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I would be curious if that line item would actually hold up in court if it went that far. The judge is going to look at reasonableness of the contract, you don't just get to write down what ever you want and it holds up. Even if your contract was thoroughly vetted by a lawyer its going to be up to the judge and if you sound like a petty bratty owner who just wants checks rolling in while doing nothing he wont likely rule in your favor.
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Originally Posted by Lovehound
My nail hole filler comes attached to my handyman. I'm out of state. I'm not going to drive that far just to do handyman work. Whatever it costs me to pay the handyman, that's what gets deducted from my tenant's deposit.
Interesting RE the nail issue...In NC, which IMO has very LL friendly laws, nail holes for pictures and what not are expressly specifically noted as being wear and tear.
When interest rates rise home prices fall because people qualify for less and less. Also as wages stagnate and fall compared to inflation that will push housing prices down.
Yes of course interest rates, the economy and house prices all interact. I had been thinking of that in writing my post above, but decided I had said enough.
In my case I'm selling my investment houses over the next few years, so either way the market goes I'll be getting the best I can. If it goes up I'll benefit from higher prices in the final sales. If it goes down the houses I'm currently selling will have me out of the market sooner.
In any case I'm had it with bad tenants. No tenants is better than bad tenants, and other investors are welcome to become landlords if they are willing to deal with flaky tenants. My houses are great properties and I'll get good prices no matter what the market, except of course I mean good in terms of whatever the market is like when they sell.
Um, if you rented a home that's not habitable, then that's on you. If halfway through it becomes inhabitable, that's on you too.
Really?! So if I rent a house that's perfectly habitable on move in and then, say, 6 months from now the water heater ruptures or just dies and the landlord/PM is nowhere to be found, that's my fault? I don't understand your stupid line of thinking.
Yes of course interest rates, the economy and house prices all interact. I had been thinking of that in writing my post above, but decided I had said enough.
In my case I'm selling my investment houses over the next few years, so either way the market goes I'll be getting the best I can. If it goes up I'll benefit from higher prices in the final sales. If it goes down the houses I'm currently selling will have me out of the market sooner.
In any case I'm had it with bad tenants. No tenants is better than bad tenants, and other investors are welcome to become landlords if they are willing to deal with flaky tenants. My houses are great properties and I'll get good prices no matter what the market, except of course I mean good in terms of whatever the market is like when they sell.
The thing is a landlord can better weather a flakey tenant if the land lord is not drowning in a mortgage because they over paid for the property.
I can afford to take late payments without drama if I don't have a mortgage and can afford to pay cash for the property, I can then stack away rent payments for things like future boiler failures etc.
But if im in debt up to my eye balls on my very first property then the whole experience is going to be a boondoggle, scrambling to collect rent to barely make the mortgage, no thanks. The tiny home movement will also put pressure on rental rates and simultaneously home sale prices as that paradigm enables people to wait on the side lines without lining someone elses pockets in the mean time while watching land lords and land owners slowly starve to death in the market.
Really?! So if I rent a house that's perfectly habitable on move in and then, say, 6 months from now the water heater ruptures or just dies and the landlord/PM is nowhere to be found, that's my fault? I don't understand your stupid line of thinking.
This is landlord thinking, you just need to pay and keep their kids college fund padded and their accts for buying their next property so they can get more payments to pad their retirement accounts.
That's all the landlords are doing padding their accounts. There is no rational other than pay pay pay pad pad pad.
The thing is a landlord can better weather a flakey tenant if the land lord is not drowning in a mortgage because they over paid for the property.
I can afford to take late payments without drama if I don't have a mortgage and can afford to pay cash for the property, I can then stack away rent payments for things like future boiler failures etc.
I may have erred in buying more expensive properties than justified. I bought only houses that I would be content to live in myself.
What I hate about the late payments and late payment fees is that some flakes can drag it out over months of promises to pay etc.
I finally decided to just screw it. I'm totally done with it. Other investors are welcome to take my place. (Well, I'd prefer if you buy my places!)
When everybody pays on time my commercial bank account generally grows throughout the year, and then when an emergency like a water heater occurs I have plenty of money to send Home Depot or Lowe's out for a quick replacement. I've had two blow, and had my tenants back in hot water in little more than 24 hours after they notified me.
It's the flaky tenants that finally pushed me over the edge. I'm just sick to death of PITA tenants that treat "rent due on the 1st" like it's some sort of flexible payment system.
They are treating ME like THEIR ATM. Folks, your landlord is not your ATM. Your landlord is a person who is running a business and expects you to honor your lease contract.
I may have erred in buying more expensive properties than justified. I bought only houses that I would be content to live in myself.
What I hate about the late payments and late payment fees is that some flakes can drag it out over months of promises to pay etc.
I finally decided to just screw it. I'm totally done with it. Other investors are welcome to take my place. (Well, I'd prefer if you buy my places!)
