All Forum Posts by: Krishna Chava

If you are buying now, make sure you are not counting on rental income to pay any bills in near future. Rental investing has progressively become a professional play leaving small guys with no real advantage until we get to a scale. Until then, make sure you have a good day job and do what is needed to be strong performer in that job. 

I am wondering if there is any regulation that requires one porch light per unit? Since owner is responsible for maintenance of exterior, less fixtures the better. Porch light might anyway make the apartment look better but I am wondering if it's required by regulation (Can I have few corridor lights)?

Thanks for the link @Chris Youssi. 40% rent premium for class A seemed high for me too. Heard in a Audio book Perfect investment by Paul Moore

I have heard an interesting fact that more experienced BP members might already know. Class A properties, on average, command 40% more rent compared to equivalent class B property. That's insane. It's as if class A tenants are a world onto themselves. I am wondering what percentage of total multifamily properties is class A? Is there a place I can find that data?

@Nathan Gesner I agree AC repair emergency if it's too hot. If it can't below 80, I send some one next day. If it's broken, send ASAP. However, tenants complain that they want temperature to be 70 deg and AC can't do it. I send tech for that too but on a relaxed schedule.

BTW, tenants not changing AC filters is a big issue for me. Only  solution that works is have my handyman change for them when he is in the area.

@Margie Fuller Fact that something is on MLS for long time also means that people probably bargained and seller never came down.

Thanks for the reply @Nathan Gesner No, I won't put cameras in bathrooms :-) Don't want to go to jail :-) I can of course put moisture sensors there. That's the topic for a different day. 

I have trained most of my tenants to report water leaks. These are long term tenants (average stay > 5 years), so my properties are relatively stable. However, I wonder how it can be done with short term tenants as in apartments. 

Refreshing thread with so many people liking time spent as a landlord. I want to add that being a owner and property manager for your properties is not only rewarding financially but would be meaningful way of spending your time. 

This happened to me many times over. There would be a minor water leak, may be next to bathtub or under kitchen sink, but tenant never bothers to report that and by the time it was reported, it has damaged my cabinets, or worse my sub floors. I have no way of definitively connecting the dots (tenant ignored water leaks long enough) to charge the tenant. What would you do in these cases?

I will second @Carleen L.. fire your property manager and self-manage. I was in your exact shoes 3 years ago and self-managing was the best decision of my real estate career. There is a lot of technology available to help you manage your properties. Once piece of advice I have is spend a lot of time when screening and selecting tenants, don't outsource this task. This will pay back in spades.