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Showing content with the highest reputation since 07/31/2018 in all areas

  1. OK, landlords.... part of this is learning stuff sometimes the hard and expensive way. What did you learn along the way that is advice you would pass along to a newbie getting their start? I'll get the conversation started. When I started working as a property manager I already owned eleven units. I thought I knew what I was doing. Fast forward six years and boy did I get schooled. The cool thing about being a property manager is that you get to see a wide variety of properties, people, and tactics. You get to see what people tried that didn't work, and what did. Here's a list
    5 points
  2. "Smarter investors work hard up front to find the good areas where the rents provide a nice positive cash flow and investment returns, low crime rates, better schools, and decent amenities nearby like parks or retail. Coupled with good tenants who have excellent credit, you also create low vacancy rates."
    5 points
  3. I know a couple of dudes. 907-232-2512 if you want to hit me up and I will share the contacts I have.
    3 points
  4. It takes intestinal fortitude to be a landlord. My goal was to live as "Free" as I can. With the good comes the bad. The best defense I have found is proper screening and being consistent.
    3 points
  5. I'm no attorney but if any of the parties to a contract wants to enforce the contract, they can. A one year contract is for one year unless they violate it somehow. So as long as one of the parties is paying the full amount every month they get to stay. Be professional and abide by your commitments, learn from the challenge and be wiser the next time.
    3 points
  6. 30 max. Usually 15 if they haven't responded to a call or text. #gotshittodo
    3 points
  7. I would second Robert with Tri Lincoln. He is also a distributor for a proprietary blend of ice mealt and it works much better than stuff from the box stores. Not sure what all is in it but it stays in solution longer that the stuff from the box stores which is mainly salt.
    3 points
  8. The worst part is dealing with AK housing at first. Have to go through their process and have pass an inspection. Hot water and heat have to function and be up to code (discharge pipe on hot water heater, fire break/barrier on utility room), oven/stove works, and outlets are gfi where required. I have a tenant whose rent is 1300 and AK housing pays 464 bucks a month into my account. Like Kassandra said, run them just like any other prospect.
    3 points
  9. If you want to do this you should get preapproved by ASHA first if you can You can Lose a couple weeks rent waiting for the inspection procedures. If something is wrong you have to repair it and wait for another inspection.
    3 points
  10. I use Cathleen Hahn. She has a 12 plex that I know of. Does a lot with real estate investors. Got me a good return last year at least haha
    3 points
  11. Hi there and welcome! With carpet and the details you have on it, it sounds like it’s been installed for about 8-10 years. A good carpets life is estimated at around that time frame. You could try and get it professionally cleaned to stretch the life a bit more, but it just depends on how bad it is. That laminate that has bubbled and peeled will do just that when in contact with water. I would recommend replacing it with a vinyl plank flooring. Much better stuff and waterproof. In reguards to charging the previous tenants. You MAY be able to get them for neglecting to remove water and or
    3 points
  12. Do a "home inspection" at least once a year! Give your tenant a warning in writing, in text and by phone call (can't have too many proofs of contact), , at least 24 hours in advance, and then DO IT. Never let the tenant say "it's not a good time, can we do this next week?" Turn on all faucets; start the dishwasher/garbage disposal/washer/dryer; check for moisture issues in the bathroom particularly around the shower and toilet; Turn on the oven and stove top; CLEAN the filter behind the fridge.. move it and do it!, look at light fixtures, outlets, ABOVE ALL CHECK THE SMOKE DETEC
    3 points
  13. Breaking up the sound transfer is complicated with conventional framed walls because the framing touches the drywall on each side causing a drum like effect. There are a couple options that reduce it but not necessarily eliminate it. Like others said insulating the attic is a good idea. If there are any plugs in the wall they should be sealed up with those foam gaskets that go on behind the cover plates and if there are any connecting doors those really should have weatherstripping and a theashhold like you have on a door connecting your house to a garage. Here are a couple things i have
    3 points
  14. Sound words. Having a pulse on the current muni/state trend and cycle can keep you ahead of the market. Good investors set their chess pieces early enough and take advantage at the right time. You might look crazy at first but seem like a psychic later. Combine Knowledge+Timing+Intuition+Risk Tollerance; investors have a knack of being spot on this formula. Some call it luck!
