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rated:
awesome feedback and guidelines from real world experience. Thank you guys.
going off topic...for another rental home...
For a brand new construction rental located in a good upper middle class neighborhood (rent ranges about 1600-1700/month), does it make sense to pour extra 500-600$ on a French Door refrigerator compared to a base stainless steel side-by-side refrigerator.... potential tenants also seem good/well off and are moving bc they are moving from a diff state and downsizing.

I realize this is not showcasing a home as if like selling a house... but the oft-repeated advise on selling is kitchen is very important.
or it plain doesnt matter for rentals?

rated:
whatSay said:   awesome feedback and guidelines from real world experience. Thank you guys.
going off topic...for another rental home...
For a brand new construction rental located in a good upper middle class neighborhood (rent ranges about 1600-1700/month), does it make sense to pour extra 500-600$ on a French Door refrigerator compared to a base stainless steel side-by-side refrigerator.... potential tenants also seem good/well off and are moving bc they are moving from a diff state and downsizing.

I realize this is not showcasing a home as if like selling a house... but the oft-repeated advise on selling is kitchen is very important.
or it plain doesnt matter for rentals?

  
I don't include fridges in any of mine, but my most expensive rental is 1200.  I've done it once and they stole it, and that was a $900 rental.   I would not put an expensive one in it.  What ever you can find on clearance will be just fine.   

Its actually amazing what people don't see when looking at rentals.  They are basically trying to see if there furniture will fit.  

rated:
drew2money said:   
  They are basically trying to see if there furniture will fit.  

  I hate idiots that do that, especially since my houses are cookie cutter houses that share layout with other houses in the neighborhood. 

rated:
drew2money said:   
jcbrooks said:   
JaxFL said:   
whatSay said:   Referring to dre2money's response to move on from these kinds of tenants:
what is the stuff to be extra-cautious here?
I mean more from a landlord-tenant perspective, will it make it difficult to evict someone who has prepaid their rent?

  
Why does she have to move before the breadwinner, or at least one of them, has new employment. What are the circumstances of that?  The reasoning of that response will tell you a lot as to the overall soundness in their decisions.  You know the husband isnt going to stay by his lonesome forever, and what additional expenses will he have. Is he going to be maintaining two residences, staying in hotel... 

Ive only been offered prepayment once and simply told person that it is policy not to do that. To me they are throwing up their own red flags.  You could be dealing with either drugs, problem tenants, or someone who will simply get off the ride once its over - money is gone = short term tenant.  I would and have accepted a very large SDeposit in the right circumstances.
In your case that would only be if you can verify the quality of people/tenants that they are through verification and they were top notch.  Id get the App and Fee as you wont know until you check them out.   Id look at the type of positions that they currently hold to judge the likelihood of finding new employment. Id ask for bank statements to verify funds - you can see how much will remain to live off of, spending habits etc...  It just takes a critical eye in these circumstances. 

  

  
Income instability aside - if you get "good" vibes from them otherwise, and they seem completely upstanding, then the security deposit seems like a good approach. I think some places allow up to 3x in security deposit. So you could at least be sitting on 3 months of turnaround buffer if they do decide to leave.

  "good" vibes???   I've gotten great vibes from people only for them to lie on their app.   I love the ones that get religious on me during a viewing.."God has led us to this house"...etc.  "We're good Christian people".   Then they ask if I can take less for the rent.   NEXT!!!!

i take "vibes" into account. it's not for everyone, though. you have to be intuitive, observant, and have a bunch of experience with people across the good-bad spectrum. i've had great applicants on paper that i just didn't like, and Meh applicants that i gave a shot to, because i read them positively. it's no guarantee though, obviously.

rated:
drew2money said:   
whatSay said:   awesome feedback and guidelines from real world experience. Thank you guys.
going off topic...for another rental home...
For a brand new construction rental located in a good upper middle class neighborhood (rent ranges about 1600-1700/month), does it make sense to pour extra 500-600$ on a French Door refrigerator compared to a base stainless steel side-by-side refrigerator.... potential tenants also seem good/well off and are moving bc they are moving from a diff state and downsizing.

I realize this is not showcasing a home as if like selling a house... but the oft-repeated advise on selling is kitchen is very important.
or it plain doesnt matter for rentals?

  
I don't include fridges in any of mine, but my most expensive rental is 1200.  I've done it once and they stole it, and that was a $900 rental.   I would not put an expensive one in it.  What ever you can find on clearance will be just fine.   

Its actually amazing what people don't see when looking at rentals.  They are basically trying to see if there furniture will fit.  

Whatsay-- I personally prefer a side-by-side over a french door. I don't want to bend down for the low freezer in a french door fridge.

Drew2money-- In different parts of the country it's customary for a rental to always have a fridge while in other parts of the country it's expected that the tenants will move with their own fridge. Where I live a tenant would think you are insane if you tried to rent a place without one.  If whatsay lives in one of the regions where it's expected then he'd be foolish not to provide one.

rated:
Back to the vibes... I had a lady like this...I own this mistake as I had some family medical issues and didn't do my "due diligence"

http://www.usatoday.com/story/news/nation-now/2016/04/18/indiana...

