All Forum Posts by: Martin S.

How did I not find this sooner, this should be a sticky. This thread is one of the most educational on this whole site. I could have saved myself some time and trouble when I was renting out my first place a year ago.

Also wish there was a 'Landlords say dumbest things' thread as well, I'm sure there are some really dumb landlords out there, where else do all of these idiots go...

One of the issues my tenant had, who called me at 11pm, was to tell me that he never changed the HVAC filter, because it is always clean. Cursing at me that the air quality in the house is poor because the filter is not filtering anything. When they moved in I showed them how to change the filter and he was told he is responsible for changing it and its in the lease. I told him he could use a higher rated filter like a MERV 11. He continued to repeat the same thing about 5 times, that the filter is clean why should I change it, each time I told him there are better filters that will filter more and get dirty faster. Couldn't get through to him on that issue. He did mention that because of the air quality his health is effected and he will sue me, and how would I like it if my daughter lived in that house with bad air. Ohh well, his security deposit will pay for coil cleaning.

Your premium will go up next time you renew, or the time after that. Even if it is clearly and factually the other persons fault. Its always best to never get your own insurance company involved, if you want to keep your rates low. Its also better to get a written and signed statement along with their drivers license info and insurance information if the person admits fault at the scene and then you do not need to file a police report (which your insurance company WILL get) and you can file a claim against their insurance, this will minimize your risk of getting your policy jacked up next time you renew. But of course if they are not admitting fault or willing to sign any paper, call the police right away.

Best of all, take lots of pictures right away, showing the cars in the position immediately after the impact. Take pictures of everything, including the driver and passengers, and offer them to pay cash on the spot, of course it should be an amount that will definitely cover the cost, do not go anywhere without them, you must follow their vehicle and go to the bank and or repair shop for an estimate together. If they gun it and flee, call the cops and report a hit and run.

Found some foreclosure listings that look interesting. Problem is that rents are so low, a big 3000sf house rents for $1600, bigger house = higher maintenance/repair costs. And taxes are triple or quadruple of what they are in FL. But with the right deal even the high taxes wouldn't matter, I may end up becoming a flipper sooner than I thought...

Sent 6 notices. should get there 12/26, Priority Certified Return Receipt $12 each... I guess I will start looking for a lawyer now, just in case it turns nasty. Will post back how it goes.

Thanks Marcia. The leak was short term I guess. I went into the attic and the top of the sheetrock was dry and not discolored. The inside was slightly discolored, obviously if water is going to go through shingles, then run down wood, through insulation and into sheetrock it will not be crystal clear anymore. I did bleach the stain, wait for it to dry, use mold resistant paint, and then painted again to match color. (all after I fixed the hole in the roof) I will definitely order that booklet though.

I could understand your argument for having the landlord change the HVAC filter. But the issue is that I am 1200miles away, and I don't go there regularly. I would go in an emergency, like a roof leak, or a water problem that couldn't be fixed easily, but not for changing an HVAC filter that would take a normal guy 2 minutes. It is also clearly spelled out in the lease that they change the filter. There is no furnace, its a condenser and blower unit with a heating coil inside, all electric. The problem was that the filter was clean, likely rated MERV 1. I told him to get a higher rated filter if he wants better filtration of the air, but I guess he doesn't understand that there are filters that filter smaller particles and will get dirty faster like a MERV 11, even though I told him 5 times, maybe he was just drunk (bar owner)...

I'm still trying to figure out what the pet penalty for the cat should be, it is in the lease but it says that its up to the landlord to decide what the penalty should be. I'm worried that the carpeting, which was new, will now need to be replaced, but of course I will not put in carpeting again, I will likely do tile or laminate wood.

"The renter base tends to be younger and wants apt, townhouses, or can't afford to buy so they want affordable housing - leading to multifamily houses."

Very good point, I never really thought about that. Thanks for making me think. I love learning.

So fine, I would do multifamily as well, if the price is right and the schools average close to 8 or above.

I would rather look elsewhere if I'm not getting 1%. I know there are places in PA or in NY within 3 hours that can get 1%, its just a matter of finding them. I'm not really sure which areas are good, yet...

I did look into CT a few months ago. It was really hard to find a 1% house, unless you were fine with something built before 1900, which I wasn't, especially if there were structural problems.

I don't think I like multifamily properties right now. I know the returns could be higher but right now I'm only interested in SFH. I'd like a property that I would actually live in after fixing up, and I'm likely to be staying there while I do fix it up...

Just to clarify what kind of schools I would like to be in the property zone, Zillow ratings must all be above 6 and average of elementary, middle and high should be close to 8 or above.

I'm tired of looking at properties in Florida, while I live in NYC right now. I would like to pick up a decent property with good schools within a 3 hour drive from NYC. Prefer somewhere with skiing nearby (at least I can go skiing when doing inspections, lol), like Blue Mountain or Hunter Mountain. Taxes that aren't crazy (forget NJ). I pretty much want 1% rent, so if the property costs $160k after making it rent ready, I want $1600 rent easily. Of course I would want to buy a property where the Zestimate is at least 20% higher than purchase price. I could pick up 2-3+ of these properties in 2016 easily... Anyone have any suggestions. I was looking around Allentown, PA, but the rents are pretty low for the purchase price...

I'm so eager to fix up a place to rent out to a nice family. For some reason I like working on my own properties, lol. I would actually prefer a place where the kitchens and baths need to go, of course it must be reflected in the price, and definitely no major issues like roof or structural or anything that would need permits or contractors...