All Forum Posts by: Suzie B.

I don't think MFH are out of the equation.

We bought a duplex 2 years ago for 32k that just needed some updating and outside staircases for the upstairs unit.

I believe we have a 10 yr loan on it through a local bank w/a payment of $303 + taxes & insurance. We collect $1k a month in rent but could get more. We discounted the rent to the upstairs unit when we rented it because we only had 1 of the 2 staircases done when they moved in and the fact that they are family of some old friends helped them too (we just talked about moving their rent up towards market price a bit each year from here until we reach it. We told them when they moved in that we would be doing that after the outdoor projects were complete- which they are).

Hubby thinks we need to get carry permits.. I'm just not sure I can see myself with a gun.

I've read that something in your hand like a knife or keys isn't great defense as they have to get close enough to touch you, but at least you have something that way. I'm considering grabbing a pepper spray to carry with me just to have something that can be helpful at a distance. I had some pepper spray I carried in college, but that was a long time ago.

I think too that it's really important how you carry yourself and that you aren't distracted by your phone, etc... hard to do these days. A self defense class sounds like a good idea too... would have to find the time for that one though.

I agree that there are a lot of crazy people out there.

I think I would be sure to take someone along as there is some safety in numbers.. especially if you come with an extra person unexpectedly.

I don't know how realtors sit at open houses by themselves for hours with people coming and going they don't know. It's one thing if it's a busy open house, but there have been many we have stopped at where we are the only ones there looking for 30 minutes or more and talking to the realtor.

I think generally people don't want to cause trouble, but better be safe than sorry.

I think too it's nice landlord vs. save yourself the liability. If you come across too nice that can be a problem too.

I think you answered your own question. I too would get rid of it.

Do make sure you keep enough in reserves should a major repair come up. We have a roof needing replaced this year.. Ugh! It's part of it, and the money has accrued over time from rents so our tenants are essentially paying the bill for us, but would hate that large of an expense to come up and not be prepared for it.

If you have some reserves for repairs, it's up to you where the money goes. We have considered putting some of the rents received towards extra principle so we can start seeing properties paid off really quickly and see even more cash flow, but it's a toss up between that and saving it to put down on another investment while the property values are down and interest rates are low.

Decisions, Decisions!

John.... We have had several of our own rental properties for years and we had family looking to rent because they were unable to sell their home. They asked us who we recommended in the area for PM and we did a little investigating and sadly couldn't recommend any of them as we wouldn't use any of them ourselves. We had had experience with the largest in the area through another family member, and the others didn't appear to be any better quality. Hubby called several well known companies in town acting as a prospective client and was not impressed.

We didn't want a PM company that asked you to sign over a power of attorney so they could care for all of your bills.

We wanted one that communicated with you about the maintenance on the property and allowed you to make decisions on who might do the repairs. - If it's during business hours and a repair needs done, we may call the owner to be sure we use the company of their choice for any given repair. Or, we don't want to schedule someone to thaw frozen pipes to find out that there is heater tape on the pipes the owner forgot to tell us about. Sometimes a quick phone call to the owner saves an expensive bill to them... but we have talked with each owner to find out how much contact they want with us. If they want us to deal with each repair and just get their statement every month, that is their choice.

We wanted one that gave you the final say on who might rent your property. - We screen applicants and when we think we have the tenant for the property we go through the application and information with the owner for the final say.

We decided to find out what it would take to do it ourselves and went for it. So far so good... just not sure why we put ourselves on call all the time for this. Money's not great... that's for sure.

Lynn Hubby and I started a PM company last January and I appreciate your comments. We started to help family out due to inability to sell their homes in this market and we have added quite a few other clients by word of mouth.

We offered a fall clean up with reasonable rates and have mentioned to some of them that along the way there are some small repairs that might be a good idea. Surprisingly the response to those things is minimal so far. Most owners just want the minimal done to keep the property going. Walk-throughs with maintenance reports would likely not be cost effective for them to do. If things are noticed during a routine repair or other visit to the property by the PM, the owner should certainly be made aware and given the option of repair.

I agree that the Awesome product you can find at Family Dollar is great on nicotine stains. Make sure you look at the directions as there are some things you can't use it on.

We've had to deal with cigarette odors and stains on several occasions.

Wash down what you can, and get a good primer that is supposed to help with odors as well as the stains. I have been also known to keep baking soda and coffee in tins sitting in various rooms to help remove odor... these get changed frequently. Carpet, if it is as bad as you say, will likely have to be removed... and priming the floor might be an option if the sub-floor too is odor filled. Open the windows if you can and let the fresh air blow in too.

Others have mentioned ozone machines before. I have no experience with these so can't comment on their value.

Might be worth a look to see what it is for sure.