    3 points
  15. One thing I messed up once was that I didn't get a home inspection on an older building (70's). Your list pretty much nailed it. I also learned that there is a such thing as "too nice" when remodeling an apartment.
    3 points
  16. Thanks! Looking forward to next Meetup
    2 points
  17. Yes, she has to serve a 10 day for you to correct the matter and have reciepts for damages. So just serve her a 7 day ASAP and don't chat with her.
    2 points
  18. Deceased tentant left mess and no money to repair. What form do I need to use in Alaska courts to make a claim against the estate?
    2 points
  19. If the tree was threatening your property, you notified the owner of the tree or the owner was aware of the problem ahead of falling and they did nothing then they are liable in Alaska. If not then you are the new owner of the tree on your property.
    2 points
  20. Is it just the two of them? Do you have any other properties that is more affordable you could move them into if one became available? Sounds like even if you reduced their rent to 1400 they may not be able to provide that. I would present a mutual agreement to vacate rather than face eviction. Let them know there’s options that way you can get a tenant in there that can and will pay their full obligation and they can move to a better situation themselves. This is a hard situation!
    2 points
  21. If it was an act of nature that took the tree down, you have a free tree. If the tree was dead and owner neglected to take care of the issue, that owner is liable.
    2 points
  22. Hey there! @Erik Fitzgerald is great if he isnt to busy...another person is @irena Mashova....or @Diamondjanitorial !!
    2 points
  23. Hire Kassandra and her team to get them tenants on a schedule paying rent. Vic
    2 points
  24. I would MAYBE do a small rent reduction, but probably not. I think that as long as I take all the necessary steps I am fulfilling my side of the deal. Now I could definitely see a rent reduction if I asked them to use a honey bucket when the toilet is broke and we are waiting on parts.
    2 points
  25. Personal opinion would be to at least consider what they are asking and think about it. If they have been overall pretty good tenants in terms of communication, paying on time, taking care of the unit, understanding/patient during this particular repair (or any repairs) and are the type of people you would like to keep around longer...then it probably wouldn't be a terrible idea. You may not be able to give what they are asking but could probably find a happy middle ground. On the other hand, if they are generally a pain overall as tenants (late/no payments, fussy/demanding, not the type
    2 points
  26. Tenant is behind two months on rent. Tenant and I have agreement that she will pay at tax refund. I gave notice in person for end of February to accommodate when this agreement was made. Yesterday I get a call from a property manager who says she applied for a house that's $500 more than my place and they're looking to fill asap. I was not aware that she was looking to move this soon and unsure where the funds are coming from For this house. What would you do in this situation? Any recommendations?
    2 points
  27. 2 points
  28. Good afternoon! I am looking for good contacts. I need to find the following: good carpet laying contractor or company tile work (both back splash and tile floor/wall) thanks in advance
    2 points
  29. Couldn't find a discussion on this one. But maybe this post will help others? Anyone in town plow multi-family parking lots at a reasonable price, consistently and are there recommendations? Any feedback appreciated.
    2 points
  30. @GordonemThomas Oh Robert with Tri-Lincoln has done many of fourplexes 907-947-7845
    2 points
  31. This is good news. I have a vacancy coming up in December Not the ideal time but oh well. Wish I could have made it the class but what did Weidners guy say about rental stats for ANC? Thanks!
