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#1
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Landlords
I've been a landlord a few times in the past. It appears I will be purchasing one single family home rental property within the next few months and I ran some numbers last night. I started this thread sort of as a catch all and also for other landlords to chime in on my questions.
Here's the monthly expenses I listed: Mortgage Taxes Insurance Yard Pool upkeep --- if there is a swimming pool Electric & Gas Water, Sewer, and Trash/Garbage Cable, Internet --- if I provide Repair contingency What am I forgetting? We don't have annual snow fall accumulation. How much should the Repair Contingency be; i.e. how much money should I put away for un-expected repairs? The homes I'm considering were built from 1972 - 1978. I haven't been in any; however, the outside and inside pics indicate all have been well maintained. I might be doing kitchen and bath updates prior to renting.
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daw_two Germantown, TN Links: Sold last car --- 05/2012 1984 300D Light Ivory, Red interior Cluster Needles Paint New Old Stock (NOS) parts Past: 3/2008 1986 300SDL "Coda" 04/2010 1965 190D(c) "Ben" & many more |
#2
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Built 72-78: check the wiring for aluminum interior wiring and piping for use of polybute. Budget for replacement ASAP if needed. I'd avoid houses with pools (unless they're condos with common pools) since I really don't care for the liability if a kid drowns, nor do I want it on my conscience or to pay for the upkeep of a pool.
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#3
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Don't you guys need safety certificates? Like gas safety...
...electrical safety...
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1992 W201 190E 1.8 171,000 km - Daily driver 1981 W123 300D ~ 100,000 miles / 160,000 km - project car stripped to the bone 1965 Land Rover Series 2a Station Wagon CIS recovery therapy! 1961 Volvo PV544 Bare metal rat rod-ish thing I'm here to chat about cars and to help others - I'm not here "to always be right" like an internet warrior Don't leave that there - I'll take it to bits! |
#4
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There are inspections upon resale (and every x years) in some areas, but this greatly varies by locality.
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#5
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Phone/landline ? this might be "cable/internet" but its a question worth asking or an answer worth having (some people like having an old-school hardline phone...and will pay for it if available...)
-John
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2009 Kia Sedona 2009 Honda Odyssey EX-L 12006 Jetta Pumpe Duse (insert Mercedes here) Husband, Father, sometimes friend =) |
#6
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I've usually let them arrange their own service with the cable or phone co. The wiring is in place and works, so no need for me to have another bill to pay when the service can be in their name.
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#7
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MrLandlord.com is the best place for answers to this. In my opinion, kitchen and bath updates are not worth it on rental properties. Those updates are expensive. Get rid of all carpet and replace with laminate or hardwood.
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#8
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Quote:
I would have written this list- Here's the monthly expenses I listed: TAXES Mortgage TAXES Insurance TAXES Yard (if you provide) Pool upkeep --- if there is a swimming pool (if you provide) Electric & Gas (if you provide) Water, Sewer, and Trash/Garbage Cable, Internet --- if I provide Repair contingency (nice to have 3-5k sitting in the bank account per building. Thats my goal ive never attained yet)
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This post brought to you by Carl's Jr. |
#9
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Quote:
Carpeting is like a new car. Begins to degrade as soon as you start living on it. Get rid of it. Clean, fully functioning, safe kitchen. Price rent accordingly. You have to either eat the cost of upgrades or pass them along in rent, either lowering your cash flow or narrowing your renter pool.
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You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold 04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting |
#10
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Meant to add, I keep about 3 months' rent set aside on each house for emergencies.
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You're a daisy if you do. __________________________________ 84 Euro 240D 4spd. 220.5k sold 04 Honda Element AWD 1985 F150 XLT 4x4, 351W with 270k miles, hay hauler 1997 Suzuki Sidekick 4x4 1993 Toyota 4wd Pickup 226K and counting |
#11
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Check the code requirements for rentals. I know in TX you have to have those hotel lock things on the doors so that someone can not enter if someone is in the house. Stuff like that.
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Sent from an agnostic abacus 2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD** - With out god, life is everything. - God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson - You can pray for me, I'll think for you. - When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours. |
#12
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Quote:
Thanks for the reminder to get rid of all carpet.
__________________
daw_two Germantown, TN Links: Sold last car --- 05/2012 1984 300D Light Ivory, Red interior Cluster Needles Paint New Old Stock (NOS) parts Past: 3/2008 1986 300SDL "Coda" 04/2010 1965 190D(c) "Ben" & many more |
#13
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If this were a requirement for me, I'd give a tenant verbal instructions on how to disable the damn thing and use a dead lock. Lockout calls at 2 am aren't my idea of a orgasmicly good time.
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#14
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Quote:
x2 on the carpet, and I agree with you on updated the kitchen and bath. You have to do that if you want tenants in certain areas. Right now i have an open apartment because it has an original 1920s kitchen, that for some people is romantic, but for most is not ideal because its not as functionally useful as a newer kitchen. Plenty of prospective tenants have made that the decision point. Took it off the market to update it and throw a toilet and sink in as well.
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This post brought to you by Carl's Jr. |
#15
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It's hard to estimate adequate reserves. Most of my repairs are fairly inexpensive--in the $100-200 range max. Today's plumbing repair ran around $3. Yearly costs around 1500-2000 on 5 unit buildings at the very high end. But if a major repair comes up like sewer line replacement or a roof not covered by insurance, that can add many thousands more in a hurry. My last roof replacement came in at around $24k but it was covered by insurance. I thought the price was absolutely ridiculous and would have never paid it on my own dime.
__________________
1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
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