buystoys
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Post by buystoys on Aug 6, 2018 9:21:07 GMT -5
I hope so too, zibazinski! Even though we live across the road, we're trying to minimize our contact and keep things going through the property manager.
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countrygirl2
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Post by countrygirl2 on Aug 10, 2018 19:18:19 GMT -5
Pulled the mobile off the market, I don't like mobiles only one we have. You attract a different group and it hasn't been good. I must have had 30 to 40 inquiries, in a couple of days, checked facebook on them, oh my god. There were only 2 or 3 that I would even consider, but once you broach, felony check and credit plus the deposit, they disappeared. One young man was very qualified, but is from out of state and wants a place here to be close to his girlfriend. He is unsure, him I would have rented to. But like I told him, goes back on the market Monday. Hubs and I are finishing cleaning this weekend, likely tomorrow, I'm not holding it, I will find someone.
I had listed it on 3 different sites, wasn't familiar with 2 of them and think that is where most of those folks came from. I just put on it, going to pull till we finish cleaning and take new pictures. Well it was an excuse. I told hubs I think I'm going to up the rent and deposit to winnow out the whatever. I actually had a lady wanting to rent it, checked her facebook and she has 5 kids! 5 in a small 2 bedroom, well, duh, NO!
There is just little housing stock here, its old and not being kept up. People want to live here but good luck with that, yet they can only afford so much.
I dread putting it back on, think I will up to $500, but that makes our house rentals to low, oh well, this needs to rent.
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countrygirl2
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Post by countrygirl2 on Aug 25, 2018 1:26:26 GMT -5
We rented the mobile for $475, that is a good thing. I put it at $500 to discourage the ones that had applied on the other sites. I had people looking at $500 and got someone that wanted it badly at $475. It was rented for $350 before. Yes, we have one rented way to low, now two have had the rents increased, two we cannot, one is farmland, pretty fixed as is the house there. PO is going up soon on new contract. 2 rentals are fair value.0
As it is $3080 a month rents coming in, yearly $36995 income, $9000 property taxes, insurance $3000. I am protesting one property evaluation, I have appraisal for $41k and the assessor is $61k. I talked to them and they said I should also, its a licensed appraisal, I expect it to get lowered somewhat.
So we are looking at net of $24995 of income. This year will likely all go to rehab the last property. I think we can likely rent it for between $600 and $650. We will say rent of $550 to be conservative. So after next year income goes to $43595 less $12000, so $31,595. So it will look like $12000 to expenses, $12000 to us for income, and see how much of the rest goes to paying federal and state taxes. May use all the rest to pay our total taxes on all income if needed. Investment is about $190,000 total. Could sell pretty easily for $290,000 I believe even here. I likely in the next 2 years will sell the lot for $40,000 bought for $15,000. It is our last Texas property to sell. We may take the money and buy one more house, may put some with it so we don't have to do a lot of work on it like this one. I am suggesting a nice one we might chose to live in, pay $60k down and let rent pay the payments on it, in a location we want to live in. 6 plus % return if you assume all of the balances for goes for our taxes, I still have no idea what they will be. If you took a raw number of expense no taxes would be an 11% return, not to bad either way, plus hubs gets to stay busy for at least 7 months or more, LOL!
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countrygirl2
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Post by countrygirl2 on Aug 25, 2018 9:29:06 GMT -5
Since hubs is always working on properties, most of the time, not all of course, he can charge his gas for his truck and the mower gas to properties. Also tools he gets for rentals. So This lets him do what he loves and helps pay for his expenses to do it. For us that is a win, win. Also the backhoe and dumptruck is used for them, when for us nothing is expensed to it.
Also the work he does around like tearing down the old house in town, is charged to donations, which it was.
Otherwise he could not afford to do the things he does. It works for us.
We know a couple more rentals would put us over the top, but at our age we are thinking that is not wise. At some point he has to slow down, I already have. We had 10 in Houston and that was an ideal number for income, but for us here 8, will likely be it, with the one in Texas being sold in the next couple of years.
