower than refinancing the entire loan. 280k at 3.625% +’215k at 8%, has a much lower monthly payment than 495k at 8%.
Post: Requiring a Prequalification to show a rental
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
@Kyle McVay
Definitely clearly state the qualifications in the ad or when they contact you. I always plan open houses and inform prospects who contact me with date and time of the open house(s). It allows me to control my time and give plenty of opportunity for interested parties to view. I will only do 1-1 showing for a fully qualified applicant(application, income, credit and criminal background check).
Post: No Response On Zillow!
- Investor
- Atlanta, GA
- Posts 293
- Votes 142
@John Woodhouse
I think this may work in a high demand area. If your market is not high demand, I would put the requirements in the ad, reiterate requirements again when they inquire, invite them to complete prescreening, ask them to apply with their Zillow application if they already have one and invite them to the already scheduled Open House.
Anyone who wants to see outside of Open House will have to complete application AND qualify for me to show one on one. Even then, I will convert the second half of their showing to an Open House.