My Fourth and Fifth Investment property (and first semi-horror story)

dice-536049_1280-PDI became a landlord sort of accidentally, like many people.  In my case, it was a bit more sudden.  My father, who lived in a duplex, has a stroke several years ago.  He had a large mortgage and was incapacitated.  It was an opportunity to attempt to purchase an investment property.

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Avoiding Lockouts and Keeping Track of Keys

SchlageOne way to reduce tenant lockouts is to have a deadbolt with a key, not a locking door knob. Change the actual door knob to a hall /closet knob.  One without a lock.  The security is provided by the deadbolt, you do not need two key-able locks.  That way, you can only get locked out if you had the keys when you left.  

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How to Find Investment Property

man-156785_1280-PDThe best investment property is one you can walk to.  But if the deal is super-great, going across the country is OK, but it better be real super-great.  If it’s that great, others across the country are also looking at the property.  And local investors have already passed on it.  You will pay more in expenses when a property is located more than a few minutes away from your main location.  Wherever you are, you have to know how to find investment property.

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Allocation Budget for Maintenance

plumber-35611_1280-PDEvery property needs maintenance, you must understand how to budget for maintenance.  The renter’s damage deposit is for just that, damages.  It is not for routine maintenance, It is not for wear and tear.  Things like carpet replacement when it has reached its depreciated lifespan, appliances, painting, cleaning, new windows, kitchen cabinets, new roof, etc. Continue reading “Allocation Budget for Maintenance”

Should I allow my renter to have a dog?

cane-corse-85572_1280-PDShould I allow my renter to have a dog?  In order to reach the greatest possible audience, you need to market correctly, and avoid excluding large pools of renters.  Some pools of renters you do not want, criminals and deadbeats being two of them.  But pets are another issue.  A tenant may “check out great otherwise”, by a landlords definition, but they have a pet.  Should you take the tenants with dogs? Continue reading “Should I allow my renter to have a dog?”

Personal belongings left at the end of the tenancy

DSC02502When your tenants leave, there are normally a few personal belongings left.  Sometimes it is a couch, a mattress, or it could be as little as a pair of pants hanging in the back of a closet.  MN law says you must store these items for 28 days.  Most often, the tenant never comes back.  If you are like me, I take pictures of what I have to throw away.  Sometimes I ask if they are coming back for any additional items and they always say no.  Of course good tenants do not leave junk behind.  Continue reading “Personal belongings left at the end of the tenancy”