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buystoys
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Post by buystoys on Aug 25, 2018 10:41:31 GMT -5
Color me shocked. We haven't closed on the property yet and we now have three people interested in renting it. I think it's because it's on an acre of land rather than in a mobile home park. We'll see what happens when we get it all cleaned up and the agent starts letting potential tenants see it.
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Bonny
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Post by Bonny on Aug 27, 2018 10:30:10 GMT -5
Color me shocked. We haven't closed on the property yet and we now have three people interested in renting it. I think it's because it's on an acre of land rather than in a mobile home park. We'll see what happens when we get it all cleaned up and the agent starts letting potential tenants see it. Do you have a plan to mow the acre each year?
Also be sure to have some kind of clause regarding keeping the property debris-free.
After many years of managing Railroad property I can tell you that one of the biggest expenses a landowner can deal with is tenants/others dumping on the property. The cost to remove items (especially items like tires which are considered "toxic" materials) can exceed years worth of rent!
Good luck and be sure to do regular inspections yourself. Don't count on the agent to do it for you.
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buystoys
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Post by buystoys on Aug 27, 2018 11:54:07 GMT -5
Color me shocked. We haven't closed on the property yet and we now have three people interested in renting it. I think it's because it's on an acre of land rather than in a mobile home park. We'll see what happens when we get it all cleaned up and the agent starts letting potential tenants see it. Do you have a plan to mow the acre each year?
Also be sure to have some kind of clause regarding keeping the property debris-free.
After many years of managing Railroad property I can tell you that one of the biggest expenses a landowner can deal with is tenants/others dumping on the property. The cost to remove items (especially items like tires which are considered "toxic" materials) can exceed years worth of rent!
Good luck and be sure to do regular inspections yourself. Don't count on the agent to do it for you.
Yes, we plan to have a landscaping company come in every 3-4 months to mow everything down. There is a clause in the lease agreement about keeping the outside in the same condition it was when they moved in. I plan to take pictures of everything (inside and out) to establish what the baseline is. I'll keep the inspection under consideration.
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Bonny
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Post by Bonny on Aug 27, 2018 13:13:27 GMT -5
Do you have a plan to mow the acre each year?
Also be sure to have some kind of clause regarding keeping the property debris-free.
After many years of managing Railroad property I can tell you that one of the biggest expenses a landowner can deal with is tenants/others dumping on the property. The cost to remove items (especially items like tires which are considered "toxic" materials) can exceed years worth of rent!
Good luck and be sure to do regular inspections yourself. Don't count on the agent to do it for you.
Yes, we plan to have a landscaping company come in every 3-4 months to mow everything down. There is a clause in the lease agreement about keeping the outside in the same condition it was when they moved in. I plan to take pictures of everything (inside and out) to establish what the baseline is. I'll keep the inspection under consideration.
Good.
I'm not sure how far away you are from your property but keep in mind the cost of the (travel costs including mileage) can be tax deductible. My rentals were always 500+mi away therefore my travel costs were significant.
Good luck. Sounds like you got a great property!
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buystoys
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Post by buystoys on Aug 27, 2018 13:21:42 GMT -5
Yes, we plan to have a landscaping company come in every 3-4 months to mow everything down. There is a clause in the lease agreement about keeping the outside in the same condition it was when they moved in. I plan to take pictures of everything (inside and out) to establish what the baseline is. I'll keep the inspection under consideration.
Good.
I'm not sure how far away you are from your property but keep in mind the cost of the (travel costs including mileage) can be tax deductible. My rentals were always 500+mi away therefore my travel costs were significant.
Good luck. Sounds like you got a great property!
It's literally across the street from us. That gives us good opportunity to see if things are piling up in the yard, but we're trying to stay an arm's length away where we can due to proximity.
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Bonny
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Post by Bonny on Aug 27, 2018 15:04:34 GMT -5
Good.
