All Forum Posts by: Gerald K.

A fake fire hydrant on the sidewalk might work too.

http://www.youtube.com/watch?v=WFOTHe8fLxw

And some places have hurricanes, tornadoes, hail the size of baseballs, sink holes, known foundation problems, harsh heat in the summer and severe cold in the winter - all increasing maintenance costs. Other places have mild weather. Lots of variables. @Robert Piller 's idea about factoring in appreciation could have some value. It's quite true that some places are known to be cheap, cashflow well, but don't appreciate much, and vice versa for other places.

If it's separately metered, maybe you're on the wrong side(?) We have shut offs at the meter and inside the house. You could try both if you have them. If it's still running in, could it be coming from something such as the water heater upstairs?

@Bill S. mentioned sharkbite or gatorbite connectors could be a quick fix. Those type connectors don't require glue - they just slip on.

As other's have noted, not a huge deal. Actually, I'm sure many of us ended up with more expenses to pay even after receiving all the rent payments in full. Do you have his new address? If not, you may be able to mail the bill to him at the current address (your rental) and it could be forwarded to his new address. Not that he would pay, but might worth trying since it's only the cost of mailing a letter. However, if the emails are not bouncing, and the phone isn't disconnected, he's probably going to ignore that too. Good luck.

Cool. And nice view off the deck in the other photo!

6 months isn't that long but for new tenants you have no history with, it doesn't hurt to take a look and it sends a message to them that you care about how they are taking care of your investment. Some people like to make a surprise visit, but you may only be able to see a little and it could be a bad time. It would be good to have a plan in place for what to do if you find things not taken care of the way you want, such as allowing them time to correct the issue and when you would be back to inspect. Therefore, you could be upfront with them and let them know you want to do a safety/maintenance and housekeeping inspection. You could send them a list of things to check so you could prepare for any repairs and provide them some tips on what things you will be checking so they can pass the inspection. It's nice to have a process in place from the beginning, but in any case, you have a right to inspect your property with proper notice. Make the housekeeping standards check align with your existing rental agreement. For example, you can't expect them to do yard maintenance if the rental agreement doesn't say it's their responsibility.

One more thing. What you don't want to do is find a property for sale that already has a tenant in place and think, great! Just like turn key. I won't have to find a tenant. One less step. Wrong! Don't take anything for granted. Even if turn key. Run through your checks just like you would for any prospective tenant. If they turn out to be OK, then great. If not, make your plan within the guidelines of the local landlord/tenant laws.

How did you do it? Did you go with a turn key company or build your own team? How has that worked out for you?

Just listening to tenant's comments as they check out your unit can tell you a lot about tenants and how easy they will be to work with.

Haha! Steer them to your competitors. That's great!

@Sam Leon Understood. You bring up some good points and you're correct, you may not be able to do anything during the initial stages or with forecloslures and quick cash only offers. The bottom line is to try to get on top of the situation as soon as you can. Request everything you can get your hands on, and don't stop there. As soon as you can, screen the tenants yourself. Determine if they meet your criteria. If not, take control and manage the situation. Every situation is different. For example, if you're purchasing a short sale, there could be many months before the sale ends. In that time you may have the opportunity to have the tenant move out if you can determine that is the best action to take. You would have to check your landlord/tenant laws to make sure you follow the law. The owner just wants out. Trust, but verify. Do your own due deligence.