When everybody pays on time my commercial bank account generally grows throughout the year, and then when an emergency like a water heater occurs I have plenty of money to send Home Depot or Lowe's out for a quick replacement. I've had two blow, and had my tenants back in hot water in little more than 24 hours after they notified me.
It's the flaky tenants that finally pushed me over the edge. I'm just sick to death of PITA tenants that treat "rent due on the 1st" like it's some sort of flexible payment system.
They are treating ME like THEIR ATM. Folks, your landlord is not your ATM. Your landlord is a person who is running a business and expects you to honor your lease contract.
Yep late payments are not good, I usually paid up 3 months in advance, then after 2 years when the baseboard blew out and I turned off the main all the whining and complaining started from the land lord because I have a professional life and cant baby sit his contractors and I wanted him to be there as I have a professional home office with expensive equipment. I ended up having to put it all in my truck because his complaining got so bad.
My wife and I luckily found a house shortly after. This guy owns the place outright too so its all gravey for him and he still complained. Then came the blame game of windows open and that's why the pipe bust him trying to tell me my renters insurance needs to cover his damage and on and on, about a month of drama. I rent the property I am entitled to open the window if it gets stuffy an if his barely hanging on boiler fails during a cold snap, sucks to be him not my problem.
I am looking to buy rentals but the price has to be right, I don't want to be the land lord that is one mortgage payment away from loosing the place, in fact I want the mortgage to be a nusance payment that's on autopay and so insignificant that its an after though in my budgeting that way I can make upgrades buy more properties etc. Price points have not got there yet so I am looking into raw land options and putting the projects together myself as I am a linceced engineer and have licenced and bonded contractors in the family.
That's where I am now is just saving so I can pay cash for the build. That way I can haggle on materials and labor, find freight forwarders with discounts etc.
Landlords should have landlord insurance policies like my Farmers Landlord Protector policies. Tenants should have their own renter's insurance. My policy covers the basic home plus IIRC $20K to cover things like stoves, refrigerators, etc.
I can't think of any possible way a tenant could cause the water pipes to burst. Only failure I can think of is iron pipes over 50 years old. And why wouldn't a tenant want to leave their windows open? The lease would have to state, "tenant not allowed to open windows," LOL!
Mechanical failures are the responsibility of the landlord unless as a deliberate act intentionally caused by the tenant. If the water heater blows because it's old, landlord's problem. If it blows because a tenant hit it with a sledge hammer it's on the tenant, and also expect to be evicted.
I hate to disagree with you but it is not the landlord's responsibility to oversee contractors. If you are uncomfortable with them in your house then it's up to you to either stay there or take your stuff with you. If the house is unlivable then your landlord may be responsible to provide alternate accommodations (hotel/motel) but that still doesn't protect your stuff.
I sure wish I had tenants who paid in advance. Best I've seen yet is 3 days early. Worst is about 20 days late. My next most recent late fee took me 6 months to collect. Except they added it to the current month which was 15 days late. I'm trying to collect that now, they said they'd pay with their next rent payment.
You folks who believe your landlord is mistreating you, you should understand that street goes both ways.
Please! It was THEIR choice to become a landlord. No one forced them into it. It was a business decision and thus deserves to be treated as such. I could care less about my poor landlord and his issues resulting from being a landlord just the same as he could care less about me and my issues.
Actually it was a house my Mother was holding in trust that was to go to me. I was 14 at the time. Thanks to some POS tenant at 16 I was LEARNING TO REPLACE DRYWALL.... the lovely, vetted couple decided to have a Brawl that resulted in holes in the walls shaped like a human body... I'm dead serious it looked like a crime scene.
Not all landlords are a business decision and YOU should get off your high horse... I'm HIGHLY doubt you are a PERFECT tenant.
The second house was being held in trust for my cousin, it had to be held until she was 21. 7 YEARS of "perfect" tenants that did their best to destroy the place and complain that nothing was fixed.... which was funny... it was fixed and then broken again in a week.... several times over that 7 years until my cousin said sell it... she didn't want it after all the drama, her childhood home had been destroyed....
Actually it was a house my Mother was holding in trust that was to go to me. I was 14 at the time. Thanks to some POS tenant at 16 I was LEARNING TO REPLACE DRYWALL.... the lovely, vetted couple decided to have a Brawl that resulted in holes in the walls shaped like a human body... I'm dead serious it looked like a crime scene.
Not all landlords are a business decision and YOU should get off your high horse... I'm HIGHLY doubt you are a PERFECT tenant.
The second house was being held in trust for my cousin, it had to be held until she was 21. 7 YEARS of "perfect" tenants that did their best to destroy the place and complain that nothing was fixed.... which was funny... it was fixed and then broken again in a week.... several times over that 7 years until my cousin said sell it... she didn't want it after all the drama, her childhood home had been destroyed....
I never said anything about being a perfect tenant. There's no such thing. There are bad tenants and there are also bad landlords.
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