I'm not sure how far away you are from your property but keep in mind the cost of the (travel costs including mileage) can be tax deductible. My rentals were always 500+mi away therefore my travel costs were significant.
Good luck. Sounds like you got a great property!
It's literally across the street from us. That gives us good opportunity to see if things are piling up in the yard, but we're trying to stay an arm's length away where we can due to proximity. Lol, guess travel costs won't be an issue!
One reason we didn't keep our old house in the SF Bay Area is that we would literally be driving by it 2x (each) per day. We know that we're both too OCD to be able to deal with that.
Good luck!
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countrygirl2
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Post by countrygirl2 on Aug 28, 2018 11:28:21 GMT -5
There is a lot of drug problems here, I screen carefully but you never know. So far, so good, never had the issues, but.... By hubs mowing at some and only us doing repairs we can keep an eye on them. Another thing is we are giving people chances to live in very nice places and they are so thrilled they take care of them. I have not had one yet left with things torn up or really filthy, dirty to an extent but nothing I have to kill myself cleaning.
The one in town is going to be another little dollhouse. Hubs is widening the driveway from the street, he said he didn't know why he didn't think of it.
We are happy with the way things are so far, hope it continues. Sounds like you did a win too.
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countrygirl2
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Post by countrygirl2 on Aug 28, 2018 14:34:42 GMT -5
We are still discussing whether to buy us another house and let rents make the payments till we need it or when we sell ours. Just pay enough down to cover the PMI on a loan. There is just nothing here but one I would even consider and its $336k but the property taxes are over $5k and we aren't about to do that. I see nothing else comparable. There are nice houses here but don't get me wrong a lot of those will never come up till the owners die to be blunt. And by then they are very dated as they were built new and they never really had to do anything with them. Will just keep watching.
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countrygirl2
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Post by countrygirl2 on Sept 2, 2018 20:20:28 GMT -5
I think the new renters are going to be ok, at least one of them. He came by and paid Octobers rent. He said his hours are going to be short the next 3 weeks as he is helping his kids so wanted to make sure it was paid. That's the kind of people I like to rent to. There just aren't really nice places around here for rent, ours are. You should hear some of the horror stories about places renters have seen.
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countrygirl2
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Post by countrygirl2 on Sept 3, 2018 11:37:11 GMT -5
I emailed all but one to see if they needed extermination services only 1 did, so that is done for the fall.
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debthaven
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Post by debthaven on Oct 6, 2018 14:09:49 GMT -5
Leases are three years here (France). I thought we were two years in on the place we were selling. I was wrong, it was three years in August, so here we go for another three years. Few people want to buy a rental with three years on the lease so I thought there was no hope.
The agent called me today to tell me she showed it to two potential buyers today, and she will probably show it to more next week. I was stunned.
Our renter is great so if those people ARE looking for a stable renter, we've certainly got one.
When we realized that the three-year clock had started running again in August, we expected ZERO visits. We wouldn't have even put it up for sale if we had realized that. So I was so surprised when the agency called me tonight to tell me about those two visits, with potentially more next week. She thinks we'll get an offer next week but we'll see. We really lowered the price so it would have to be a full offer, which is never good, but the agency has offered to negotiate their commission. On paper we'd be losing money, but we are just fed up. If we don't sell, that's OK too. Thankfully we are in a MUCH better financial place now than last year when we were desperate to sell either rental in order to fix our own house. (You may remember that we sold the better rental in June and got the 35K we needed to fix our house, and shored up savings.)
But it would be GREAT to sell it. We'd be able to redo the other damaged bedroom/ bathrooms (one bedroom/bathroom is already planned) and replace my car.
So although I'm not holding my breath, fingers crossed!
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buystoys
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Post by buystoys on Oct 6, 2018 15:54:55 GMT -5
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debthaven
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Post by debthaven on Oct 12, 2018 18:12:58 GMT -5
Thanks. :-) Yesterday the RE agent asked us for more paperwork. Not getting my hopes up, but I'm assuming somebody asked for more info.
