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Category: Buy & Hold Current Grade: A Total Views: 2040 Member Comments: 5 |
Posted on: 07/08/2008 Posted by: Dewain Blog Points: 1117 View all blogs >> |
Your rental property is your cash cow, so you must treat it as such, and take advantage of the many available options when making decisions that affect you cash cow. Please refer to the following examples:
A. Smoke detectors – Your tenant is cooking dinner, and the smoke detector starts going off because dinner is burning. The tenant then removes the smoke detector from the ceiling or wall, or simply removes the battery. Many times, the tenant never quite makes it back to reinstalling the smoke detector or batteries. What happens then if there is a fire? As a landlord, you must address these issues before they occur. Choose your options wisely. When purchasing a smoke detector for your rental property, do not choose the cheapest one. Choose one that is tamper proof. The tenant will not be able to take it down or remove the battery, and the batteries last for 10 years.
B. Move-outs – Your tenants are getting ready to move out, and they have been great tenants, so when they tell you not to worry, they will leave the place in clean, and ready to go for the next tenant, you believe them. Then you come in for your final walkthrough and there are dents and dings in the wall from furniture; peeling paint from posters hung with tape; a child's doodles on the bedroom wall. Again, choose your options wisely. When selecting paint, eggshell is the preferred finish. It has a slight gloss to it, and is washable, and much more resistant to use than flat paint. The slight gloss also helps to cover up any small dings in the wall.


As for glue traps. They are cheap and easy, but they are quite cruel. There are live traps now that you can catch them and release them in the woods. This is good because they can better serve as food for other animals in the woods rather than in your garbage can on some sticky board or spring trap. Also be very careful about bait block poisons. Many animals consume if they can find them. My own dog nearly died, but I made her vomit in time shortly after she ate some. It happened when she was a puppy at a storage garage when I had my back turned. So I'm not too fond of those poisons either. I guess you can see why I got out of that field of work. I could do the job but my heart just wasn't in it. Killing things is not something I enjoy. As for the roaches that was ok because I really helped make some homes much more sanitary and healthier for some very desperate people.
Great blog, except that I disagree with using an eggshell finish. Flat paint is the easiest to touch up. You can't patch eggshell without seeing the patch job.
B
Great Info Dewain
Really good stuff Dewain as usual! I miss that picture of you. You look like a guitar player from and old band I was in. He was a riot!
A. It is a stipulation in the lease, that the tenant signs, to notify the management immediately if the smokes go off, and that they are not to tamper with the devices or they are liable for damages.
B. I've got to blog on the "move-out" box we have in the garage. Yup, keep that paint consistent! I asked our local Home Depot what was the most common color he sold. Turns out it is the color WE BUY!!! Fact, coincidence, or do we repaint units that often?
C. King of all carpet cleaners!! We bought a professional clean years ago and it has brought back some nasty carpets. Of course we've replaced a lot of them too. We recently switched over to sticky rug tiles as a cost effective alternative. No results to report yet here.
D. Vermin! I agree. We keep flea bombs, d-con, RAID, glue strips in stock. It's not that we have all of these problems. We just want to show that we are quick to respond. We had one call one, and I followed the guy around to see what he did. After seeing it once, I get the idea.
E. What is it with tenants and light bulbs anyway? If they DO work, most of the times they take them with them
F. Luan is your friend. Cement board for tiles. Always good stuff. enjoyed the posting Dewain.
- b