question about updates (by Marcia [WI]) Mar 26, 2023 9:44 PM|
question about updates (by Mike SWMO [MO]) Mar 26, 2023 10:55 PM
question about updates (by small potatoes [NY]) Mar 26, 2023 11:19 PM
question about updates (by Marcia [WI]) Mar 27, 2023 12:08 AM
question about updates (by myob [GA]) Mar 27, 2023 6:55 AM
question about updates (by MC [PA]) Mar 27, 2023 7:21 AM
question about updates (by FloridaNative [FL]) Mar 27, 2023 8:03 AM
question about updates (by Wilma [PA]) Mar 27, 2023 8:12 AM
question about updates (by Vee [OH]) Mar 27, 2023 8:23 AM
question about updates (by Marcia [WI]) Mar 27, 2023 8:24 AM
question about updates (by Marcia [WI]) Mar 27, 2023 8:47 AM
question about updates (by Oregon Woodsmoke [ID]) Mar 27, 2023 11:20 AM
question about updates (by Oregon Woodsmoke [ID]) Mar 27, 2023 11:25 AM
question about updates (by S i d [MO]) Mar 27, 2023 12:46 PM
question about updates (by Ed [CA]) Mar 27, 2023 1:23 PM
question about updates (by small potatoes [NY]) Mar 27, 2023 2:44 PM
question about updates (by mapleaf18 [NY]) Mar 27, 2023 3:52 PM
question about updates (by Ken [NY]) Mar 27, 2023 4:05 PM
question about updates (by LisaFL [FL]) Mar 27, 2023 5:47 PM
question about updates (by myob [GA]) Mar 27, 2023 6:03 PM
question about updates (by plenty [MO]) Mar 27, 2023 6:56 PM
question about updates (by myob [GA]) Mar 28, 2023 6:30 AM
question about updates (by S i d [MO]) Mar 28, 2023 8:25 AM
question about updates (by Robert,OntarioCanada [ON]) Mar 28, 2023 9:05 AM
question about updates (by Ray-N-Pa [PA]) Mar 30, 2023 10:20 AM
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question about updates (by Marcia [WI]) Posted on: Mar 26, 2023 9:44 PM
I have a nice 2-bedroom, 1 bath 1100 square feet apartment that I am looking for new tenant for. Since advertising 2 weeks ago, I have had 60,000 views on apartments.com and 100ish true leads. I have shown the apartment about 15 times so far with about 5 people returning applications. OUt of the 5 who returned applications, there are 2 or 3 that I know I would not rent to. I have 2 nurses who are interested and just had a woman contact me yesterday. In talking to her on the phone she asked if I would be open to making some upgrades if she paid additional rent. I said we could talk about it when she came for a showing today. So she came for the showing, spent an hour looking through the place and here is what she proposed: new carpeting in living room and bedroom (current carpet in living room is about 20 years old, berber, in very good condition, but has some wear areas. New kitchen flooring, paint in 3/4 rooms, 3 new ceiling fans, new can lights in kitchen . The current rent is $1050 and I told her if I do these upgrades, the rent would be $1200. I figure the upgrades would cost me around $3000 and she indicated she would stay 2-3 years. So here is my question. Do I rent to someone at a reduced rent amount and no changes or does it makes sense to rent to thiss lady and make some upgrades to the apartment and get more for rent. I will admit the flooring is dated, but the house is in a good area and I have never had an issue getting it rented. --75.86.xxx.xxx
question about updates (by Mike SWMO [MO]) Posted on: Mar 26, 2023 10:55 PM
Do the upgrades only after she has paid for that particular upgrade.
She pays for carpet, you upgrade carper. She pays for painting, you do painting. She pays for, you do for. --174.130.xxx.xxx
question about updates (by small potatoes [NY]) Posted on: Mar 26, 2023 11:19 PM
I'd pass on all of this, this list can only grow, and she might bolt before you recoup your costs. If it was one thing like a ceiling fan, I'd consider it. Most here wouldn't replace carpeting w/ carpet. Q- could you rent it at $1200 to someone else if she flakes? --67.240.xx.xx
question about updates (by Marcia [WI]) Posted on: Mar 27, 2023 12:08 AM
Thank you Mike and Small Potatoes for your suggestions.