We'll see. Unlike the last studio we sold, we do not NEED to sell this one, although I'd be very happy to.
The law here is that if a buyer makes a full offer, we have to accept. Also, the RE agency has told us that their commission is negotiable, ie if there is a slightly lower offer, the agency can opt to lower their commission to give us our price.
Now that it looks like the building reno is finally going ahead (after 7 years!!!), DH regrets putting it up for sale and hopes we don't sell. I just want rid of it, I hope we do.
We'll see. Frankly I'm not optimistic, there are so many issues with the building and certain other owners. It certainly wasn't an ideal purchase.
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zibazinski
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Post by zibazinski on Oct 12, 2018 23:12:31 GMT -5
Do you have a plan to mow the acre each year?
Also be sure to have some kind of clause regarding keeping the property debris-free.
After many years of managing Railroad property I can tell you that one of the biggest expenses a landowner can deal with is tenants/others dumping on the property. The cost to remove items (especially items like tires which are considered "toxic" materials) can exceed years worth of rent!
Good luck and be sure to do regular inspections yourself. Don't count on the agent to do it for you.
Yes, we plan to have a landscaping company come in every 3-4 months to mow everything down. There is a clause in the lease agreement about keeping the outside in the same condition it was when they moved in. I plan to take pictures of everything (inside and out) to establish what the baseline is. I'll keep the inspection under consideration.
I found once I did “random” inspections my properties were better kept up.
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countrygirl2
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Post by countrygirl2 on Oct 13, 2018 0:12:27 GMT -5
One of the reason hubs does various landscaping tasks around.
Let's see tonight from 9 to 10 have been contacted by 3 tenants. you would not believe the nonsensical stuff they ask, oh my.
But all are paid up except 1 and hers coincides with Walmarts pay dates.
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weltschmerz
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Post by weltschmerz on Feb 19, 2019 6:05:34 GMT -5
Cottontail, I've been looking at rental accommodations lately. Some places come with a washer and dryer, and some don't....the washer/dryer outlets are there, but you provide your own. Since a new lease is about to start, put it in the lease that the place comes with a fridge/stove/dishwasher/whatever, but not a washer/dryer.
Most people really don't like moving, as it's a real pain in the ass. Do you think they'll pick the expense and headache of moving again, or sign the new lease that way?
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CCL
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Post by CCL on Feb 19, 2019 9:14:46 GMT -5
From what I've seen those all-in-one laundry pairs aren't designed to hold much laundry to begin with. If you do decide to replace it I'd go with the stacking, but separate washer/dryer combo.
I've never been a landlord, so speaking as a tenant only. I'd be willing to pay more $$ per month for a place with a washer/dryer. Is it possible to increase the rent $20-$30 a month or so to cover the costs? You are bound to have maintenance and repairs with appliances at some point anyway.
Landlords I know with just a few units don't include washers and dryers because of issues like you are experiencing.
Tenants tearing my appliances apart would really irk me, but not sure of the best way to handle that.
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bookkeeper
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Post by bookkeeper on Feb 19, 2019 10:02:20 GMT -5
I would not replace the washer/dryer unit. Remove the appliances from the property and the lease. If your tenants want laundry in house they can pay to fix what they broke. If they don't want to pay they can hump their laundry to the fluff and fold. Do you require your tenants to have renter's insurance? Their renters insurance may cover the damage they did to your appliance. When our sons were teenagers and starting to do their own laundry, I had a chart that told them how many pairs of jeans or how many towels they could cram in the machine without causing chaos. Common sense doesn't always apply to people who are just learning how to perform laundry just like dear old Mom did.
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Tennesseer
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Post by Tennesseer on Feb 19, 2019 10:07:53 GMT -5
cottontail-do you have anything in writing like an email or text from the tenants where they said they would buy/replace a washer or that they took off the machine panels? If you decided to take them to small claims court, written electronic messages are a plus in proving your case.
