I agree with you. It is cheaper them. Even if they trash the unit best case scenario they stay awhile and you might be able to raise the rent. I use kwikset Smartkey now so it’s much easier to do the rekeys..
Man, I know the feeling. You have a family that is dirty as hell. But they pay on time. So you just ride them out knowing you're going to have to make some repairs when they leave. I got a few of those. Just kick the can haha. Great Vid!
Yeah, I've heard that many times too "Just evict them". We have two that are nasty but they have been there for over 20 years and while they are in there all we had to do was the regular maintenance but when they move it's a dumpster and pretty much gutting so just cheaper to let it ride, damage is done they have to live in it. I love to hear a something better than Quickbooks but like you say, it's what everyone knows.
Yeah it’s easy, evict the tenant so u can rehab the property spend 10k to 20k with hopes of getting a better tenant. Haha no thanks! Quickbooks is not my favorite. I think it’s good for a handyman or hvac biz. Just not the best for landlords but then again maybe it’s user error haha 🤣
I agree I take care of 200 rental properties. Yes we have a couple tenants that have trash the unit. Can we do whatever it takes to keep them there. 1 unit on a turn would cost $7000 or $8000 to fix.then lost rental etc. Justfound your channel interested in wacthing other people's issues on what they go thru. Sometimes we might learn stuff we didn't think about.
@@willspropertyservice438it sucks to have bad tenants but It’s going to happen regardless if section8 or private tenant. I love when people say u should do monthly inspections and just evict them. I don’t have time for monthly inspections and the cost to evict, turn and rent again is too high. Then people say u should sue the tenant…. Ok but u still have to collect on that judgement… if u are awarded a judgment. Haha good luck. I turn over missing rent and excessive damages to a debt collection agency and move on. Thanks for watching.
Have you ever done a price comparison between buying new locks & deadbolts to using Kwikset Smart Locks ? $1290 for rent... Dang ! In Seattle, you'd get the 'osb closet' for that hahahaha
I have not looked into quickset locks or compared price. The smart key seems like a good idea. I’ve just never went that route. I had no extra plywood after cutting the piece 1inch short, at least I painted the osb shelf. Haha 🤣 just wonder what the previous tenant did with the shelf?
I'm not a lawyer or a tax guy........but my tax guy told me I couldn't expense my labor but only materials if I own the property. He said I'd be better off to hire someone. Being a Handy Landlord myself and wanting to do a lot of the work, my Wife opened a checking account with a dba Business Name. I send all the invoices for labor and materials to her company so we get to expense the work on our taxes.........once again I am not a lawyer or an accountant so do your own research.
I disagree with your accountant that u would be better off hiring out the work. The only way that is better is if u are more valuable some place else. Someone has to manage the contractors and that can be a nightmare. Unless it’s a time issue or multiple properties vacant. Then again I’ve been told by multiple people I’m doing real estate investing wrong. Haha ok. Im an employee of the company that owes the properties. Keep up the good work. Nothing wrong with being a handy landlord and doing the work yourself.
The reason you can't pay yourself, is because if you did, you would have to claim it as income. So the tax deduction would cancel out the income tax. I believe this is different if you have an s-corp. So by this same logic, you could say you shouldn't work at all to avoid paying taxes 😊 I bought all my rentals pre-covid when they were cheaper with lower interest rates. I can't see how anyone can make any money paying contractor rates where the monthly rent is
Do you mind sharing what company you rent it out to? If not, what type of business would be interested in renting from small landlords? Also, have you used thosen locks that you can they yourself? I think it's kwitset. I use those because it's easier for me to rekey myself when I have a tenant changeover.
Very small program. It’s kinda like section 8. They are just more involved with the tenant. They only have 32 properties in the program. I’ve always used defiant locks one door takes me 3 to 4 min to change. Haha I only know because I video record myself. If anyone wants to do a lock change challenge I’m down. Haha 🤣 probably be more exciting than the Tyson Paul fight.
Not affiliated just thought they had some good info for landlords www.ezlandlordforms.com/
I agree with you. It is cheaper them. Even if they trash the unit best case scenario they stay awhile and you might be able to raise the rent. I use kwikset Smartkey now so it’s much easier to do the rekeys..
Everyone keeps telling me about the Smartkey. I need to look into it a little more.
These videos are super helpful. Especially for us Jr landlords.
Jr or senior it’s so hard to stay up on all the ever changing rules, laws and procedures as a landlord. Thanks for watching
Having been a renter myself and with small children, if the carpet can be cleaned, just clean it.
Amen! I have 3 haha 🤣
Great videos. I always learn something. The unit looks GREAT.
Yes I want to see more videos.
