Landlord Opinions Please!
Hello All,
I am trying to get opinions from Landlords out there regarding responsibility for property repairs. I have been a landlord for a few years now and always felt it was my responsibility to ensure that legitimate repairs in the rental homes were my responsibility and taken care of by me as promptly as possible.
I recently had a need to be a tenant for a short time and the property management company that I rented from felt it was my responsibility to arrange repairs in the home in which I was a tenant. They actually attempted to charge me (the tenant) if they had to come out to the property to work with maintenance people to make repairs. Their claim was there would be no need for these repairs if I was not living in the home and thus it was my responsibility regardless of the condition of the home at move-in.
I am re-thinking my position on this issue and wanted opinions from others to see what they thought. Who is responsible for repairs?
Thanks,
JS.
So ask them why they dont just let it sit empty. If something is used then they have to take care of normal wear and tear. No judge would ever agree with them.
Rent is for the use of the property and to maintain the house. And for normal wear and tear.
Rayh78,
My thoughts exactly. However, it seems there are some Landlords who are getting away with putting repairs on the shoulders of the tenants. I just wondered if a majority of Landlords agreed with this position.
Thanks,
JS.
All of my tenants are on triple net leases, so maintenance and repairs are not a concern. Of course, I provide them other benefits such as the property tax and mtg interest writeoff in exchange for the NNN and higher rents.
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"Dissent is the highest form of patriotism" - Thomas Jefferson<BR><BR>
[ Edited by mtnwizard on Date 10/22/2006 ]
mtnwizard,
What is a triple net lease? I have heard this term used before but only in connection with commercial properties.
Thanks,
JS.
what i do i take care of the maintenance as long its not of the tenants fault hole in the wall broken door etc. tenants responsibility now heat not working or ac not working water leak now thats my responsibility i hope this helps
I ;earned in 1980 -from a "professional renter" who purposley lossened screws in a wall plug-causing the light to flicker when the floor shook-in order to hold back rental payments-delay until fixxed ect ---that a simple clause added to the standard lease such as "Tennant to pay first $75 for any and all repairs. " This has saved any midnight phone calls and bullshit calls. I also have to be notified and approve any repair contractors from stepping foot on my property without liability insurance-Legal? who cares-it works and realtors have sold these leases for 1 months rent so I assume it is o.k
My leases very clearly say "..... tenants are responsible for all repairs, maintenance of the entire premises. Tenants acknowledge that everything is in good working order upon move in..... " - which basically means that is works when you moved in, and if it stops working then you broke it, so you fix it.
It has worked very well for about 7 years now.
Royalfortune, I know I am not answering your question but infact asking you to explain your question a little better because I am in the process of buying a rental property in the east baltimore corridor as a first time investor and I think I might learn something from this question you have posed and the response it gains.
owen
Attend a local REIA meeting and look for Agent/Agencies that understand REI...
[addsig]
hey royal try ananniah ins comp i use them they are pretty good also they will insure properties that are located next to a boarded up property just costs more but if u cancel b4 the 1yr policy is up they burn u by hitting u with a early termination fee. they are located in baltimore
My goal would be to continue to add cash positive units so that you could quit your full time job and simply manage the properties part time with a trusted person who could step in to help when you go on vacation.
As your portfolio grows, you will be spending more time. You might look at various ways to save some time by improving or automating some of your processes. My time spent looking after my properties takes up an enormous amount of time. Leveraging by using others helps, but these folks also need to be managed.
I highly recommend you evaluate what technology tools are available to minimize your time. You should also make sure and look at tax laws to ensure you are getting the benefit of being a "real estate professional", i.e., get your real estate license and keep track of your hours. This is a huge benefit when it comes times to do your taxes.
If it weren’t a violation of discrimination laws, I would say rent to girls rather than guys.
: )
I have had GREAT luck and BAD luck with students. It just all depends. I have some students from India that have been absolutely fantastic. Four grad students that then asked to extend the lease until end of September so they could finish their thesis. Ouch. August is the peak month in a university area so I told them if they helped me find new tenants that could move in right after then (I had right of refusal of course) then I was cool. Low and behold, four undergrad students from India moved in and everything is fabulous. They pay their rent four days early every month.
Had some bad students downstairs. Had to evict them. If you have any doubts, have their parents co-sign then you can go after them for the rent and damages.
But if you are in a university area, I recommend you figure out a system because students always pay a premium due to the few vacant months in the summer.