All Forum Posts by: Linda S.

@Elvin William,

I'm going to guess you haven't been in the house recently and seen how your tenants are taking care of it, because that's where most experienced landlords are coming from.   No one ever complains of the rent coming in, but instead of the treatment/damages of the house.     Sounds like you haven't seen the turnover yet, but when  that happens, you will understand more.

@Mike Obrien,

I have been dealing with a similar thing, and unless you can see a crack in the foundation, it may just be a very poor tile installation job.     If it's not 100% perfect, it will be prone to crack, especially if the tenants are heavier or are rough on the house.    It's amazing to me how hard people can be on houses, seriously I used to think tile was the strongest.. nope! 

Before you spend thousands and thousands on this, go out there-- see for yourself with a GC, is there an issue with the foundation, or could it be that maybe they dropped something, and are blaming the house so you don't take it out of their deposit?    

I don't know Florida, but it seems like if it's been fine, and magically it's an issue now-- I'm thinking the tenants maybe dropped something heavy or it was a poor install ation job, and are blaming the house so you don't make them pay for it.    

Option 3 is to remove the tile and add LVT, maybe $5K cost. 

@Justin Brin,

Of all the times I have allowed tenants to paint, I have regretted it 100% of the time at move out.  No-- just NO, it's not worth it.   Tenants are sloppy and they will get it on your floors, baseboard/trim/etc, and you have no recourse because you gave them the green light.   NO.  

Now if someone asks, I say it must be professionally painted back and will cost around $200/room.  That often nips it in the butt pretty quickly!

@Jeremy Pastor,

Survey will only be your final resolution.    Just an idea, can you contact the city or county and see if it's attached to their deed?   If you pull yours and/or your neighbors lines, sometimes they are attached and it's a quick and free solution!

Do NOT rely on GIS online, it's worthless, and sometimes the plot lines make 0 sense.    I have a house where the neighbor had 2 driveways, one driveway even had the matching sidewalk going to my house-- but legally it was theirs.      Yes, the neighbor had 2 paved driveways, and I had 0 driveway.    Survey is the only way to solve it!

@Gabriela Angel,

First-- you need to start fresh with a lease that you provide them, stating YOUR terms and YOUR Expectations of them.    If it's not clearly broken out in the lease, it's subjective, so anything you might charge for-- make sure it's in the lease.   Go over it slowly, highlight the really important parts  and be very clear with expectations and possible consequences.

Second-  Do  a walk through video  (3-5 mins) clearly showing the condition of the house at the date you acquired it, open blinds, show smoke detectors, show any damages-- anything good or bad.   Check those smoke detectors, you're now liable!  We always add a fire extinguisher too.   I can't tell you how much better a video is than 20-50 pics, and it's easier to keep up with.

Google your LLC, if your name comes up as the owner of the LLC, and you told them you were the property manager, nothing will happen-- you will lose credibility, but who cares... so the tenant knows you're a liar, doesn't mean they will move. I will say, if you can't handle being the bad guy, knowing tenants hate you and think you're a worthless POS, you should hire a PM.

However you manage the property will make them decide if they respect or don't respect you.   I wouldn't lose any sleep or think it's a make or break decision, people pick their housing choices based on the house, not who owns it or manages it. Firm and Fair.

@Ellie Narie,

Let me just say, as someone who has managed D- areas,  and recently sold  the ones in the really bad areas-- it's not what you think it will be.   

I would NOT recommend doing it, because without being boots on the ground, you can't actually see what's going on.      As others have stated, the people who do it successfully are very actively managed, and by active-- let me give you a hint, that means they will probably be late on a normal basis, so you'll need to be posting 5-day pay or quits, and filing for evictions with the courts-- now if it's a good tenant, it will pay before the court date, but that stuff isn't in your spreadsheets, is it?   If you aren't local, you'll be hiring an attorney each time, a letter for me costs $250.   Another thing you have to realize, in really bad, D- areas.. property damage is normal from random acts,  before I sold one of my houses-- the front window got broken TWO times by random kids throwing bricks at it, and when it was vacant-- they broke multiple windows  and kicked in the door, just for a place to hang out. I was so happy to sell, just to not deal with the random damages!  Without a doubt, had the most turnover and stress there too.   You can have the best security cameras, and lighting, but guess what-- the streets know when a house is vacant.  Another house in a D area, the local group of guys just decided to kick in my 6 ft security fence, no reason/logic, they were just mad because it added extra time  and they couldn't cut through our yard.    Another house we had to replace the window because random gun fire, and also  had to replace the door because the cops raided it afterwards to make sure no one was harmed.   Your spreadsheet doesn't factor in the logistics of a warzone!  I guess those weren't on the spreadsheet either that made a D- look like the best option!  That's not even touching the amount of deferred maintence you will experience! 

If you do move forward, absolutely hire a local property manager...  The difference between a C vs. D is huge IMO!   I like @Jay Hinrichs term "Financial Suicide" because that's what it really is!  I guarantee you'll be here in a few years, maybe you will   last 5-- and post about your stories as to why not to buy a D- property.   Listen to those who have experience.  

GO FOR A "C"  PROPERTY!    Trust me, it's different!

@Laura NA,

Asking for a legal 3 or 4-family with separate meters is perfectly normal.   Personally, I would immediately fire your real estate agent if they are yelling at you.   My saying, is "I don't pay for problems" and if a person is stress in my life, I get rid of them.   It's weird having your dad know them, IMO I'd absolutely find someone unbias and only focused on your direct investment interests.

That being said, new construction vs. 100-300 year old buildings, are you kidding me?  EVERYTHING -- has a lifespan, nothing is suppose to last forever!     Will you have more problems with older buildings-- yes, it's just the nature of the beast.   As an example, you can have a brand new HVAC, but if your insulation is 100+ years old, it's going to be an uphill battle.   There are slumlords that do the cheapest options, and I say--look for the ones that do bandaids vs. fixing a problem, and be willing to pay more for a well maintained one as that seller knows the value of a well maintained home will prevent a lot of the problems!

@Kyle Johnson

It sounds like you are getting ripped off.    I can't tell you how many companies will just quickly say "you need to replace it" vs. repair it, find a local GC, and ask for an opinion, I'm sure it can be repaired.    If it's a continual problem, then yes, replace it if it's had its lifespan, but it just sounds like you're getting the short end of the stick and the PM are using really expensive contractors at your expense.  

Also, let me just say,  I feel your pain... everyone thinks rentals are easy, and passive, but the truth is--  they continually need things--$$$$$, and it's a list of ongoing expenses.  I will say, that the better you take care of it and proactively fix things to maintain it-- the easier it is.  

 When we started 2016 investing in a low-income area-- everyone called us "naive" and "crazy" and thought we were idiots.   I just always believed that everyone needs a home, maybe not the fanciest or ritziest area, but a solid, safe, livable, and clean place to call home.

 Now that the area is turning around and flippers are there, everyone says we were "lucky" to have jumped in when we did.     IMO it's not luck, it's risk assessment.   It was a very high-risk time when no one else wanted to touch the area.

 Prior landlord of the tenant-- where they lived previously.   A lease shouldn't have been signed without a deposit, or the first month's rent payment.

If no rent has been paid, absolutely hire an attorney and file a 5-day pay or quit ASAP.    Most S8 tenants appreciate and see the value of the voucher and won't want to have it removed,  and take it very serious, so it may just be a delay with the payment.  I dunno, but an attorney will get the ball moving.