All Forum Posts by: Keith Schulz

It depends on the rental. I've got one duplex that is nicer, newer, in a great neighborhood, and attracts good quality tenants. This one I try to keep in top notch condition. I feel like if I make it as nice as possible before they move in they maintain it that way.

I have another duplex that is in a less desirable neighborhood (but not bad), and it attracts so-so tenants. This property I try to have as clean as possible, and try to make it so the tenants respect it. However, the property is rather out dated (built in the 70's). I've done typical things like paint, flooring, and opened up one wall to make a better layout. However, I haven't updated cabinetry or bathrooms. I feel like I wouldn't get the return on the investment to modernize the place. I also feel like the tenants I attract there wouldn't take care of things like I'd prefer if I were to sink money into a quality remodel/update.

Keith

Thanks guys, I will check out all of these.

Anne,
I have been extremely frustrated with my property manager in Indianapolis. I'm curious who you ended up with and if you are happy with the change?

I'm extremely frustrated with my current property manager in Indianapolis. Does any one have a recommendation for a property manager there that does primarily single family homes? This is a 3 bedroom 1 bath 1200 SF single family home that rents for $675. The property is about 6 miles east of downtown.

Jeff has a good point about low vacancy rates. I'm not sure what the rate is in our county, but with our personal rentals (here in south central WI) we had the lowest vacancy ever. 2.5% in 2011. The lack of rental housing and increased rental prices has got to be driving the sales market up.

I'm just curious what peoples thoughts are about local markets around the country. Share your markets status or predictions. In the Madison, WI area, I think we've past the bottom and we'll see some improvement in pricing and sales this year. :) More on my thoughts here: http://wp.me/p1dbYY-7V

I agree with what others say that this is probably a result of a ventilation issue. If this is just on the surface and is not some form of toxic mold (testing required to determine). You could try cleaning the surface with Dawn dishsoap. I was actually told by a mold remediator that Dawn does incredible work! If it's a more serious form of mold and is more than just surface, tear out the drywall and start over.

One caution against laminate... I put it throughout the main level (kitchen, dining, living room, bathroom) of 2 of our rentals. It has not held up well with one tenant. Any bit of moisture in laminate will swell the joints. This tenant has a dog that goes in and out on rainy/snowy days. ...and this dog also slops water out it's dish. ...and they apparently aren't very careful washing dishes near the sink either. The laminate has swelled up in all those areas. If I were to do it again, I'd go tile.

I'll be honest, I don't know the rules about this. However, I do know that my accountant files an Indiana tax form for me even though I live in Wisconsin (I have one property in Indy).

It's been a great 2012 already.

1) Closed on the sale of one of our rentals (which was my personal home at one point).

2) Closed on a tough duplex deal for a buyer client.

3) Refinanced 2 of our duplexes.

4) Had record level blog traffic.

5) Started shopping for our own new home.

6) Kept up with my workout plans.

I should mention that #1 and #2 were both difficult for similar reasons that Thomas mentioned. The underwriter on both deals required repairs to be made. This is extremely frustrating when the buyer knows about the needed repairs, and the property is priced accordingly. Apparently, underwriters are now code enforcement officials. I don't know any way around this other than to expect this kind of lending to continue, price it in on the buying side, and do the repairs prior to listing on the selling side.