All Forum Posts by: Scott P.

@Matthew Paul, I chuckled when I read your post.  I remember when I was in high school carrying shingles, 1 bundle at time on my shoulder, as I climbed a ladder to put them on a single story ranch roof when I worked for a builder.  I don't think I'm up to that now, over 30 years later.

@Kieran Donahue, nowadays, a the shingles are delivered in my area by a conveyor truck.  The Roofers receive them on the roof.  Let the Roofers know that you assume they will "shake them out (spread them out" over the roof.  Then chuckle and tell them, "Now please don't slap the bundles down as hard as you can.  I don't need any cracked rafters.  :-) "  As @Kevin O'Brien says, in my area its common for me to buy the shingles (and the roof paper/felt and the ice/water shield and the drip edge, edge.  The Roofer commonly buys the fasteners.  It has been helpful for me to choose Roofers and Roofing Suppliers who know each other.  Similar to @Craig Jones idea, you could ask Roofing Supply companies whom they recommend.  You can buy roofing mat'ls at lumber yards and big box stores but there are also companies that specialize in roofing materials only.

Congrats!!!

@Kieran Donahue, here's an idea:  IF you haven't replaced a roof previously in your career, use some service like Angie's List and choose the 2 highest rated contractors.  (I know.  They might very well be paying to advertise there also.)  Let them know you have 3 to replace but for budget reasons you're only doing 1 at a time.  Pick their brains during the bid stage and learn as much as you can. Maybe get a 3rd price too.  Hire one of the highest rated contractors and then be there when they do the work to learn even more.  You may be paying top dollar but see the cost as a way to learn.  Then, you'll know what you're looking for when you go for bids for the next 2 and you might even just work with the company that did the first one.

If you've replaced roofs before, then I'd probably go about this in a different way. In that case, if you put @Scott P in a post and if it shows up in light blue font I'll see it. I might approach the situation differently with someone who's replaced at least a dozen roofs like I have.

Congrats on the house hack plan!

If the utilities are metered separately, i recommend you have the tenants put the utilities in their name and have the tenant pay them directly.  In winter time, you might check the utility company that powers the furnace once in a while to be sure there is heat so that your pipes don't freeze.

Some jurisdictions require you to be responsible for the bills if the tenant does not pay.  For example, in my state, I get a letter reminding me that I'm responsible for the sewer bill if the tenant does not pay even though it is in the tenants name.

I'm not familiar with the house's mechanicals being a factor?  Maybe this means that if there is one "boiler" or one water meter, then only one bill will come and it will be in the owner's name in which case you'll need to decide up front if the cost is included in the rent or how the tenant is splitting it w/you.

Lawn care and snow removal are negotiable in my area.  When I hacked in a duplex I took care of the lawn and snow on both sides myself.  When I'm renting a property but not hacking, I've had different arrangements at different times.  Some applicants own lawnmowers and snowblowers but some do not.  At some properties I have lawn service contracts for fertilizer and weed spray but at others I do it myself and at one I did nothing for most years.

Finally, I recommend putting as many utilities in the tenant's names as possible. My process for new tenants is that they get the keys on the day that I get the first month's rent, the deposit(s), the signed lease (which I counter sign and give them back a copy of), - and proof from the utility companies that the utilities are in their name. If the utilities are not in their name(s), they don't get to move in.

Good luck!

Part-time for about 25 years.  I like my day job.  I also like being a landlord and self-managing rentals.  I'm a born "work-a-holic" and am happy to do both, as well as other endeavors.  The W2 income made it easy to buy properties.  Like @Joe Edmonds said, I could live on 10 or so paid for rentals and it only takes a few to make a big change in a middle class lifestyle if you also have a W2 job and that's enough impact for me.    I suppose I'll be full-time in a sense, when I retire from my W2 job - if I ever do that.

I think "tenant education" is becoming more common - especially if you're renting to college students.

Going forward, I'm providing more education about what does and does not go into a garbage disposal (and a toilet for that matter).  I'll be doing this in a friendly and educational way - I hope.

I think a packet of move in information with suggested checklists like this would work for my tenants but I don't think i could enforce rules on them unless it was a house hacking roommate type of situation.

By "not seeing the money you earned in your account" I think you're talking about the money that was in your account but is now somewhat tied up in the property?  Assuming that, I have to admit I was never the least bit nervous.

Having money in property is, to me, about the same as having money in the bank. I admit the $ in the bank is more liquid assuming it's safely under the FDIC insured amount and I can live without it for the 7 days or so the bank can wait to give me a withdraw if the bank chooses to do so.

I worry way more about the ups and downs of my 401k than I do my rentals, even though I know those ups and downs don't matter a bit except on the days I buy and sell.  I feel like I control the rentals and have something tangible.  I know people always need a place to live.

If the State where my property is located is a landlord friendly state (which also means a tenant friendly state in a round about way) I'd rest even easier.

It's possible you'll have a terrible experience and wish you had not gotten in to landlord situation but my properties have been little gold mines for me.  You're in the game now.  It's likely that some patience and willingness to deal with some repair calls is all it will take to be successful and see how comforting it is to have other folk's sending you money each month in return for a nice and decent place to live.  It's no longer your money that you're saving but their money that is going into your bank account.

And...if you do decide you don't like it...you can always sell.

On the other hand, maybe you've heard the expression, "Don't wait to buy real estate.  Buy real estate and then wait."  Days will turn into weeks and weeks into months and months into years.  As that happened, I saw all that money - and more- come back to my bank account.

Ideally someone in the area, maybe even the former owner, can give you the name of a licensed electrician and a licensed plumber as well as an HVAC professional.  That's all I ever need - and its exceedingly rare that I need the electrician - until its time to replace a roof.  A cleaning company and a handyman service would be helpful too if you don't plan to visit between tenants.

I've never used it for fixing damages during the tenants stay.

Of course, you need to follow the law and your lease.

I'm forgiving when it comes to returning deposits.  However, let's say part of the carpet was destroyed by damage and that you could depreciate some of the valve and fairly hold $800.  If so, I'd refund the balance along with an itemization of what I charged the $800 for.

I agree with @Rob Hoinsky based on your statement that this is a tenant in "good standing who has a good job, pays on time, is responsive and responsible" and "I do know he can cover the rent on his own." 

Normally I'd want the new adult to be on the lease as the more adults who are severally and jointly liable the better it seems for me, but maybe not in this case.  I'm curious why she was evicted....I rent to folks with bankruptcy but evictions are another matter...

Hi @Christy Holt, I'm sorry to hear about the fire.  Aside from any laws or agreements in your lease, I agree with @Jennifer T.  

I've never experienced a fire situation but my lease would state that the tenant pays for the days they stay but I can't force them to pay for days they don't stay if there is no apartment to stay in.  

The deposit is not affected by this.  I refund it or not depend on damages, etc.  (Personally, I'm forgiving and almost always refund it all.)

If you have a minute to reply, I'm curious if the other side was affected?