All Forum Posts by: Linda S.

@Tiffany Colter,

Happy to help, and if you want more horror stories just PM Me!    I wish I didn't have as many stories, been doing this 6.5 years in low income areas it teaches you a lot.  

@Tiffany Colter,

When we started, I included a W/D in all of my units.    Like most good, normal people, I was like  "If that's what I'd want, I want to offer it to my tenants".... and then experience/life happens, and you realize---  it's actually everyone else who was smarter in the first place.  Washers/Dryers are the #1 thing I got calls on, people overload them,  break them-- and if they aren't common in the area, guess whose friends come over and use them?   If someone comes from using a laundromat, it's normal to pack as much as humanly possible because they are EXPENSIVE $$$$, I would at least-- that mentality follows FYI!   

I did renovate 1 unit out of a quadplex, and put a W/D hookup only-- you know what happened?  SHE FLOODED THE APARTMENT because it wasn't hooked up correctly.   Do I regret putting the W/D hookup in-- 1000000% regret it.   The floor under it is trashed.   About 3 years ago, we stopped offering W/d and only did hookups, and let me say our calls have dropped like 50%-70%-- BEST decision I ever made as a landlord!      Seriously! 

My advice if it's a lower income area is to pass-- people would prefer to pay **LESS**  and you will get more applications if you advertise for LESS.  No one complains about cheaper rent.    The fewer things you install, the fewer things that can break, and the more affordable and competitive your apartment is!  People LOVE cheap rent!  Most people don't move if their rent is affordable.

Don't think about the happy touchy feely emotions, think about how expensive 1 maintenance call is to fix it?    Tenants aren't particularly happy when things break, as it makes you as the landlord look bad-- even if they tried to wash 7 loads of laundry in 1 cycle.  If you find out you rent out to the most amazing person, and you want to add it later-- you can!   I can't take back my decision to add the W/D hookup and my apartment got flooded because my tenant was an idiot and didn't care.

@Nader Hachem

Remember with any rental-- you only need ONE (1) person/family!    Yes, winter is more challenging ( I call it the dry month for a reason), you may need to do a move-in special, but people will move!   If it's priced correctly, someone will want it!   Peoples leases end at different times,  people get frustrated at different times-- so yes, there is always demand IMO. 

 I would not postpone buying it, as on the flip side-- less activity means contractors will be more available, and you may get better deals for work!  My GC always calls me up in January/February asking for work for his guys,  even if it's small--- just to keep them busy!  He quoted us $1200 on a roof sealant job (already repaired) in November, and we paid $650 in January. 

@Dylan Spain,

"Look at Dollars, NOT dimes" --- don't be cheap, always look at the long-term picture of what will make you the most money.

@Nathan Gesner,

I really wish there were a book of just funny letters to landlords.    I specifically appreciate the tenant acknowledging that they were "Coerced into buying $250 vodka"  like that is any part of your problem.     

The follow up I am waiting to hear is "Here is my document showing my cat is a Certified Emotional Support Animal"  (that they just spent $25) .  Also, it's HIGHLY likely that magically this will be the time of a tragic accident/funeral, and either they or their family member (likely a child for specific heart strings) are in the hospital and can't pay the rent.   At that point, they will bring up the fact that it's the holidays, and you are a horrible person for considering evicting them.     

@Nikki Taylor,

Can you offer to take some $$ off her electric bill, that way it's tax deductible for you?     You could also ask what type of upgrade she'd like seen done to her home, that way she benefits and you benefit too!   Restaurants IMO are kind of personal,  everyone has different preferences, this way it keeps it straight and easy and frees up her money to get whatever else she wants. 

We had a tenant last month where we had issues with the hot water heater and then the heat, and we took $175 off his electric bill.   It's a win-win.

@Clint Vonburg,

As someone who has done this many, many times over, let me just say-- it's a high-risk, high reward strategy.     Can it be done? Yes, absolutely.  Should it be done by everyone?  Probably not, people, in general, are idiots and can't handle it.

If you get a check in the mail, that's a balance transfer from your credit card-- which you can technically write out to yourself. You go cash that check and magically you have say $20K cash for 3% fee for 1 year-- YAY! That being said, banks are going to run your credit and IMMEDIATELY say -- why did you just take out $20K debt-- big red flag? You can't borrow for a down payment. If you did this-- you technically have to "season" the money, and let it sit for 2-3 months of statements. It gets messy, because if your credit score tanks, a bank won't lend you any $$$, or they might loan it to you at a much higher rate. If you have a partner, this is where the strategy comes into place because you can keep one partners score very, very high for prime rates, meanwhile the other person carries the debt and their score tanks-- until the refi, when the credit card debt is paid off and they are back to normal. Your final cash out refi (likely 60-70% ARV) is your exit strategy to pay it off.

Also check out lendingclub.com, or prosper.com, where it will be a hard pull but won't affect your score as much as credit card debt.

@Chris Bergeron,

Check your contract with section 8, in VA it requires the tenant give the current landlord (if they allow them out of their lease) a full 2-months pay. It's not going to be a quick move, as you have to do the paperwork.

That being said,  @Nathan Gesner gave the best advice IMO.   Let her move, and quickly  start advertising it once you have a confirmed move-out date.   Focus on finding someone older who is familiar with the area.    If you try and force her to fulfill the lease, I will guarantee 100% she will be a PITA and call and complain, to the point you will want her out.   

@Lilly Fang,

This reminds me of a convo I had with a tenant a couple of years ago, and she says "I saw a large snake!" and I'm like "omg, how did it get in the house?" and she was like "No, it was in the front yard" .... and I'm like "That's where snakes live, outside." 

I would spray very liberally with the Ortho Home Defense, and also drop off a bottle, and suggest they spray  as often as needed-- and see if that works.    You can also drop off some wasp spray, and do the same thing.    It's coming up on fall, so hopefully bugs won't be as big of an issue.

If this doesn't solve the problem, I would suggest splitting it-- as they are mainly complaining about outside things, you can't stop bugs from living outside.    If they push back a lot, cover it and factor it into their rent increase next year.

@Sylvia H.,

I had a similar situation early in the pandemic, when there was a TP shortage, tenant flushed some paper towels down the toilet-- completely backed it up.   I split the cost with her 50-50.

If she is a good tenant, and the toilet was older/having issues and  planned to be replaced, I would probably just eat the cost and have a firm discussion.

If she is an average tenant, and relatively new toilet, my favorite discussion point is to bring up the facts, and ask her "What do you think it is fair?   Most people are reasonable and will take accountability.    I'd say splitting it 50-50 is fair.

If she is a irresponsible tenant,  I would charge her the full amount.   If she doesn't pay, let her know the charges will be removed from her deposit.