To Small Potatoes, yes, I have thought about your question if I would be able o rent it at $1200 if she bails or when she moves out. I think I would given the interest I've received, but then one never knows. --75.86.xxx.xxx
question about updates (by myob [GA]) Posted on: Mar 27, 2023 6:55 AM
WAIT a second. You are renting out a place with 20 yr old carpet? Not freshly painted? Hate to burst your bubble but these aren't upgrades these are normal "turn" items to do as a LL.
20 yr old carpet-- slightly worn????????? comon man!!!!
Mike and Taters I'm shocked at your 2. --108.239.xx.xx
question about updates (by MC [PA]) Posted on: Mar 27, 2023 7:21 AM
How old is the paint? The older carpet can be good. NO anyway-PITA. She will want and want and want. I would tell her "sure to the upgrades but it will cost $500 more a month". I tell people it is as-is and is in my lease. Yes, if something is defective, we will correct but no upgrades/paint/new this or that.
If you don't rent it at what you want in 2 weeks, then reconsider. Don't do it the first week or two because you have a biter. --73.230.xxx.xx
question about updates (by FloridaNative [FL]) Posted on: Mar 27, 2023 8:03 AM
100% agree with myob. Take care of your rental Marcia and it will take care of you.
There is no way that any carpet lasts 20 years without showing wear and tear, especially in a tenant occupied property. I think you would be better off to paint the entire place and replace carpeting and follow through with the normal maintenance and repairs that you have been deferring.
What is the market rate for rentals in that neighborhood? Do some research to see how much of the market you are missing. This prospective tenant may not be the right one, but you can get a better rental rates with well maintained properties. I agree with myob that these changes aren't upgrades, but regular maintenance done between tenants. --73.205.xxx.xx
question about updates (by Wilma [PA]) Posted on: Mar 27, 2023 8:12 AM
We learned the hard way that you don't agree to changes in order to snag a tenant. Pass. --96.245.xx.xx
question about updates (by Vee [OH]) Posted on: Mar 27, 2023 8:23 AM
Let the applicant go find what makes him/her happy today, this type will wander around for years. I suggest ditching carpet in favor of smooth floors - no germs, stink or stains, maybe a bedroom but an area rug always works and toss when tenant goes away, why not paint? I don't know the distress or colors, go look at a few rentals online to get ideas and without a tenant in place it should be a weekend or 2 project, pull the ad and increase the price when cleaned up and shiny.... --76.190.xxx.xxx
question about updates (by Marcia [WI]) Posted on: Mar 27, 2023 8:24 AM
Thank you Wilma and FloridaNative. I appreciate your feedback. I do want to let people know that I am not trying to "snag" a tenant. I let her do the showing to see what she had to say and what she would want. I have had 4 people who returned completed applications, one was a possibiity and the other were definite "no.s" I was trying to figure out if it would make sense to have someone else "pay" for the upgrades. My rent is cudrently at $1050, and comparable rents in the area range anywhere from $1200 to $1500 or $1700. This lady is currently paying $1700 and trying to save some money. Based on her telling where she lives, I know why she is paying $1700--it is bc she is in a newer complex. --75.86.xxx.xxx
question about updates (by Marcia [WI]) Posted on: Mar 27, 2023 8:47 AM
UPDATE: Just received a text this morning saying, "good Morning, Marcia." I woke up with hesitation this morning. Now, the stove is too small and there isn't much vanity space. She is going to look at 2 more places, and from what I know of the area, the rents may not be much different than the $1700 she is now paying. Needless to say, she's history for me. --75.86.xxx.xxx
question about updates (by Oregon Woodsmoke [ID]) Posted on: Mar 27, 2023 11:20 AM
The problem with tenants who want things like new paint before they move in, is that they are a bit fuzzy in their minds about who owns the property. Tenants who think they have some sort of ownership rights and can redecorate at their own whim are very difficult tenants and quite often, they take it upon themselves to do the upgrades they want without consulting the landlord.
If an applicant asks if they can paint, I automatically reject them. Someone who wants new paint, new carpet, new stove, new countertops really needs to buy their own house and then they can redecorate all they want. --76.178.xxx.xxx
question about updates (by Oregon Woodsmoke [ID]) Posted on: Mar 27, 2023 11:25 AM
Adding this: take an honest look at your paint. Is it worn out? Or maybe in need of cleaning? Does the house need new paint?
