All Forum Posts by: Vic French

45 days average but I believe in collecting several applications before making a final decision. I do all due diligence and try to determine if applicants would be a good fit for the property and neighborhood. I am not greedy to fill the vacancy only to have major problems later. It has to look good on paper and feel right when I interview them. It has been my experience that the early lookie-lou's have problems or are desperate; I usually find my people 3-4 weeks into the process.  

I have a two units on my property with one water line from the street. Water is expensive in our area. I installed an electric water heater on the rented unit. I pay the water for both units, (I reside in one,) however they pay the electric on their own unit. The electric water heater actually keeps costs down in my situation and makes tenants become responsible for conserving resources. They soon come to understand that wasted water equates to higher electric bills and that is a double win! 

I do inspections every six months as stated in my lease. I'm vigilant about reminding tenants to keep me informed about maintenance issues and use a checklist that I review with tenants when conducting the walk-through; noting any maintenance that may need immediate attention. Photos are taken before and after each occupancy however I do not take pictures during their residency unless for something critical or out of the ordinary. The most important point is selecting good, responsible tenants from the beginning that will care for your property as if it were their own. My property is in a very desirable location where demand vs supply is the norm and tenant quality is on the up side; my review may not apply to all.  

Wow, things must work differently in the East. I have never heard of giving a tenant a furniture allowance or providing anything more than the basics; stove and perhaps refrigerator for rentals. Perhaps provide a washer/dryer if the property is an apartment building. I made the mistake of leaving a washer and dryer in my home rental; the first thing the tenant did was overload it and I had replace with a new one so I've learned my lesson. I have amended my rental agreement to reflect that I will not be responsible for repairing or replacing washer/dryer in the future. 

I'd like to add that guys should always attempt to teach their wives or significant others how to change out toilet parts, faucet fixtures, and sink piping.  I've saved $$$ over the years by learning how to do the grunt work myself; it's quite a rewarding feeling. I do leave the electrical to a professional unless of course it's an easy fix.  

I am looking for current & CA. applicable publications as well (2015 or 2016.) I searched my local library today and requested copies of a couple. EVERY LANDLORD'S GUIDE TO MANAGING PROPERTY, Boyer, published in 2015 looked interesting.  The ULTIMATE PROPERTY MANAGEMENT HANDBOOK looked good as well. Of course, there is always PROPERTY MANAGEMENT FOR DUMMIES and THE EVERYTHING LANDLORDING BOOK.

Yes, this is my point as well. 

I have an issue going on similar to this now. When the tenants moved in the wife was self employed and on maternity leave; said she was going to get outside daycare when she went back to work however since the child was under 1 year daycare centers wouldn't take her child. So she decides to bring in a nanny/babysitter to care for her child and doesn't tell me that the babysitter will be bringing her own child with her to my rental to babysit both. I had to buy an extra umbrella policy to cover the babysitter and her kid. The tenant told me she has renter's insurance; I have yet to receive a copy after asking. The tenants pay their rent on time but I am going up on my rent dramatically early next year to cover my increased costs. I had a long discussion with the tenant telling her it says in my lease no commercial business is to be conducted on the property but she contested the fact that it was just a babysitter which equates to a business to me, since she is paying her for a service.  So many gray issues with this one. Check the laws but I believe daycare providers only need a license if they care for 6 or more children. 

I'd say bottom of the market is the best time to buy but I am not a real estate agent trying to sell my services.  The cycles are 8-10 years out before the next big opportunity to cash out. In my opinion we are at the top of the market presently and depending on the economy and who gets elected I don't see this ride going on forever.  I'm talking more about single family rentals and not commercial properties. 

That's a "big un!"