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dannylion
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Post by dannylion on Feb 19, 2019 10:09:16 GMT -5
Cottontail:
Your tenants first admitted they were at fault, even admitted they tried to get into the panels of the machine, then reneged and now don't want to accept any responsibility for the damage they caused. They have shown you what they are. I would be concerned that these previously good tenants are about to morph into problem tenants.
If you make the repairs/replace the equipment then take them to small claims court while they still have possession of your rental, that sounds like a recipe for disaster and possible future damage or deliberate vandalism.
If I were in your place, I think I would seriously consider not renewing their lease and take my chances with another set of tenants. If you are concerned about the washer and dryer being a continuing issue, take the equipment out and let the tenants provide their own if they want it. I am not, of course, in your place, so you may have other considerations that make retaining these tenants a better choice for you. (There are many reasons I am not a landlord, and this sort of thing is one of them.)
If you do decide to keep them as tenants and replace the equipment, when the lease renews, make sure to raise the rent enough to cover the cost and a little extra, just to be on the safe side.
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phil5185
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Post by phil5185 on Feb 19, 2019 11:16:31 GMT -5
Landlords must choose their battles - in most cases it ends up being less expensive to avoid confrontations. Remember, a disgruntled renter can do lots of damage to you in a small amount of time. During the 'foreclosure era', foreclosed home owners were known to flush concrete down the toilets, rip out garage door openers, ceiling fans, etc, and then leave in the night. You can sue, get a judgment, but you probably can never collect, they will be out of state. So, if you rented "with W/D", you are obligated to furnish one. Yes, they probably misused the appliance, usually due to not understanding how to run it. There probably isn't a manual - and if there is, they are not likely to read it. Nor should you expect them to - when people rent, they push the "on" button and expect it work, they don't spend time fiddling with it. Altho they apparently tried to fix it, thus the damaged panel.
You could spend $1000 or so and have a new 'stackable' delivered/installed. That creates good-will, puts you in a good spot to raise the rent about $25. And you will be considered to a good & reasonable landlord. Conversely, any talk about sharing the cost of a repair or a purchase, about a small claims court remedy, makes you the 'enemy'. I would avoid the conflict, be nice, and buy a new one.
And learn - in the future, avoid owning the refrig, the D/W. Because when they break you are on the hook to furnish a new one. (I once had a tenant try to sell me his refrig for $50 as he moved out, I said no thanks. He said OK, I'll just give it to you. Again, I said no thanks, it needs to be removed, I don't want to own a refrig).
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Deleted
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Post by Deleted on Feb 19, 2019 11:21:25 GMT -5
At Home Depot you can buy a stackable set for about $1000 or even less depending on size. For that money you can also get a combo washer and dryer in a single unit and those are common in some countries. So, I think what matters is how much is the rent and how much extra do you believe you are getting in rent because you are providing the washer and dryer? Also, if you refuse to replace and they decide to move, what will it cost you to find new tenants in lost rent and other costs? Will it be harder to rent to new tenants with no washer/dryer? How old is the unit that you would be replacing? This is not personal - it is simply a business calculation based on cost and return on investment. Also, every appliance repair man I have dealt with has blamed the user for the problem short of just a pure electrical malfunction - too much soap, not enough soap, to many clothes, to heavy of loads. Maybe it is the tenant's fault, maybe not but if you provide appliances, you will have to replace them occasionally.
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Post by The Walk of the Penguin Mich on Feb 19, 2019 11:24:30 GMT -5
First thing I could do is consider how hold the washer and dryer is. My last washer (purchased 2007) lasted exactly 5 years and it was not abused in any way. Appliances do not last the way that they did back in the 1980s anymore and getting 10 years out of them is a fluke these days. Mine is about 6 years now and it would not surprise me if I need to replace it before the next 5 years are up.
Secondly, did you warn them about overloading the washer? If this is a problem with these types of washers and they've not used them before, expecting them to know this (did YOU know this?) isn't fair. I'm not sure how much taking the panels off the washer would have an impact upon this. I don't see how removing/damaging a panel affects the guts of the machine.
