We meet with our Real Estate Broker on a regular basis to look for good real estate investment properties. As soon as we enter the property, we look for the HVAC system … Why? The heating ventilation and air conditioning (HVAC) system is one of the most expensive items in a home. If the HVAC […]
Posts with the property management tag
Chasing Squirrels in the Attic! #propertymanagement
We have a 4 bedroom 3.5 bath townhome that is currently rented by a family. We received a note from them regarding “scratching” noises in the attic at night. This sounds familiar to a call we received a few years ago from a different tenant. Wierd sounds in the attic or ceiling usually mean squirrels […]
When Prospective #Tenant Wants to Move In Quickly … #tenantscreening
We have a one bedroom condominium for rent. The current tenant gave notice about 3 weeks ago. We always require 60 days notice so that we can minimize loss of rent when we have tenant turnover. We advertise using Zillow and Craigslist. It is extremely important to thoroughly screen prospective tenants! Your tenant evaluation criteria […]
Ground Floor Condo Plumbing Backup & Leak! #waterdamage #propertybrothers
The disadvantage of owning a ground floor condominium is that “everything flows downhill …” Whenever there is a backup or stoppage, it occurs at the ground level due to gravity. We have owned this particular condo for 27 years, and have never had any major problems with it. Our tenant is perfect because she pays […]
Replace Wood Retaining Wall with Concrete? #propertymanagement
We have a rental property (townhouse) with a wood retaining wall that keeps soil from sliding downhill from the property next door. The wall is at least 25 years old, and it is now leaning due to very heavy snowfall last winter. A contractor suggested using concrete blocks for the replacement, which would require less […]
#Plumbing #Leak Damages Ceiling & Walls! #propertybrothers
We own a 2 bedroom condominium that we purchased last year. The unit above ours was foreclosed around the same time, and a new owner purchased the above unit about 6 months ago. We were able to take a peak at the above unit while it was vacant and it needed lots of work. A […]
4 Lessons Learned – #Section8 #TenantScreening
Let me preface this post by saying that we are not casting aspersions on the Section 8 program. We can only speak from our personal experiences. During the past 2 -3 years, when we advertise a property for rent, we get many inquiries from prospective tenants who have “housing vouchers.” The “housing vouchers” go by […]
When #Tenant Borrows Security Deposit … #tenantscreening
We posted a 2 bedroom condominium for rent. The condo is located in a lower middle class area, so it was taking longer than usual to find an acceptable tenant. A 41 year old man submitted a rental application. His initials are DA. DA had fair credit, an acceptable salary, and a good landlord reference. […]
Increase Monthly #Rental #Income by Adding Full #Bathroom! #propertybrothers
We recently purchased a 4 bedroom 2.5 bath townhouse foreclosure. We plan to rent it out, but first, we want to increase the market value and monthly rental income by adding a full bath! The 4th bedroom is on the lower level. We just added a walk-in closet to the 4th bedroom. To learn more […]
Increase #Rental #Income! Add Walk-In #Closet to #Bedroom! #propertybrothers
We are embarking on our first renovation project! We just purchased a 4 bedroom townhouse, and the 4th bedroom is on the lower level. It has space for a walk-in closet, and we are hiring a contractor to hang drywall, paint, add carpeting, light fixtures, shelves, etc. We are very excited about our project because […]