All Forum Posts by: Sam Booth

@Sam Booth Hello, yes, Eastern Idaho is great for many reasons. The area is still growing, rental demand is still up. STR is probably doing better for cash flow than a standard LTR at the moment due to higher prices. There are lenders available who can offer 10% down payments. We'll be happy to help you find a property. My wife primarily works with out of state investors buying all over Eastern Idaho.

We have reserved enough for each property for up to eight months even if no one pays. We have 2 paid off and 3 with a low-rate mortgage. We just cash out some money at a low-interest rate from one of the paid-off properties and have enough cash to buffer for another 12 months if things are going really bad. So far we only heard from one couple that have difficulty coming up with a full-month for April, but we have their 2-month rent in hand, security deposit and the last-month.  We are working on a plan with them to keep them sheltered. Plus my husband still has his W2 job, working from home, and I have made some deals from the past 3 months, waiting for my checks to come in in the next 1-2 months.

@Daniel F. Harb  I had a tenant do far more damage than this in one of my houses I bought brand new for 200k they did about 40k plus in damage.. PM not their fault and no liability.. Insurance went after the tenant like a pit bull.. and that is what needs to happen here.. this is beyond normal wear and tear .

its also critical that landlords go through their insurance policies with a fine tooth comb most don't understand they are woefully under insured.. like this little tid bit  most policies if your home is vacant for more than 60 days  ( EXTREMELY COMMON) your insurance just lapsed you have a fire NO INSURANCE you need a special rider for that.. some is 90 days.. but it can't sit there vacant.

the revolving tenants is extreme.. although this just also goes with the asset class.. people move in they move out break the lease happens very often and it will happen to you..  most C class or below if you can get rent 8 months in any 12 month period over time your doing about average.

 Kirsch is the more expensive, but much more durable solution. Their baton draw traverse rod is what we often use, they should outlast the rental unit, short of intentional vandalism. Even at that, you can get replacement components. As to the other medium grade rods, whatever HD has with better mounting brackets and heavier material than the usual cheap ones. We never use drawstring types.

Unless you are upgrading appliances for style purposes (to match a new kitchen, for example), the best play is to use them until they break. Get to the end of their service life, then replace. Some old Kenmore refrigerators (for example) last forever (and require fewer maintenance calls than new high tech models), and you might get another decade out of it, which reduces your overall costs considerably. 

Definitely standardize your paint colors and finishes. 

Not sure I agree on the water line to the icemaker. If the fridge has an icemaker, the tenant has a right to expect it to work.

I understand it may depend on the class of property, but I tend to install icemakers, disposals, and dishwashers (when updating kitchens) to attract higher-end tenants and a bigger tenant pool (once you've lived with these amenities, it can be very hard to go back, and many prospects will turn around and walk right out of a unit that has no dishwasher, for example). BTW - Despite popular belief, these actually cause very few problems, from a maintenance standpoint, in my experience. 

Also screen for quality tenants. Get a deposit higher than the rent so they turn in a notice and don't try and use the deposit for last month's rent.

Have in your lease that you can show house after they turn in a notice. This will allow you have someone lined up right after they move out. This can keep you from losing a month's rent at a turnover. 

Trim back any trees overhanging the structure.  Make sure that you have a plan in place to change the air filters every 3 months to keep your blower motor from burning out.  Also, do plan on a full wall paint between tenants.  If you want to attract a higher quality tenant, they are not going to be cool with splotchy walls.  Touch-up paint always looks like touch-up paint.