All Forum Posts by: Roger Wagoner
Roger Wagoner has started 5 posts and replied 37 times.
Post: Trying to use what I've got and make things happen
- Bothell, WA
- Posts 38
- Votes 9
Originally posted by @Account Closed:
1) Convert the garage into an ADU. It will need a new roof, electricity brought up to code, hooked up to water and sewer, insulated, and heated.
2) Turn the attic of the house into a 3rd bedroom with a bathroom (around 200 sq ft of usable space) and possibly a new staircase that isn't so steep and maybe with a separate entrance from the main house, if possible.
3) Build a tiny/small home in the backyard (300 sq ft or less) and rent that out as a STR, but it would also need to be built to code and hooked up to water and sewer.
If you go the Garage Conversion approach, what about living in it, and renting out your house? Not sure if you have kids or your family situation, but maybe could make more money buy renting out the house?
Post: Tenants want to break lease
- Bothell, WA
- Posts 38
- Votes 9
Originally posted by @John Pelaez:
How did it turn out?
Post: Fee for damage to rental
- Bothell, WA
- Posts 38
- Votes 9
Originally posted by @Troy Ramey:
Thanks Troy! It felt good getting paid for it, and going forward I think this will be easier. Literally my first ever fee to charge a renter.
Post: Fee for damage to rental
- Bothell, WA
- Posts 38
- Votes 9
Originally posted by @Patrick Daniel:
What does the lease say about the tenant being charged for repairs above normal wear and tear?
Follow whatever that says, so in the future when other items are damaged, you have not set a bad precedent.
The numbers you came to seem more than fair. If you are too lenient with how you enforce, your tenants could identify that as you not valuing your property.
That's a really good point, thanks! I need to go back and see what's in the lease. This issue is resolved, but next time it comes up I'll reference the lease.
Post: Fee for damage to rental
- Bothell, WA
- Posts 38
- Votes 9
Originally posted by @Thomas S.:
I would have charged them the full repair cost of $332. You are far too soft and are going to lose money as a investor. You are operating a business.
Routine maintenance you can do yourself but all tenant caused damage must be repaired by hiring contractors. That way they pay true costs for their behaviour.
Hi Thomas, the $332 included about $150 worth of what I would consider to be normal wear and tear, the screen door wouldn't close and required some repairs, and it was like that when I rented it to them. I billed them for what they broke, so I feel pretty good about that. But I get your point about being more firm, and I appreciate your feedback. Working on getting more business like.
Post: First rental $1,300/month
- Bothell, WA
- Posts 38
- Votes 9
Originally posted by @Thomas S.:
Unfortunately once you account for all expenses you will not have positive cash flow. If the property is in good repair you should not plan on holding it longer than a couple of years. Sell it before the repairs start to come in and with luck you will not go into the hole.
To cover all future expenses and break even long term your rent will need to be $300/month higher. That will only see you breaking even, likely no positive cash flow. You are negative at the present time based on normal projected expenses with a long term SFH income property..
Thomas just curious how you break down the costs or what formula you use? I am relatively new to investing in at a glance this sounded like a pretty good deal to me. The other commenters are saying similar things so if others want to comment that would be great too. Thanks
Post: Tenants want to break lease
- Bothell, WA
- Posts 38
- Votes 9
If she hasn’t moved in, why not let her just void it ? If you can avoid a long and drawn out process of eviction, seems more profitable just to find a new tenant and just refund the money. Better now than in a month, you’re both lucky!!
Post: Fee for damage to rental
- Bothell, WA
- Posts 38
- Votes 9
Hello, I was hoping to get advice about a good amount (if any) to bill a renter for damage to a door frame. They pulled too hard on the screen door, causing the attached metal rod to rip out a few pieces of wood from the frame. I’m not super handy, tried fixing it myself, didn’t finish it, and ended up paying a handyman. They did some other door repairs and the total bill was $332. Ugh.
can you suggest a good amount that I can bill them, if any?
Invoice:
New door handle assembly - $40
Door repairs $126
Trip fee $150
Plus tax
So, the door handle was normal wear and tear (not closing properly)
I charged them 1/2 of $126 and $150. Equals $63 + 75 = $138.
I just gave them the bill but I worry that’s unreasonably high. Like maybe I should just charge $25?
I live in Everett, WA. This is a duplex and my first rental. Owned it since Jan 2017. I’m becoming more handy over time, but at this time I was too busy with work and needed outside help.
Thanks in advance!
Roger
Post: $1,300,000 Deal at Age 21 & I'm Retired!
- Bothell, WA
- Posts 38
- Votes 9
Is is it possible for you to share some details on the numbers? I mean for the down payment. Would You have to put down 20% IE 260,000? That's very impressive
Post: BiggerPockets Podcast Episode 227 with Joe Fairless!!!
- Bothell, WA
- Posts 38
- Votes 9
Thanks for posting this, nice reminder. I haven't listed before, but will give it a shot. I'll see if I can subscribe on Android.