Myself, I would not do any sort of renovation at that price range, but maybe it is time to start doing one or two renewals between tenants. If it is needed, do new paint now. Then when this tenant moves out, you are definitely going to be due for new flooring. But you don't have to do it all at once if it is not in the budget.
I would allow carpet to get pretty seriously worn as long as it was still clean because I accept dogs and tenants are usually happy to not have expensive new flooring that their dogs might damage. --76.178.xxx.xxx
question about updates (by S i d [MO]) Posted on: Mar 27, 2023 12:46 PM
She's not excited about your place and wants you to pay to make her excited. Nope, thank her for her time and move on.
This is yet another reason why I don't do in-person showings. I don't have time to follow people around while they nitpick my place apart.
With lock box showings, I let them tour on their time and their dime. If they're interested, they can fill out my application. If not, no fuss, no foul, next contestant.
You've seen one of the other reasons why I don't do in-person showings. 15 showings...only 5 apps, 2-3 of which are not good. This is typically the numbers I see for most of my vacancies as well. 15 showings at 1 hour each (travel time to and from, time at the showing, etc) Ugh. No thanks. I've got stuff to do!
I've been doing lock box showings for 8+ years. The worst problem ever was someone used the toilet when the water was turned off, so they couldn't flush. No biggie. Someone let me know about it, I ran by, flushed, dumped in a capful of bleach, swish, swish with a toilet brush... done.
In exchange, I saved almost two full workdays of effort and close to a full tank of fuel.
This business is about increasing your freedom and options. Consider revamping your process to avoid wasting time on tasks that add no value and can be accomplished using automation.
question about updates (by Ed [CA]) Posted on: Mar 27, 2023 1:23 PM
According to your estimates, your rent is substantially lower than other similar properties in the area. With 20 year old carpet etc, it sounds like you're not keeping the property up, which is probably why your rent is lower. I keep my properties up and do a lot of upgrades which pay themselves off quickly with higher rents. My tenants are willing to pay more and stay longer as a result of having a nice place to live. --108.201.xx.xx
question about updates (by small potatoes [NY]) Posted on: Mar 27, 2023 2:44 PM
myob, I answered the OPs question about a prospect and the situation at hand. Not what I would necessarily do for my own unit. Certainly no upgrades for demanding prospect. Now hearing that Marcia's unit is under priced, it's her call if she wants to upgrade it anyway and increase the rent or not. There is a tenant class to be served w/ older functional units that are underpriced. Not my game, but it is someone's.
Better than the slummy lord down the block from me who has hack work done if he has to, but rents out places w/ no work done and people pay. After several years the building racked up 2 pages of violations and is being condemned.
question about updates (by mapleaf18 [NY]) Posted on: Mar 27, 2023 3:52 PM
As others have said:
Anyone who has "suggestions" for improvement at a showing is an auto DQ
That being said, our units ARE freshly rehabbed with fresh paint, new flooring and/or hardwood floors refinished.
If you want a tenant who is satisfied with the way the apt looks now for a lower rent, then go for it.
Or you could upgrade/freshen the apt and get more rent for it.
question about updates (by Ken [NY]) Posted on: Mar 27, 2023 4:05 PM
Small potatoes,you should go buy the place with violations,if you dont want it give me the address and i will chase it --74.77.xx.xx
question about updates (by LisaFL [FL]) Posted on: Mar 27, 2023 5:47 PM
I have a rental I purchased from my parents in 1989. They put new good quality carpeting in it in 1982. I rented the home starting in 1989. I only just replaced the carpeting in 2016. It was 34 years old and still in great shape.
Over the years I had it restretched once. Nobody ever had pets except the last tenant who was there five years. Even after his good pets it could have been rented as is. We just did a big remodel, removed a wall etc…so we tiled the whole place. Quality carpeting can last a long time.
I bought a second home in 2017 from the original owner. The carpet was installed in 1989. It still was in great shape. We changed it only because of the color. --24.96.xx.xxx
question about updates (by myob [GA]) Posted on: Mar 27, 2023 6:03 PM
replacing 20 yr old carpet is not an improvement?????
Can I be honest and say-- when you hear SLUM LORD look inward.