Thanks for watching!! More vids coming
Man, I know the feeling. You have a family that is dirty as hell. But they pay on time. So you just ride them out knowing you're going to have to make some repairs when they leave. I got a few of those. Just kick the can haha. Great Vid!
Try to kick the can far haha 🤣
Yeah, I've heard that many times too "Just evict them". We have two that are nasty but they have been there for over 20 years and while they are in there all we had to do was the regular maintenance but when they move it's a dumpster and pretty much gutting so just cheaper to let it ride, damage is done they have to live in it. I love to hear a something better than Quickbooks but like you say, it's what everyone knows.
Yeah it’s easy, evict the tenant so u can rehab the property spend 10k to 20k with hopes of getting a better tenant. Haha no thanks! Quickbooks is not my favorite. I think it’s good for a handyman or hvac biz. Just not the best for landlords but then again maybe it’s user error haha 🤣
The place looks good. Amazing carpet work!
Thanks. Yes carpet guy is amazing for $300.
Agreed I leave no stone unturned so they don't call me when they move in!
I try to deliver the best product possible for a 1960 house.haha
@handylandlord same here even though it's a rental! Means you can charge more for rent.
The unit turned out nice!
Thank you
@handylandlord looking forward to your next project.
I agree I take care of 200 rental properties. Yes we have a couple tenants that have trash the unit. Can we do whatever it takes to keep them there. 1 unit on a turn would cost $7000 or $8000 to fix.then lost rental etc. Justfound your channel interested in wacthing other people's issues on what they go thru. Sometimes we might learn stuff we didn't think about.
@@willspropertyservice438it sucks to have bad tenants but It’s going to happen regardless if section8 or private tenant. I love when people say u should do monthly inspections and just evict them. I don’t have time for monthly inspections and the cost to evict, turn and rent again is too high. Then people say u should sue the tenant…. Ok but u still have to collect on that judgement… if u are awarded a judgment. Haha good luck. I turn over missing rent and excessive damages to a debt collection agency and move on. Thanks for watching.
The carpet looks so much better.
Couldn’t agree more!!
Do you live in a blue state? So much in favor of the tenant.
No. I live in Ohio. Nothing is normally in favor of the landlord
Have you ever done a price comparison between buying new locks & deadbolts to using Kwikset Smart Locks ? $1290 for rent... Dang ! In Seattle, you'd get the 'osb closet' for that hahahaha
I have not looked into quickset locks or compared price. The smart key seems like a good idea. I’ve just never went that route. I had no extra plywood after cutting the piece 1inch short, at least I painted the osb shelf. Haha 🤣 just wonder what the previous tenant did with the shelf?
I'm not a lawyer or a tax guy........but my tax guy told me I couldn't expense my labor but only materials if I own the property. He said I'd be better off to hire someone. Being a Handy Landlord myself and wanting to do a lot of the work, my Wife opened a checking account with a dba Business Name. I send all the invoices for labor and materials to her company so we get to expense the work on our taxes.........once again I am not a lawyer or an accountant so do your own research.
I disagree with your accountant that u would be better off hiring out the work. The only way that is better is if u are more valuable some place else. Someone has to manage the contractors and that can be a nightmare. Unless it’s a time issue or multiple properties vacant. Then again I’ve been told by multiple people I’m doing real estate investing wrong. Haha ok. Im an employee of the company that owes the properties. Keep up the good work. Nothing wrong with being a handy landlord and doing the work yourself.
The reason you can't pay yourself, is because if you did, you would have to claim it as income. So the tax deduction would cancel out the income tax. I believe this is different if you have an s-corp. So by this same logic, you could say you shouldn't work at all to avoid paying taxes 😊
I bought all my rentals pre-covid when they were cheaper with lower interest rates. I can't see how anyone can make any money paying contractor rates where the monthly rent is
Do you mind sharing what company you rent it out to? If not, what type of business would be interested in renting from small landlords? Also, have you used thosen locks that you can they yourself? I think it's kwitset. I use those because it's easier for me to rekey myself when I have a tenant changeover.
Very small program. It’s kinda like section 8. They are just more involved with the tenant. They only have 32 properties in the program. I’ve always used defiant locks one door takes me 3 to 4 min to change. Haha I only know because I video record myself. If anyone wants to do a lock change challenge I’m down. Haha 🤣 probably be more exciting than the Tyson Paul fight.
Who is this company that you are doing business with. I've got rentals for them.
Haha. Yeah I know right! Very few houses in the program.
How do you go about renting to a company?
It was luck. I just rent a few properties to them. Not a large program. They help tenants find housing.
I hope after all of your effort and hard work the next people to inhabit that place doesn't mess it up again.
Wishful thinking! There are good tenants out there just have to find them.