All Forum Posts by: Linda S.

@Vishnu Reddy,

If you're going for cash flow, you should be in Petersburg/Hopewell-- which are 20 mins south/east of Richmond.   Look up  zip codes 23803/23805  and 23860.   Depending on where/how you buy,  it may appreciate, but  I wouldn't focus on  that-- it's the icing on the cake, but your cake is cashflow!

@James Robert,

How bad is the slope, and how did you not see it when you were doing a walk through?

Just an idea, could you use some floor leveling stuff to even it out and re-do the floors?  Yes, I realize it's a band aid, not fixing it-- but it's an option? Sometimes you just have to be creative!
Henry 44-lb Self-leveling Underlayment in the Surface Preparation department at Lowes.com

@Gigi Smith,

From my experience, happy tenants stay happy, complaining tenants stay complaining.  

If I were you, I'd be upfront the tenant "Look, nothing personal, but I don't think you are happy here.  You have contacted me X times in the past 12 months about stuff, and I have sent people who have told me it's not broken.  I checked the lease, and I have erroneously been sending people, when it's actually your responsibility.   I won't be sending anyone else, as per the lease repairs are the tenants responsibility.    If you'd like to get out early, I can let you out at cost and waive any fees.  Please let me know how you'd like to proceed."

@Jill Jays,

If I were in your shoes,  and I'm guessing it's a nice rental.. I'd charge an extra $300-$500/mo for it being such short term.  I'd give them their 8/31, but get the higher rent--- and also "sorry for the inconvenience, we'll be doing some work during August! "   If you push for the 7/31, they might not move out by then and then you'll have to deal with the legal process of removing them.

@Collin Hays,

Is this your cabin? 

https://gatlinburghaunts.com/c...

Also, this thread is going to show up in google searches, so I'd strongly suggest telling people ahead of time!

@Account Closed,

First, let me say-- good job having the guts and the brains to post here!  I love BP, because when I started 6 years go, BP was my outlet for advice.

Second-- NEVER give a reason for rejecting someone, a simple "Thank you for applying, we're currently reviewing applications" is sufficient.. and once you find someone else, you say "Unfortunately, we found another applicant to be a better fit."    NO DETAILS.    You are already treading on thin ice saying "I'm looking for a nice family to live there"-- which implies, her as a single parent household isn't a nice family.  Of course she's livid!  Can you see how that's insanely offensive, and also likely illegal as it discriminates based on familial status?   I would be mad at you too!   I hope nothing was on paper, but also it's now on BP-- that's bad (remove your full last name ASAP!).         If she continues to talk to you, I would just ignore it completely.   You aren't going to rent to her, party is over.  You owe her nothing in the future.

Also, if you're doing section 8--- don't even bother talking about income, or they will take you to the plank!  Section 8 income verification is COMPLETELY different than normal 3x rent/income.    IMO it doesn't make sense, but it doesn't have to make sense if it's section 8.     

When I reject people, I often state "Thank you again for applying, unfortunately, this one wasn't a good fit.   Is it okay if I save your contact information if something else comes available?" -- this way it ends it on a positive note, there might be another place that's better.   Some of our absolute BEST tenants, are ones we rejected, but found another place better.   Hope this helps!  

@Preston Gealy,

When I first started, I asked my mentor "So, our next step is finding a good PM, right?" and his response "No, once you get someone placed, it's very easy and silly to give away 15% of your rent forever!"  We self-manage our LTRs, and without a doubt it's saved us probably $100K over the past few years!

Being a property manager is just about being the middle man, and making sure everything happens that should happen.   Get a good list of 1-2 plumbers, HVAC, roofers, electricians, and find some local maintenance guys---  are you will be on your way!   Tenants text you the problem, you call the person to fix it, pay them and it's over.   When they are rented, it's pretty easy as the main job is coordinating maintenance and collecting rent.  

The real work comes in screening and selecting tenants,  and depending on your type of rental (A/B/C/D)  that can be a make it or break it for someone who wants to self-manage.    It's not just "Post a listing, find a tenant" ---it's extensive screening, knowing how to check court systems, verify pay stubs, screen and really learn about the people..  I used to think companies charging 1 month rent was a scam, now that I self-manage, it's fair and accurate of the amount of work needed.   It all boils down to if you take it serious enough, and plan to devote extra time/energy.     I've seen well-intentioned people try, and of course they fail and have a horrible experience.    

If you are ready to do it, you should IMO-- but just go into to it knowing it's work, it will take time/energy and organization!

@Ramanda M.,

I don't know why it's not a known rule of landlording, just like the 1% rule-- but there should absolutely be a +1 rule.   Anytime you rent to a single person, it should be fully understood and expected (b/c ps-- this is real life), that they will have a significant over staying with them a lot, and most likely give them a key.   This is a great example as to why you ALWAYS change the keys, you really have no idea how many copies have been made.

I think you're making it a WAYYYY bigger deal than it needs to be.    Up the rent $50-100/mo to cover the extra usage, but don't say it's because then it does seem like you're trying to be the moral police.    You know what would be horrible-- if you said "well, I saw him come in Tuesday, 9PM,  and also Wednesday at 7PM with laundry!"--- do you have no idea how CRAZY you will seem, and not to mention stalkerish!    

Compare bills, say January 2021 vs. January 2022, and if the usage went up $50 -100 because you knew it's from the higher water usage, then increase it-- no stress, nothing personal-- it's just increased usage means increased rent.   Nothing personal, just business... the lower rent was for 1 person, the higher price reflects 2 people-- she chose it, sorry, not sorry.

@Jerome Morelos,

That bathroom looks fine!     This isn't a flip, don't make it more stressful than it needs to be.  

To make it even better--I would paint the entire bathroom, paint does wonderful things!   I'd also paint  the vanity, something darker for contrast, and it will hide imperfections, and fix any scratches/dents, add new  fancy faucet, and upgrade the shower head  to something when people look at it, they are like "wow!"   As for the cabinets, a deep cleaning, and then add a nice liner, it will feel clean and new in no time!

@Lynette P.,

I sympathize, and it's always the houses that take the most $$$, are the ones that keep draining you!  I had a house this month cost me $10,000 in replacing HVAC and the sewer line!   That being said,   make sure the important stuff is fixed, as if it's not-- that's the real liability!

I'm beyond baffled that fire extinguishers aren't required by law. You have to check them and I believe it's recommended to replace them every 5 years. I would ABSOLUTELY include one in each unit, multifamily or SFH-- if/when there is a fire, do you want your tenants to have the ability to put it out, or do you want to wait for the fire trucks to get there? Personally, I want them to put it out ASAP so minimal damage is done to the house. Fires happen--- and if something bad does happen, it's a heck of a lot better to say "well, I added X/Y/Z--- I did everything I could" then "well, I was worried a fire extinguisher was a liability."

Hope this helps!