All Forum Posts by: Ron Rohrssen

I have some units where I rotate through a set of matching [finish] locks and deadbolts. It's fairly quick to change these out on the units.

On some places I started switching over to SmartKey locks. http://www.kwikset.com/smartsecurity/re-key-techno...

They are convenient. It takes roughly 5 seconds per lock to rekey to a different set of keys.

The drawback is that these may not be as secure as a regular lock. There are articles out there about how easily these can be forced. But in the locations where I have rentals, these are adequate.

Agreed with @Joe Gutmann and @Christine Kankowski. I have 2 condos, and I handle the HOA fees myself.

I agree with @Nathan. I'd also be concerned about the particular laws in your area regarding eviction. Check to be certain. With a partial payment toward the month you may not be able to start the eviction process as you plan.

Hi Jonathan,

While I'd agree it's out of scope, it may go a long way in the enjoyment of the property and potentially lengthen the lifespan as you smooth out potholes and put gravel back in areas that are thin. Additionally, I think it would show goodwill on your part with the tenants.

I don't know the specifics on the rent, and the vacancy rate on this particular property. So, I can't give you an opinion on the trade off in the expense vs. the good will. You also didn't specify how bad is the driveway. My opinion on that is that it would have to be pretty bad.

At $300 it sounds comparable to a driveway that I maintain. I've added gravel to that twice in 12 years, and barely had to do ANY leveling or redistribution. The dump-truck drivers were competent enough to simply drive forward at the same rate as the distribution and voila! The gravel was level and fresh. So if you find similar skills, and I think you will, the tenant isn't going to have much skin in the game.

As an alternative for me in the next cycle, I'm considering renting a box-blade and doing the work of roughing it up and leveling it myself. I have access to everything except the box blade which will run $50 to rent. So, for about 3 hours total time (including rental, trailering, etc.) I'll have a nice fresh level driveway. If you're interested in this, check out this short Youtube video: https://www.youtube.com/watch?v=FZTEulFLwbM&t=169s

Of course you could also consider simply filling the holes with gravel that you mentioned.

Hello. I'm looking for some feedback on a group of potential tenants that are pooling their resources to live in a 4 bed, 3.5 bath condo. There are 2 adult females and 2 adult males along with 2 17-YO males. Cummulatively, I think they will pass background checks. I'm only asking the 4 adults to apply and appear on the lease. I know that one of the 17 YO guys is a brother to one of the older males. I'll know more once I have the applications and background checks. The condo has a driveway and 2 car garage. I believe that everyone drives and cummulatively there appears to be 4 vehicles. Parking on the street is a little tight in this area, but manageable. I've had 4 vehicles in this particular unit before and everyone managed without complaints from neighbors. As far as I'm concerned, the adults are taking legal responsibility through the lease for rent, damage, etc. I'm viewing the 17 YOs as long-term visitors. Anything they may damage is no different than a related minor or a visitor. The adults on the lease are responsbile. Here's what I'm questioning: 1. When the 17 YOs turn 18, turning the lease period, do I need/want to add them to the lease and put them through a background check? 2. Am I thinking of the minors correctly as visitors or minors? 3. I normally do a 12-month lease. In this case, there may be advantages to a month-to-month. Thoughts?

There has been a lot of suggestions here of various technology solutions, most of which would seem to rely on electricity and possibly a battery for backup.

A generator is an expensive option, and you may be relying on the tenant to get it running. Unless, you're considering an automatic switch-over generator which can run several thousands of dollars.

I've heard of a few homeowners in our area that have gone a different route and found these city-water powered systems to work quite well and you don't have to rely on electricity, a battery, or a tenant to manually intervene.

I haven't used one of these myself. I'm hoping to hear from anyone following this about their experiences with this: https://www.plumbingsupply.com/guardian-emergency-...

It's designed to be a backup system, not the primary. But I'd think the peace of mind, may well be worth it.

Features:

• The float switch detects high water levels
• The activation valve responds to the float switch and starts the pump
• Drive water from city water supply enters the pump
• Pressurized city water flows into the nozzle
• The nozzle converts this water into high velocity
• This high velocity creates a vacuum at the top of the nozzle
• The vacuum draws water from the sump through the suction screen
• The water flows up into the discharge pipe - thus removed from the sump

Also, I noticed the Home Depot sells a similar product for a lot less $$$

http://www.homedepot.com/p/AquaPro-Submersible-Water-Powered-Emergency-Backup-Sump-Pump-35034-5/206852259

It's possible the other tenants just haven't said anything,  but are already annoyed.  They may even be expecting some enforcement without saying anything because you do live there. 

Because you live there,  you are both tenant and landlord. If you are annoyed as a tenant you have the authority as landlord to do something about it. 

Interesting. I can see how this would have ramifications beyond simply taking care of the lawn. The lawn is going to be a factor in your ability to keep the property attractive.

I can see how you would want to make sure that the lawn is cared for. A sprinkler system is a great idea. But, you will have ongoing expenses. For example, who pays for the water? Who will be responsible for flushing the system to prepare for winter? Who is going to maintain the sprinkler heads to make sure they are working.

It adds a lot of complexity.

My SFH leases spell out the specifics of what is being rented. It isn't just the home. If the SFH has a detached garage, yard, parking spaces, etc. That's all in the lease. That's how I clarify what part of the property (all of it) is the responsibility of the tenant.

Then, in a separate section, I spell out minor maintenance items and yard care. I spell out yard care that includes mowing, trimming, snow removal, etc. I guess I'm fortunate that the established lawns contain grass that is appropriate for sun or shade.

I'm not sure that I'd go to the expense of a sprinkler system. There will be additional on-going expenses and maintenance that you may be able to avoid.

Have you considered seeding the yard with a sun-tolerant variety? Perhaps a Bermuda or St. Augustine?

Have you considered any other creative landscaping where you could have a low maintenance lawn?

In any situation, it will take some changes and some patience to water/nuture it until it is established.

You've explained what you're asking very well.  

I'm relatively new as well, with three SFHs.  Two of these are condos.  So,  major exterior expenses are already being saved in the associations accounts.  (I'm also on the board so I can verify these things.)

At this point I'm simply saving everything in a savings account.  Occasionally using a portion of the money along with additional funds to purchase additional buy/hold properties.

In my model,  I have the age of all the major parts of each unit along with industry standard life spans and some rough replacement costs. It's overkill! But,  it does help me see potential trouble years where I may have a perfect alignment of major failures like a roof, a furnace,  and two water heaters. 

As I mentioned, it's overkill.  I find it useful for analysis in potential acquisitions, as I can get a forecast on expensive years. 

I like your approach of a self-funded insurance model. 

I may adopt a similar approach, but I'll base the percentage on the age of the home and age of major elements. The percentage retained in savings for CAPEX will vary by unit.

I see that savings as my primary source for funding CAPEX, with regular business checking/savings backing that up. Lastly, a line of credit for emergencies that go beyond the ability of the first two sources. I'm going to hate touching that LOC! But, it beats scrambling for financing at the point where something comes up and you're trying to make other decisions.

I feel for you in this situation.  It is difficult. It sounds like he has good options though.