All Forum Posts by: Billy Smith
Billy Smith has started 12 posts and replied 701 times.
Post: Pet policy for rental property
- Shawnee Mission, KS
- Posts 711
- Votes 311
Quote from @Greg R.:
What state are you in? A lot of tenants are getting hip to the idea that they can get a $40 ESA cert online to bypass a no pet policies.
In my opinion it's better to allow pets and set the terms to avoid people going behind your back and trying to figure out ways to skirt the rules.
Only allow certain breads (insurance purposes), no pitbulls and potentially violent dogs. Definitely have a pet deposit. Monthly pet fee is hard to implement because people will claim their pets are ESAs.
I had a renter who pulled that on me called and checked out the law in my state I had to let her in .The issue she did not have the money to move wanted me to let her do payments on her deposit I said no Thank You . I add $300 pet deposit but I really want to get away from pets again .
Post: One BIG property or two smaller properties
- Shawnee Mission, KS
- Posts 711
- Votes 311
My small property rents very fast it is good shape and in a great location, the bigger S.F.H still rents quick but just a tad slower. I really focus on location or no dice. Some folks make good money buying in the C to D areas just not for me. I am in the camp buy 2 S.F.H.
Post: Potential tenant is a smoker
- Shawnee Mission, KS
- Posts 711
- Votes 311
Had a smokers in a nice rental trashed it with heavy smoking came to 2500$ in damages when moved out .One thing most smokers will sneak smoke on rainy days ,cold days etc...
Be prepared to have damage to what degree is a BIG unknown ?
Post: Potential renter wants to pay full years rent up front ($54k)
- Shawnee Mission, KS
- Posts 711
- Votes 311
I have one renter who has paid a full year in advance for 4 years now still going .The main point is do a back ground ,call the last land lord see what they say I use a 3 party to check if they can't pass no dice .
Post: Is 50 pound mix labrador ok for SFH rentals?
- Shawnee Mission, KS
- Posts 711
- Votes 311
I am back to no pets is just more destruction the issue is how bad is the destruction when allowing pets .
Post: What are the Pros/Cons of installing Elec Car Charger in an STR?
- Shawnee Mission, KS
- Posts 711
- Votes 311
For me not a BIG deal I could do the install myself enjoy doing electrical work.
Post: When real estate values fall, what asset type goes up?
- Shawnee Mission, KS
- Posts 711
- Votes 311
I bought I -Bonds paying 9.65%, then hold a BIG chunk of cash in stock account only because of my age if younger I would dollar cost average in. Hold on to the rentals collect and invest yea I did buy a small position of Gold.
Post: First time investor seeking advice on hiring a property manager
- Shawnee Mission, KS
- Posts 711
- Votes 311
Great point the BIG outfits tend to not give you the best treatment get lost in all of the other units .Go with a small mom and pop shop check them out what the have done Google them .
Post: Oh boy, shady tenant???
- Shawnee Mission, KS
- Posts 711
- Votes 311
So, you did do a back ground check where they check her credit and prove she makes the amount of money they claim? The number 1 on this list call the person /company they lived at last check for late payments etc.…Sounds like you need to go ahead with eviction chalk this up as a lesson unfortunately they cost money in this business we all have made them.
Post: Turnover question, tenant left property is poor condition
- Shawnee Mission, KS
- Posts 711
- Votes 311
Vinyl planking though out the house, they have different levels of the planking go at least middle of the road or better. Not a fan of doing claims on rentals I self-insurance i.e., high deductible.
Insurance companies will pay it maybe 13k is big chunk hard to say I would find ways to lower the cost if possible. Get at least 3 quotes might get it down a lot make sure they are not bad news wanting half money up front etc... run off with the money.