Lessons Learned.
Use your county GIS system to verify/find out who owned the previous properties they have rented, and try to call owners.
All monies should be Money Order and or Certified Check.

rated:
drew2money said:   Back to the vibes... I had a lady like this...I own this mistake as I had some family medical issues and didn't do my "due diligence"

http://www.usatoday.com/story/news/nation-now/2016/04/18/indiana... 

Lessons Learned.
Use your county GIS system to verify/find out who owned the previous properties they have rented, and try to call owners.
All monies should be Money Order and or Certified Check.

  boy!
 Thanks for sharing that story... and sorry you went through that nightmare as well....

rated:
whatSay said:   
drew2money said:   Back to the vibes... I had a lady like this...I own this mistake as I had some family medical issues and didn't do my "due diligence"

http://www.usatoday.com/story/news/nation-now/2016/04/18/indiana... 

Lessons Learned.
Use your county GIS system to verify/find out who owned the previous properties they have rented, and try to call owners.
All monies should be Money Order and or Certified Check.

  boy!
 Thanks for sharing that story... and sorry you went through that nightmare as well....

  
That's why I always run a credit check and google their name. I also verify that the landlord is actually the landlord. Usually I'll look up the property and figure out what the landlord's name was and how much they paid for the property and when. Oh and I never take checks when they're moving in right away, always a bank check or money order. 

rated:
Hey everyone new to this thread. I have a rental property in Annapolis MD. Has anyone ever heard of trading investment properties with someone? I'm looking to unload my rental property next June and to buy or trade for a property in the Outer Banks.

rated:
johnnyrodriguez said:   Hey everyone new to this thread. I have a rental property in Annapolis MD. Has anyone ever heard of trading investment properties with someone? I'm looking to unload my rental property next June and to buy or trade for a property in the Outer Banks.
  1031 exchange

rated:
johnnyrodriguez said:   Hey everyone new to this thread. I have a rental property in Annapolis MD. Has anyone ever heard of trading investment properties with someone? I'm looking to unload my rental property next June and to buy or trade for a property in the Outer Banks.
  Selling and then buying seems a heck of a lot easier.

rated:
tehlorax said:   
johnnyrodriguez said:   Hey everyone new to this thread. I have a rental property in Annapolis MD. Has anyone ever heard of trading investment properties with someone? I'm looking to unload my rental property next June and to buy or trade for a property in the Outer Banks.
  Selling and then buying seems a heck of a lot easier.

  johnnyrodriguez is trying to avoid cap gains

https://en.wikipedia.org/wiki/Internal_Revenue_Code_section_1031

rated:
I agree it does seems a lot easier. By trying to trade properties you avoid a lot of the fees associated with selling.

rated:
johnnyrodriguez said:   I agree it does seems a lot easier. By trying to trade properties you avoid a lot of the fees associated with selling.
  wtf how am I the only one to know what a 1031 is.

These fees are called "capital gain taxes"

rated:
johnnyrodriguez said:   Hey everyone new to this thread. I have a rental property in Annapolis MD. Has anyone ever heard of trading investment properties with someone? I'm looking to unload my rental property next June and to buy or trade for a property in the Outer Banks.

My parents have swapped many investment properties over the years. There is a real estate swap site, can't recall the name of it, they always use. Just post your property, and what you are interested in swapping for.

rated:
rufflesinc said:   johnnyrodriguez said:   I agree it does seems a lot easier. By trying to trade properties you avoid a lot of the fees associated with selling.
  wtf how am I the only one to know what a 1031 is.

These fees are called "capital gain taxes"



There are a lot more transactional costs involved than just the taxes. 1031s are a pain also.

rated:
I have a property located in Roeland Park, Kansas. Last year the council decided they needed to have an annual inspection of the interior of rentals. How common is this? I have rentals in four other cities around and non require an interior inspection.

rated:
Our city requires an inspection at purchase, then every 3 years they do a re-inspection. This includes getting a report from a licensed HVAC technician. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would be a extra bit of help? It is a pretty thorough inspection. I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.

rated:
dpa789kd said:   Our city requires an inspection at purchase, then every 3 years they do a re-inspection. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would help? I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.
so...you have to PAY the municipality for an inspection, when you're already PAYING their salaries with your taxes, AND you have to submit to an interior inspection? just for the privilege of having rental property? and you LIKE that?

