Posted by David Krulac on January 07, 2008 at 14:23:59:
- To your first letter, the tenants could respond, that’s nice, but so what. In addition there may be some tenants that you don’t want doing even the simplest of tasks.
For example i had an ederly womand tenant who could not turn off the water, when freeze damage broke a pipe. The water ran full bore for about 30-45 minutes before I got there. Needless to say there was a glacier of ice about 5 inches thick by the time I got there.
- your second letter may also get a so what responce and depending on nyour lease terms you may not be able to raise rents until the lease expires. And that may have the unintended consequence of tenants NOT calling you when there is some serious problem that you should be attending to like, roof leak, termites, or some other health, safety or hazardous situation.
you may want to consider adding a clause in new leases that the tenants are responsible for all minor maintenance below say $50. But you should also add to that clause that you want immediate notification of roof leaks, termites, etc.
Live and learn. After a tennat left and a place needed 22 new light bulbs, I added a light bulb clause saying that all light bulbs must be operational and of the proper wattage when they vacate. ( But I don’t replace light bulbs during tennacy, though I might make an exception for a ederly person or some extenuating circumstance like extremely high ceiling, etc.
But the BOTTOM LINE, imho the problem stems from two self inflicted wounds.
#1 purchasing property at a distance. I’ve sold property that was 30 minutes away because it was too far.
#2 Purchasing the wrong type of property. If you insist on long distance investing then select another property type. If you want growth but don’t care about income, buy some vacant land in the path of development. If you want rental income and ease of management, tenants pay all utilities and shovel the snow and cut the grass, then buy SFH, not apts. And if you really want hands off, long distancce, AND rental income go for NNN (Triple net leases with class A natiobnal tennats.)