I'm sorry I can't even respond to this kind of S.....
question about updates (by plenty [MO]) Posted on: Mar 27, 2023 6:56 PM
I will share with you what I would do. New carpet, new paint and new updated light fixtures. I'd spend a little money, take the ad down while these improvements are being done. Then I'd take new pictures and try again at $1500. There is no reason to be at being at the bottom of the market. Especially this market! Present a good clean, attractive home and get paid to do it. --172.59.xxx.xxx
question about updates (by myob [GA]) Posted on: Mar 28, 2023 6:30 AM
listen to plenty MO. Want a winner do it but do it on a regular basis so your not hit all at once with expenses. --108.239.xx.xx
question about updates (by S i d [MO]) Posted on: Mar 28, 2023 8:25 AM
I'd like to address the payback period of "upgrades" and compare those to "standard maintenance."
Obviously, you need to have floor covering of some kind other than just plywood decking.... or do you? *wink
My friend Brad 20K shared a picture of one unit that just had bare plywood with some stain and a few coats of poly-urethane on it. Much cheaper and more durable than carpet. Tenants called it the "tiger stripe house" due to the patterns of light and dark areas. Check it out on the pictures page which you can find by clicking the blue link at the top of the page that says "PICTURES AND VIDEOS" inside a red framed box.
Carpet is generally not a good choice for a rental. It stains to easily, traps pet dander (allergies and smell), and as you've noted over time is shows wear patterns that cannot be restored without tearing out the carpet and installing new. A better choice I've found is either refinishing hardwood floors below the carpet if those are available, or installing luxury vinyl plank. Allure Trafficmaster from Home Depot is a good choice at around $2/sq ft. It also makes the unit "pop" as a nicer place than your standard rent with carpet. Nice thing about it is if one or more pieces are damaged, you can take out them out and replace them.
So there are upgrades (luxury vinyl) vs. standard repairs (new carpet). I recommend choosing the one that endures the longest and costs the least. Tenants generally do not pay a significantly higher rent because of a flooring choice, so you want a floor that will last as long as possible and still be acceptable.
My payback goal for any upgrades is 3 years, maximum. Otherwise, all you're doing is upgrading to get more rent to pay for the next upgrade. The name of the game is putting MORE MONEY in your pocket: not just breaking even and repeating the same process over and over. By switching to luxury vinyl plank, it cost me a little more up front, but I haven't replace any of it since I installed the first floor 10 years ago, and it still looks great!
question about updates (by Robert,OntarioCanada [ON]) Posted on: Mar 28, 2023 9:05 AM
For rentals any domestic flooring does not last long which winds in the landfill every three years. Seen many rental housing providers buy the laminate flooring then after 3 years replace. Porcelain flooring stands up with a lit cigarette or if they sneek in a pet. It is easy to clean where a mop with bleach removes everything. For a rental as long as things are not worn out then it may be dated where some are not fuzzy. There are two ways of looking for a payback where the life expectency must be considered. A roof should last twnety years or more where steel rools outlast shingles. Washerless ceramic disk faucets are more expensive where there is constant replacing of washers and seats. Commercial grade locks are more expensive where parts are avialable along with stand up to abuse. On and off was able to buy commercial grade locks at the Habitat for Humanity restore along with ceiling fans. For security a grade one or grade two lock is much more difficult to break into. Metal switch plate and receptacle covers are difficult to break. Reality is when a tenant buys a house then cost of replacing a roof, furnace, structural repairs, renovating a bathroom or kitchen is expensive. --68.69.xxx.xxx
question about updates (by Ray-N-Pa [PA]) Posted on: Mar 30, 2023 10:20 AM
I might occasionally get someone asking me for an upgrade out the gate which I go into into "you want to super size the fries with that" mode.
Those moments make me money and make the resident happy. So you have to read the applicant to see what makes things work for them and if you are alright with them. If someone answers my question about the super sized fries with a yes, but I want an apple pie, second coke, another burger and onion rings too - the next words you can also expect are....
Ohhhh and can you hold the pickles and hold the lettuce.
Can 20 year carpet be used? Sure. Should it be used? Normally NO. If the carpet is 20 years, it is probably time to upgrade the place when you put in into phase maintenance --24.101.xxx.xxx
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