    2 points
  32. Hi all! We are running into the issue of people not picking up after their dogs at our 4plex. I have sent multiple reminders to everyone and it has not improved; all I get is the "it's not me" defence. We picked up 29 piles yesterday, and I don't plan to do that again. Cameras are not in the budget right now so I have no way of pinpointing the main offenders, but there are poops of all sizes so I am fairly sure it's a team effort. I am looking for some input - have you had this problem before, and how did you correct it? Do you have something in your pet agreement or leases to address this
    2 points
  33. This would be a fun topic! User Errors; Parking; Cars tags current, Grill Usage, Noise levels and quiet hours, um... I'll keep adding as I think of them
    2 points
  34. I don't allow dogs in my multi family buildings but do in sfh's and I include a section in the lease that essentially says the tenant is responsible for pet waste cleanup and that if I deem that it is not being satisfactorially taken care or I will provide the service at their expense via a professional service. It's a little harder with everyone saying it's not them but like the folks said above, I would address the issue with all the tenants and say that everyone is blaming someone else as such they get to communally pay for it amongst the dog owners.
    2 points
  35. @Tasa I would just be up front. "Everyone is claiming that it's not their dog, so in 30 days I am changing the house rules and each unit that has a dog I will have a clean up service and that units portion will be due with rent" Cameras might not be in the budget but, maybe just one camera or a game camera.
    2 points
  36. What is rent control? The state tells you what you can rent your property for?
    2 points
  37. Not many of my property owners that we manage let me do this cause they don't want a "bill"................. but when I set it up it worked out very well. So What I did is said that anyone with a dog will split the "dog waste pick up bill" on a monthly basis. So I set it up like a utility bill that is required to be paid if they had a dog. And then I had a vendor pick it up, and I split the bill with whom all had a dog that month. It worked and I just posted it to their ledger before the 1st and they paid it with their rent check. The tenants love it and stoped the back and forth iss
    2 points
  38. Hello! We attended the Landlords Almanac class in Anchorage regarding short-term furnished rentals and have a few questions, which I will detail below. We have recently acquired an 11-plex in Palmer. We are hoping to slowly renovate the property unit-by-unit and, in essence, turn the property into a 'hotel'? Before we dive in head-first and throw a ton of capital into this place in the form of renovations, we are going to go through our due-diligence to ensure we have everything taken care of at the state, borough, and finally city of Palmer level regarding the Public Accommodations regu
    2 points
  39. Thanks @Kassandra! Just out of curiosity, what do you consider acceptable noise at RPM? And, if there are multiple units affected by noise, how do you decide to look at adding insulation vs educating?
    2 points
  40. I thought us landlords could order one...yes?
    2 points
  41. Thanks @Kassandra! I'll check those out. I didn't know about the RPM calculators.
    2 points
  42. That's a touchy subject and I think it depends a little on how you want to run the relationship with the tenants. I usually try to appeal to the mutual respect issue with noise complaints. Delicately remind them that sharing common walls requires some level of care be excersized at various times of the day/night. Hopefully they are decent folks and they will take that to heart on some level. You might even ask them if any of your activities are disturbing them as a way give them a the feeling that their right to peace and white is as important as yours... best of luck
    2 points
  43. I think you can charge what a contractor would do the work for. Having more than one estimate can save you should it go to Court.
    2 points
  44. Well said! It is sad, and I hate to admit this, it does happen. There are things that can reduce the risks, great screening, great lease, frequent inspections, and find reasons to maintain and check on the place.
    2 points
  45. Alasco does good work but I am not sure if they work up in Fairbanks. The person I work with typically is Ryan Baker (907) 244-3199 If they don't work up there they may have some recommendations.
    2 points
  46. Dollar to wash and dollar to dry. I have noticed less $ lately. I think they are using the laundry mat.
    2 points
  47. You could also glue luxury vinyl planks on that wall. The man made material with the glue would cut out alot of decimals.
    2 points
  48. I believe you may be right about that Kass. Anchorage and other cities gave code violations too that I am sure you could look up. Such as junk cars, etc they could get fined with. I know Matsu valley and Anchorage have some codes like that.
    2 points
  49. I think you should for many reasons. One main reason is when you do everything trough your LLC and renters coming after you to sue you, they can onlt take what's in the LLC, not your personal posessions. Just make sure you set it all up right, Congrats on your new property
    2 points
  50. Hahaha Now that is funny'
    2 points


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