If you don't want to replace it, don't. You rented an apartment that has a washer and dryer in it and it no longer works. Remove the unit and give them a monthly credit of like $20 for the loss. If their lease is just about up, then they have a choice as to whether or not to move, or to buy another unit that they own (which is what I did when I lived in apartments, it's not uncommon). I don't know what the rental situation is where you live, but many times a good tenant is hard to get and for you to not renew their lease for something like this might find you in a worse spot than you are right now. Is losing a couple months rent turning your apartment around going to be worth the cost of a washer?
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Post by The Walk of the Penguin Mich on Feb 19, 2019 11:28:35 GMT -5
At Home Depot you can buy a stackable set for about $1000 or even less depending on size. For that money you can also get a combo washer and dryer in a single unit and those are common in some countries. So, I think what matters is how much is the rent and how much extra do you believe you are getting in rent because you are providing the washer and dryer? Also, if you refuse to replace and they decide to move, what will it cost you to find new tenants in lost rent and other costs? Will it be harder to rent to new tenants with no washer/dryer? How old is the unit that you would be replacing? This is not personal - it is simply a business calculation based on cost and return on investment. Also, every appliance repair man I have dealt with has blamed the user for the problem short of just a pure electrical malfunction - too much soap, not enough soap, to many clothes, to heavy of loads. Maybe it is the tenant's fault, maybe not but if you provide appliances, you will have to replace them occasionally. This has been my experience as well, for things at work as well as appliances. In fact, it has happened so many times to me at work that I am currently 100% from work, reporting errors in products where when I reported it I was told it was an end user issue, not their's. About 6 months after I report a problem, I get a "whoops, we're sorry....we goofed and need to replace the product you purchased and informed us it was defective".
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bean29
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Post by bean29 on Feb 19, 2019 12:15:42 GMT -5
I am sorry, I read your post earlier and I did not respond. I think either Phil or WCP (Paul) who used to own a boat load of rentals, said they never include appliances with their rentals for exactly the reason you cited. Tenant destroyed it, and landlord is expected to replace it.
We have a rental that we do provide the appliances for, and it has exactly the kind of washer in it you described. Original came with the building and was very old - I bought a new one last year and it was about 1300 I think. It goes in the bathroom, and like you said, it pretty much needed to be the same size unit to fit. I bought it from sears, and since they apparently came out of bankruptcy, you might want to check if you can get a deal from them.
My MIL has a rental where she provides washer and dryer. Right now my BIL's are living there, but tenants before DH claimed they were doing laundry for friends and the water bill was huge - they eventually wreked the machine too. DH terminated their lease, then got new tenants. He likes to put the appliances in himself, because he does not want the tenants dragging machines in and out, damaging walls and floors.
I think you should probably either write a new lease with no w/d included or buy new machines, and up the rent to cover the machines. Of course if they wreck them, you will have to replace them again.
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Tiny
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Post by Tiny on Feb 19, 2019 12:38:30 GMT -5
A missing piece of information is how old is the current w/d unit? This is outside of who or how it was broken. If it's an old unit (more than 5 years old) - that would be a "pro" for replacing the current unit. I'm gonna assume it's an older unit (probably more than 5 years old). In the areas where I have rentals - having a W/D on site is VERY important. It's a big renter convenience and allows me to charge a higher rent. I'd have to lower the rent (for future renters) if I didn't have the w/d on site. It would be in my long term best interest to replace the W/D. So, if this was my property/my decision - I'd buy a new W/D for the unit. I'd work really hard to get a two piece unit (so I could replace one or the other). I might even consider some sort of future renovation so I would not have this issue (all or nothing) for the stacking w/d. ADDED: I tend to not blame the tenant for "damage" to my unit(s) or request compensation for their damage - especially for routine things - like an over loaded washing machine. I'm not happy about damage. But I will fix/replace what ever it is. For the problem tenants - when the lease renews - there's a big jump in rent. The problem tenants have always moved on.
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