 

rated:
solarUS said:   dpa789kd said:   Our city requires an inspection at purchase, then every 3 years they do a re-inspection. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would help? I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.
so...you have to PAY the municipality for an inspection, when you're already PAYING their salaries with your taxes, AND you have to submit to an interior inspection? just for the privilege or having rental property? and you LIKE that?

 
the incentives for an owner occupant and a landlord are not the same

rated:
rufflesinc said:   
solarUS said:   
dpa789kd said:   Our city requires an inspection at purchase, then every 3 years they do a re-inspection. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would help? I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.
so...you have to PAY the municipality for an inspection, when you're already PAYING their salaries with your taxes, AND you have to submit to an interior inspection? just for the privilege or having rental property? and you LIKE that?

 

the incentives for an owner occupant and a landlord are not the same

what incentives?? 

rated:
solarUS said:   
dpa789kd said:   Our city requires an inspection at purchase, then every 3 years they do a re-inspection. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would help? I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.
so...you have to PAY the municipality for an inspection, when you're already PAYING their salaries with your taxes, AND you have to submit to an interior inspection? just for the privilege of having rental property? and you LIKE that?

 

  
I'd say it depends on how expensive the fee is.

If its relatively cheap so its basically a bargain price for a thorough inspection then I might like it.
 
I personally don't see anything wrong with governments having laws requiring housing inspections for safety.   
 

rated:
solarUS said:   rufflesinc said:   
solarUS said:   
dpa789kd said:   Our city requires an inspection at purchase, then every 3 years they do a re-inspection. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would help? I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.
so...you have to PAY the municipality for an inspection, when you're already PAYING their salaries with your taxes, AND you have to submit to an interior inspection? just for the privilege or having rental property? and you LIKE that?

 

the incentives for an owner occupant and a landlord are not the same

what incentives?? 
to maintain a property.

The inspections around here are pretty standard

rated:
solarUS said:   
dpa789kd said:   Our city requires an inspection at purchase, then every 3 years they do a re-inspection. I honestly like it, even though it's a small additional fee. They catch some safety things that I might overlook and I feel like it's a bit of protection. If I were to get sued for negligence, maybe having the paperwork showing that the property has been kept up to code would help? I think they started doing these in the mid 90's after a fire in a 4-plex killed a college student because the landlord didn't have smoke detectors installed.
so...you have to PAY the municipality for an inspection, when you're already PAYING their salaries with your taxes, AND you have to submit to an interior inspection? just for the privilege of having rental property? and you LIKE that?

 

  It runs about $65 every 3 years, it's not the end of the world. The HVAC call runs about $50 but I have them service it anyway while they're there so that's not really an additional cost. They are able to enforce codes and city requirements which helps keep other "slumlords" somewhat in check. You can go 1/2 mile down the street to some duplexes I own that are out of city limits but in the county where the county has no authority to push the owners to maintain their rentals and landlords will rent to anyone with a pulse. Most of the buildings are in dis repair but the counties hands are tied. Those same duplexes that I own would be worth roughly $20k more each where they in city limits. They could still be in a low income neighborhood, but the city cracks down on problem landlords which helps keep the area clean to a degree. So ya, I don't mind paying the fee. It's pennies compared to the school taxes that I pay when I don't have children in the school district. But I'm not complaining about those.

rated:
whatSay said:   
drew2money said:   Back to the vibes... I had a lady like this...I own this mistake as I had some family medical issues and didn't do my "due diligence"

http://www.usatoday.com/story/news/nation-now/2016/04/18/indiana... 

Lessons Learned.
Use your county GIS system to verify/find out who owned the previous properties they have rented, and try to call owners.
All monies should be Money Order and or Certified Check.

  boy!
 Thanks for sharing that story... and sorry you went through that nightmare as well....

  
So a trick that used to work a ways back was to take any received checks directly to the bank issuing them, and cash them there. The bank would give you an immediate yes / no on whether the check could be cashed. And if it was successful, you at least had cash in hand. Does that still work? Does anyone do it?

rated:
jcbrooks said:   
whatSay said:   
drew2money said:   Back to the vibes... I had a lady like this...I own this mistake as I had some family medical issues and didn't do my "due diligence"

http://www.usatoday.com/story/news/nation-now/2016/04/18/indiana... 

Lessons Learned.
Use your county GIS system to verify/find out who owned the previous properties they have rented, and try to call owners.
All monies should be Money Order and or Certified Check.

  boy!
 Thanks for sharing that story... and sorry you went through that nightmare as well....

  
So a trick that used to work a ways back was to take any received checks directly to the bank issuing them, and cash them there. The bank would give you an immediate yes / no on whether the check could be cashed. And if it was successful, you at least had cash in hand. Does that still work? Does anyone do it?

  I recently tried to cash a tenant's check at his bank (Chase), and the bank refused to cash the check.  They said that they don't cash checks for non-customers.  They offered to open an account for me and deposit the check to the new account.  I declined.  It wasn't clear to me whether their policy of refusing to cash checks for non-account holders was due to anti-money laundering regulations or anti-fraud concerns, or whether they just wanted to open more new accounts.  I argued all the way up to the branch manager, to no avail.  I deposited the check to my regular account at a different bank and crossed my fingers that it didn't bounce.

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