All Forum Posts by: Jonathan G.

Pay the approximately $250 commission. You would be losing almost that much every day (~210 per day for rent broken down in days) that the house goes unrented anyway so why would you even consider not taking advantage of the opportunity. If the renter presented checks out, great if not there's no commission to be paid anyway There's nothing to lose unless you have a long line of other qualified applicants or if you fail to do your due diligence on the presented renter. Never consider passing up dollars in an attempt to save pennies

it would be a Trane XR14 2ton aluminum AC with a Trane XR80 60,000btu gas furnace (14")

 We had one of our rental properties HVAC go out this weekend. Basically a fan motor froze up but the heat exchanger is also bad. An inspection of the other unit showed the same heat exchanger issue. Basically to get both heat exchangers replaced ( Labor cost only as the heat exchangers are still under the 20 year  manufacture warranty )and the broken unit up and running would be just under $2000 ($1887 to be exact) Both units are 16 years old. A reputable heating and air company has a special now to replace both units entirely including all heating and air components for just under $7500 (7352.57) we are holding onto the properties long term. 

Hi Vijay and welcome, If you have been renting your property since 2011, one of the things that you may not be aware of is the market increase in rental prices over the last few years. Do a market analysis and see how much under market value you may be renting. Next I would go in and do an inspection of the home. Check all your HVAC filters as it is unlikely that any of these have been changed

40-50% seems like a lot to leave on the table. Make absolute certain those numbers are correct. Next, ask yourself "am I running a charity or a business?" Once you have your answer, the decision will be easy.

i'm not positive about this but I think offering the unit to girls only would also fall under fair housing discrimination. 

Just did an inspection on one of our properties today who had renters in there for eight years. The HVAC filters were black as coal. One of the many tips I've learned on the site since becoming a member this year.

Hi Elle,

This is actually how we started off.  It has worked out well. We now have 3 prior primary residence rentals.  I would highly recommend that you get a management company since this is your first time.  They will secure your first renter (screen, interview, confirm data, etc) Your out of pocket costs will be a bit higher with a management company but trust me, there are hundreds of different possible situations that you will find yourself in and feeling unprepared. Also, once you get a rental contract / lease, you will be in a position to buy another primary home when your return in one year thus having someone pay your mortgage down (if you wish). I feel comfortable managing some of our homes myself now but I would not recommend self management just yet.  

Hope that helps

Jon

It would be best just to keep the renter. Since you inherited the situation, you should consider increasing the rent to at a bare minimum "fair market" and just a bit higher after the subsequent renewal. This will allow you to at least start collecting the smoke remediation cost. Remember , you are providing a Premium service ( indoor smoking) not likely easily found anywhere else.

It would set a precedence that now you have to buy security doors for all your tenants