All Forum Posts by: Stephen S.

Regarding your Challenge -

So long as you are challenging yourself - we're good. If the challenge is being presented to you - then I am against the basic premise. An adversarial home situation is unlikely to have a smooth outcome.

My position would be: Woman; you are either in or out. And if you are out you are 100% out - no restrictions or stipulations on how I can act.

No "cheating" with clubs or partnering? What possible reason can she have for that apparently nonsensical restriction?

My basic position would be: you can be either in or out - but not both. It's not a reasonable premise.

stephen
------------

Originally posted by @Jon Carter:

So here's my challenge. I want to start investing in RE but my wife isn't so thrilled. She says I can have $10K to start out with. If I can make some money using that she says I can have more. (Guess who pays the bills?)

So, I said to her, "How do you expect me to do anything with that?"

She says, "You're always on that Bigger Pockets website. Why not ask them?"

So here I am.

What do you all think? She says I have to do this alone. No cheating with Clubs, partnering up, etc.

Would you go for a mobile home? Vacant land? Can you make any money with $10K?

0 Votes

Situation normal to start. Really pleasant tenant so I took a shot on accepting their two black labs. I normally have a no-pets policy (which stems from bitter experiences and Urban Farming) but allowed them in the case. Two years pass and the tenant wants an eight month lease - due to work transfer - and I agree.

Five or so weeks before the eight months are over there is a break-in and some jewelry is stolen. I have no idea why that is all that was taken but that's the report. The smashed-out-of-it's-frame rear door is immediately secured and barred shut (it is redundant and does not restrict safety egress). The tenant, temporarily now a single young woman, soon states that she is afraid to remain there and moves out.

The interior of the house was always well kept and before moving out the tenant apparently cleaned it well. The fenced rear yard however was often not well keep and was well supplied with dog poop and dog-dug holes. Incidentally; a substantial part of my anti pet stance is that I ate, hate, HATE the smell of dog and cat poop and pee. <g>

Now I do like the tenant and feel like they kept the house in satisfactory shape. But . . . they Are breaking the lease agreement by leaving a month early. What are your opinions about returning the full security deposit as versus retaining the last months rent out of it? My inclination is to pay myself the last month's rent out of the security deposit.

stephen

----------------

0 Votes

I can't see how it matters much one way or the other. Although putting them directly into your name may well prove to be an easier process when dealing with the utility company.

stephen
-------------

Originally posted by @Amir Saeed:

I bought one property which I am rehabbing in Baltimore. The property was bought under a business name (LLC). In order for me to turn on the electric, gas, water..temporary until the property is rented. Shall I keep the bills under my name or my business name . What is a normal practice considering the fact the renter will be placing all the utilities under his/her name when he/she move in.

0 Votes

My policy is that I do not like people lying to me about important matters. And I pay-that-forward by not lying to my peers. If a tenant behaved in a particular way - I tell anyone who asks me exactly what and how they did.

I have been jammed by present-landlord lies - likely to expedite them dumping their poorly performing tenant onto my plate. When that has happened (rarely) I make it a point to stop by their house or office and ask them in person why they apparently deliberately deceived me for their own gains.

I always favor sportsmanlike conduct / conduct becoming a gentleman. Now if it comes down to it - I am fully willing to drop any thought of Queensbury Rules - but you will have to make the first move. If I am called for a reference - I will always tell it the way it is/was.

stephen

----------------

0 Votes

Oh no Mr Bill!!!! This dishwasher is for one of those much dreaded $30,000. rentals! Now what? <g>

Oh; let me ask you this: how about if I slide a wine-cellar case in there? They look nice and who doesn't like properly chilled wine? That idea just occurred to me this afternoon. How about that idea?

stephen
------------------

Originally posted by @Bill Gulley:

GE or Amana for rentals, my favorite would be a Champion, that goes with higher end appliances like your Vulcan or Imperial stove, Maxximum or True refrigerators, Galvenator comes to mind. But I doubt you want to spend $2,500 for an under counter dishwasher.

You can go to the low end in economical apartments, with homes, use comparable appliances with the price of the home, maybe a tad lower, but with popular contractor brands. In a $250,000 home a Bosh might be expected, in an $85,000 rental a less than top of the line GE should be fine.

The market can tell you a lot, be it buying, selling or renting. :)

1 Vote

Jerry,

Over what period of time?

How long have you had them / how old is the oldest one?

stephen
-----------

Originally posted by @Account Closed:

@Stephen S. I install the GE dishwashers that run 300 at home depot. So far they have lasted.

0 Votes

And my question related to: dishwashers in rentals. What brands do you all suggest as being the best all around for a rental? For my own house I would buy a Bosch - but I hesitate at paying over $1000. for a rental property.

What is the middle ground? What would you do?

Obviously I don't want to buy some cheap crap and have to hassle with it soon and often - but I don't want to go broke over the purchase price either. <g>

0 Votes

OK; I have another question -

What do you think of this idea?

I install sub-meters very close to the original meters. All in clear view. Then I get both tenants to read both meters and send (email) me the readings. This as a way to keep everyone honest.

Is there a flaw in that plan?

Can you think of a better plan?

Originally posted by @Matthew Paul:

Sub meter and do the math

0 Votes

Let's start by assuming that I have a duplex with utilities which cannot be separated. So separating the utilities is not an option in this case.

How can I handle the utility costs?

I can add secondary meters and then calculate each tenant's portion: and then privately bill one tenant and pay the other tenant that amount.

I can keep the utilities in my name and include the utilities in the rent amount.

Which brings up another point: in the secondary-meters scenario one tenant or the other would obviously have the utilities in their name. OK; so what happens if that tenant moves out first? <g>

What suggestions do you have?

What would you do if presented with this situation?

0 Votes

All Forum Posts by: Stephen S.

Stephen S. has started 36 posts and replied 563 times.

Post: Help!! My Wife Only Gave Me $10K

Post: opinions on returning security deposit

Post: Utilities Account Owner Name

Post: What Is Your Policy On Giving Tenant References

Post: What brand of dishwasher do you like the best ?

Post: What brand of dishwasher do you like the best ?

Post: What brand of dishwasher do you like the best ?

Post: Duplex with common-utilities ?

Post: Duplex with common-utilities ?

Post: Duplex with common-utilities ?