All Forum Posts by: JD Martin

I have a house right next to a RR track. I thought it might be a problem but the tenants, and neighbors, tell me they don't even notice the train going by. It is gone in about a minute and it's not real loud inside the house. I suspect the fire station is the same issue. 

I don't have a problem figuring out what is what because rent amounts for my units are different (I only have SFHs). If I had the same rent for multiple places I would have to look at the deposit images from my bank if there was any question (my bank captures the deposit image). So I just make the rent a little different. 

I use simple Excel spreadsheets with formulas. Nothing fancy, nothing complicated. If I needed to show anything to lenders (haven't gone that route yet), I can put together charts from the data without too much trouble. Otherwise, I don't have a lot of issues to deal with concerning my rentals - no HOAs, PM companies, mortgages, etc - so I don't need anything complicated. I lump all of my non-capital expenses into one of 3 categories, mostly for tax purposes - mileage, materials, meals. I account for Capex separately.

I listened to a business book one time that gave me one of the best pieces of advice I have ever heard from any business book - spend as little time as possible on anything that doesn't make money. It is easy to get bogged down in elaborate spreadsheets, expense categories, and the like, especially for someone like me who has spent his career in administration and executive management, so I have to make conscious efforts to KISS when it comes to taking care of the non-profitable portions of my business. 

Looks like a nice place, but I doubt anyone can tell you if you are competitive unless they are from San Antonio. Have you tried comparing to what other properties your size & in similar neighborhoods are renting for (not listing for)? How tight is the SA rental market? 

When you want/have to be rented by a deadline, you should price at or slightly below the market in order to generate the most activity. If 1150 is fair market rent, you are already $100 above that, and it sounds like the market is telling you as much. Have you listed on Craigslist? Postlets? Newspaper? Other avenues? 

In my market, all assisted living is constructed or bought out by national conglomerates, and I can't imagine the west coast is much different. I'll be interested to keep up with this thread, but despite the obvious market, as people age, competing in this segment would seem to me to be akin to opening up a private department store next door to Wal-Mart. 

My advice would be to not take checks. Have the tenants deposit directly into your account or use electronic payment methods i.e. erentpayment or something similar. 

If it is pressure treated wood, I wouldn't be worried about it re: termites. From the pictures, the place looks like a mess, and if these are his best tenants I would be worried about the quality of tenants more so than the wood deck. 

Personally, it wouldn't be a deal breaker for me. The way the tenants are maintaining the property would be more concerning - if that picture had a nice couple of chairs on top of it, with a little table, clean and neat, I wouldn't care a bit. Is the concrete underneath broken up? I would think it probably looks bad, or is bad, because few tenants want to spend a couple hundred bucks on wood for a patio that's already there. 

Unless the place is a total dump, or there are far more places than renters, I don't really see any reason based on what you've listed that the property can't begin to be shown immediately. I recently closed, total rehab (nearly all work done by me, new kitchen and bathroom, floors, etc), and had a place rented and occupied in 35 days. Once I had the demo done and finish work started I allowed it to be shown and it rented immediately. In your case, you are talking about minor repairs and cleaning, and the tenant will be able to sign off on the finished product. 

Haven't noticed that here, but this is the sticks compared to California. I doubt it would fly here. 

Personally, I wouldn't do it. Instead, if the place needed reno, and I wanted that particular contractor, I would have them pay the rent as agreed in the lease, and I would pay them separately for the work done through contract. The two items are really two separate deals, not unlike you bartering with your tenant for car mechanic services or a bushel of corn and a couple of chickens :)