All Forum Posts by: Zach Scheer

^ ask your inspector if they have the ability to inspect the drain. Since they are already on the property it may be a small fee to run the camera. If not, call a plumber if you think it's worth it.

https://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/ReasonableAccommodations15 Read thru this, if it causes undue hardship then you can deny. It's tricky situation since they can come back and say that you are not offering them a enjoyable place to live. But, as you pointed out, it may be harder to rent to someone who wants a tub shower.

I would assume their renters insurance should cover their personal belongings.  You as a landlord shouldn't have to pay for that.  

I would verify everything. 

I agree with @Jeff Brower , but i would call the town instead.  I called on mine and i found out that the previous owner had a discount on his taxes for being a veteran.  Since i am not a veteran the discount would no longer apply.  They also warned me that this current year the town would be doing a reassessment and possibly increasing the tax rate. The owner told be a number $1000 less than what i found out i would be paying.  

Also call around to multiple insurance companies and get a quote.  Again, i trusted the $1200/yr insurance price the previous owner put down, our insurance is $4500 a year.   

If the current tenants pay their rent on time and don't give you any troubles then i would only increase their rent $20-$30 at the time of renewal.  Most residents won't blink an eye at this since it is such a low about.  But, $20 x 8 units x 12 months = $1920 more than you were expecting. 

Instead of doing a deposit you can make it one time fee.   $250 on time fee and $25/m per pet would be nice as long as the animal doesn't do too much damage.  

Will you be managing yourself? Where did you get your expenses from? The current owner? I would have a professional come in and take a look at the boiler and see what they say. If it's been well maintained it may have more life than you expect. A new high efficiency boiler isn't a bad investment either.

You would have to increase the rents with time to get it to market value. What are the rents for the surrounding parks? Increasing value to the park can be as simple as new landscaping in the common areas. Some bigger projects include new roadways, signs, lighting, etc. All these improvements will show the community that you actually care about the property. As far as the units go, you would need to give them two months notice of a rent increase. I usually give them 90 days notice of a rent increase because I ask for 60 days notice to vacate. It cost on average $3500 to move a mobile home, this is gives you and advantage. Most residents will suck up the increase instead of paying the money to move their home (if they own the home and rent the lot).

You can do it, you just would have to give notice every time you wanted to pick up the money. Seems like a hassle unless you had a pick up schedule built in as a lease addendum.

What if you hooked up with some flippers in your area and did some small side jobs for them. You can keep your teaching job and do this on the side, part time won't be as demanding on the body. Learn from the flipper and ask as many questions as you can, show interest and ask how you can make their job easier. Once you develop a relationship ask to lead one of their flips or work with the money man they use.

What does your lease say about entering the unit?