All Forum Posts by: Craig Janet

Turn off everything in the house, including the valves to the toilets. Then go check to see if the meter is still running. If it is, then you have a underground leak. Walk around the yard to see if there are any wet spots. Just hope it isn't under a slab, those can get pricy. I would also take this opportunity change the flappers, they are about $5-$10 and can easily run up the water bill. I personally wouldn't offer anything to the tenant, maybe pay half. Hopefully this will teach them to be more aware of leaks and it will benefit both of you.   

I don't want to pile it on you, but you made some really poor decisions on this rental. No way you should have dumped $200K into a $200K house. You would have been much better off selling it as is or just paying the minimum to make it ready. Now your out a year's rent, $200K and a lot if interest. I would sell it.

I having trouble filling vacancies in a couple of my rentals. I'm very experienced and never had this problem before. I lowered my rent $300 from my previous rate that I was getting from the old tenant. I think inflation and the economy is starting to scare folks from moving/upgrading. If renters are strapped for cash they will not want to spend the money to move. They will just stay where they are.

I would not raise the issue with the tenant. He or she didn't have any bad intentions and it didn't cost you anything. Generally speaking utilities have the right to access their equipment. 

I have 15 rentals. I only have one that pays on the first. Everyone else pays on the 5th. If they know they can wait until the 5th to pay, that's what they will do. A lot of folks get paid on the 1st, so it's good business to give them a couple days. Especially if the 1st falls on a weekend or holiday. 

I would like to know if anyone had any data that shows rental prices vs interest rates. It makes since to me that higher rates would result in less new homebuyers and less investors buying rentals. That would keep rental inventory low therefore should increase or at least hold rental rates steady. I don't have any data to support this though.

I agree with Sergey. Just remove the ceiling fan and put a cheap light in its place. The tenants will never know.

So what would the insurance company do if you decided to not do any repairs? They would have to pay you minus depreciation. The insurance company has no interest in whether you make the repairs or not. They are required to compensate you for your loss. If there is a mortgage then they will have a interest in the repairs.

The insurance company should pay YOU now for the damages minus depreciation. Then you can submit invoices and photos to show that the repairs have been made and then they have to pay for the depreciation. I live on the gulf coast and have made many claims to multiple insurance companies and I've never experienced this. 

If they are month to month, why on earth did you offer them 10K. You should have given them proper notice and if they weren't out in time, evict them. That would have saved you 10K. Count your blessing that they reneged out on such a sweet deal.  

Tell them as per the lease agreement they need to be out by the 31st or you will file for eviction immediately.  

I would learn a trade (plumbing, electrical, or HVAC). I know this isn't popular with kids. They will be making good money in no time and learn a lot about construction which is a huge part of being successful and real estate. In a couple years they will have a good paying job and be able to house hack their first home.