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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 I came up with the other day after I was asked the above question. Please chime in and tell everyone what you learned the hard way. Don't buy a place you wouldn't want your kids living in when they're that age You can fix a lot of stuff, but you can't fix the location. Neighborhood matters. Never take the sellers word for it when it comes to rent price. Rents go up AND down. The numbers should work if either happens. "Move in ready" almost always means zero or negative equity for YEARS Over-budget for repairs and you won't be disappointed Walking on a deal, even if it means losing your earnest money is way cheaper than buying a money pit Stick with middle income working class neighborhoods. Low income "C" properties almost always look better on a spreadsheet than they do in real life As a property manager, I would tell you to NOT hire a property manager until you have managed the property for at least one year yourself. You will value what they do if you've already done it yourself. Budget for one when you run the numbers but wait on hiring. (Plan on around 15% averaged out over time, not 10%) It's not always a great time to buy but it doesn't mean you can't. You just have to take your time and be careful. It took Kassandraand I eight months to find our first 4 plex Pick an agent that's willing to tell you things you won't want to hear. I've seen Matthew Miller try to talk his clients OUT of buying a 4 plex and showed them horrible eviction pictures just to see how committed they were. If the person who stands to make a commission check if you buy, tells you to walk on a property.....walk.
    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 shoes while walking on the laminate. All this kinda depends on when it was put in though as it may be past it’s expected lifetime. Id charge them a fair price for any cleaning and yard work as long as it stated in the lease that it was the tenants responsibility. Welcome to the landlord life. This will happen. Just do your best to make the process easy for you. I highly recommend getting a tried and true lease. I do believe Real Property Management Last Frontier has one for purchase. Best of luck!
    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 DETECTOR AND CARBON MONOXIDE DETECTOR!!! Fix the problems you find...don't wait!
    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 tried. 1 - install a product like quiet rock (a special drywall that is basically two 1/4 sheets of rock with a layer of glue/vinyl between them). It is critical that you seal the wall up when you install this. For instance along the floor where the framing ties to the floor. That product runs about $75 a sheet. It's pretty spendy but helps with higher decibel sounds. Not so good with foot treads etc. 2. Second option I have used is to cover the wall with fiber sound board then install resilient channel strips and rerock the wall with 5/8 rock. It helps break up the harmonic transfer through the wall. One site that has some good info on this is here http://www.greengluecompany.com/benefit/how-green-glue-works
    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. 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
  18. 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
  19. 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
  20. 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
  21. Hey there! @Erik Fitzgerald is great if he isnt to busy...another person is @irena Mashova....or @Diamondjanitorial !!
    2 points
  22. Hire Kassandra and her team to get them tenants on a schedule paying rent. Vic
    2 points
  23. 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
  24. 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 of tenants you want to keep around long term...), then it might not be worth it for you to consider.
    2 points
  25. 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
  26. Hey folks, I'm curious what renovations or improvements have generated the highest return on investment for you, and how you went about determining that on your rental property. Did you use energy star tests as a starting point? I'm considering installing some new high quality bathroom fans and an HRV system and wondering what the return might be like on that. Cheers, Dev
    2 points
  27. 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
  28. 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
  29. @GordonemThomas Oh Robert with Tri-Lincoln has done many of fourplexes 907-947-7845
    2 points
  30. Unless you plan on working full time in the business what you may need most is a handyman with experience, people skills and not over priced. It’s imperative that they treat tenants professionally yet also be able to see through the BS and do what’s necessary rather than create additional expenses and issues. Will they go over on a Sunday, a holiday if you aren’t able? This is hard to find but if you can find it things can work in any neighborhood. I don’t mind C neighborhoods, there are great tenants there you just have to find them and treat them right so just be ready to screen, screen, screen the tenants. Also, budget for higher repairs and absolutely don’t overpay for the property in the first place.
    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. I do not allow vaping (along with any other smoking products) in my units. I’ve heard they do leave a film on walls and I don’t want to deal with a preventable mess.
    2 points
  33. 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 issue? Fines? Requiring a monthly pet fee for cleanup? What worked, and what didn't? I'd like to do an addendum to the lease, but i want to make sure I'm being reasonable and 0so, I need some ideas. Thank you!
    2 points
  34. 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
  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. On paper and the real world are totally different. I second this one: 7. Stick with middle income working class neighborhoods. Low income "C" properties almost always look better on a spreadsheet than they do in real life
    2 points
  38. 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
  39. Thanks @Kassandra! I'll check those out. I didn't know about the RPM calculators.
    2 points
  40. Getting quotes would probably be a good idea but I have not always done that. I can't say how this holds up in court but I usually try to document my time there, what I did, and apply some hourly rate to my time. If there are things that were done that I didn't charge for I will usually include that too as a non charge item. Thought being to show a level of reasonableness that i am not trying to extort former tenants for normal wear and tear. I figure cleaning usually runs 25-35 an hour, handyman type service 30-50 and General contractor 60-90 and trades such as plumbing and electrical are in the 100-120 range. That's a really rough guesstimate but I am a GC and I see those rates a lot. I would typically expect people pricing in those ranges to have their licenseing and such fairly on the up and up.
    2 points
  41. I have a friend with 3 four-plexes and she tries to not rent the upstairs units to tenants with children just because of the noise issues. So far she has been very fortunate and it has worked out great. If you are living downstairs, two months before the lease is up, suggest that they move downstairs and you move upstairs! If they don't go for that, they can move somewhere else and you move in upstairs. Top floor will be the quietest floor! In the meantime, try talking to them and ask that they teach the kids to walk, not run, and to talk with "indoor voices". Community living is hard and everyone has to tolerate some level of noise, but then again everyone should try to be cognizant and respectful of their neighbors and try to keep the noise down!
    2 points
  42. 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
  43. Thanks Adam, We had a cleaning service go in and clean it today and it took 8 hours, there was hair in the oven and their kid used the walls as his personal easel. they also appear to have taken a hammer to the fridge door and their dog completely chewed though our solid wood door and trim. Do I need to get estimates from more than one contractor? And when I fix things myself how do I charge rates for that? I’m mostly just disgusted at how dirty it can get in one year. The house was not perfect but it was a very clean house.
    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. Dollar to wash and dollar to dry. I have noticed less $ lately. I think they are using the laundry mat.
    2 points
  46. Hands down! Robert rocks. I've used his service for several years now.
    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. So true. I learned many years ago from an Anchorage real estate investor that "you make your money when you buy." This particular individual purchased many homes during the downturn in the economy here in the 80s and became a millionaire because of his smart investing.
    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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