January 30 & Landlord Dilemmas (with answers) Frozen pipes and MLK.

Good morning,

Tuesday, January 30, 2018 6:30 – 9pm
YOU MUST REGISTER TO ATTEND

We will begin 2018 with tuning your business up so you spend less time in it, Improve your margins and reduce your compensationtition when Michael speaks to us Tuesday, January 30, 2018

Working better On your Business not IN your Business 101!

What about pricing your Products and Services!

How can you avoid a “seasonal slump” in business?”

Also Property Management and Securing Private Fianancing

A fellow Landlord who recently made the jump to owning many units had some interesting dilemmas

1. After you have a unit de-bedbugged and the Tenant has to toss the bed and couch, who pays for that?

Answers from Mike Garofalo, Professional Loss Adjusters
[email protected]

And a Mediator in the Housing Court

Mike G.  – “It’s the property of the Tenant and they should have Renters Insurance.”

Mediator – “The Tenant may sue you for damages and the Court may rule that you pay.”

2. When a toilet backs up and soaks the unit below, who pays for the mattress and carpets that had top be “deep-sixed”?

Mike G. – “Again, Renters Insurance. Also a Tenant can not be held responsible for accidental damage in Massachusetts!”

Mediator – “Again, they may sue you for damages.”

3. When a Tenant passes away, how long do you wait before removing and storing their belongings?

Mediator – “You must file a Civil Complaint in the Housing Court with the Death Certificate and once a Judge rules you can remove and store the contents.”

Professional Loss Adjusters Mike G and one of the Lawrence Housing Mediators answered these questions, what do you think the answers are… More this afternoon,

Mike Hurney, Director MassRealEstate.net & NewHampshireREIA.org Po Box 307, Marblehead, MA 01945

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Abodo’s 2017 America’s Rental Market in Review

How did the rental market fair in 2017?  ABODO’s recently released Annual Rent Report breaks the market down and shows where prices increased, decreased and what trends emerged.  They also drill down into the most and least expensive markets and what to expect in 2018.

Trulia’s Hottest Real Estate Markets to Watch in ’18

Heading into 2018 Trulia looked at the 100 most populated metros across the U.S. using five key metrics to come up with the top 10 hottest housing markets they believe are positioned for growth.

Tenants Have Frozen Pipes Do I Have to Pay to Fix?

Dear Landlord Hank:  Tenants Have Frozen Pipes Do I Have To Pay To Fix?  If a tenant has frozen pipes and calls the landlord or property manager to come fix the issue, who is supposed to pay for the maintenance? See below * for more.

United Van Lines: Americans are Moving Westward

In their 41st annual National Movers study, United Van Lines says Americans are moving West while the Northeast and Midwest continue to lose population.  They report that more residents left Illinois than any other state and that Vermont had the most inbound moves.

The Perfect Formula to Price Wholesale Deals

Podcast: On a recent issue of The Real Estate Investing Playbook, Jeff Watson and John Cochran discuss how to price your wholesale and “leave meat on the bone” for the next guy.  They break down in detail how to properly price your wholesale deals so you get top dollar and you never give your deals away leaving money on the table for you.

Yardi: Multifamily Rents Up 2.5% in December

According to the latest Yardi Matrix, U.S. multifamily rents were flat in December coming in at $1,359, ending the year up 2.5%.  That figure represents the smallest annual increase since 2010 which saw a decrease of 0.4%.

More Households Have Cellphones Only

Nowadays, who doesn’t have a mobile phone?  Not only are they everywhere but recent data from the Centers for Disease Control and Prevention (presented by Statista) over the last couple years a majority of American households do not have a landline and only have a cell phone.

The Life of Martin Luther King

Infographic:  Monday, January 15th, is Martin Luther King Day.  In honor of the life & legacy of Dr. King we’ve presented this infographic about his life and impact on American history. See below ** for more.

*Dear Landlord Hank:  Tenants Have Frozen Pipes Do I Have To Pay To Fix?

If a tenant has frozen pipes and calls the landlord or property manager to come fix the issue, who is supposed to pay for the maintenance? Each week veteran landlord and property manager Hank Rossi answers questions from other landlords and property managers around the country about their rentals. Here is this week’s question

Dear Landlord Hank:

We just had pipes freeze for the first time in one of our rentals this week. Tenants called to report, so I sent guy who handles our maintenance out to thaw the pipes, but who should pay for this maintenance call? Seems tenants should have been proactive but we had nothing in the lease saying so. Whose fault is this? How do you handle this issue?

-Landlady Eileen

Dear Landlady Eileen,

This is a tricky one.

I don’t know where your rental property is located. Do you have severe winters every year or is this a freezing weather unusual?

Are the tenants warm weather transplants that have no knowledge of cold weather problems or should they be expected to know how to handle these temps and effects on water and pipes?

Where did the freeze occur and could it have been avoided if tenants kept heat on and water dripping with cabinet doors open (so warm air can circulate more easily to pipes under sinks)?

Notes On Tenants’ Doors About Avoiding Frozen Pipes

We don’t have this situation occur in Florida but we do every winter in Georgia.

Make sure tenants are aware of freezing weather and put notes on doors with instructions to keep heat on, drip water and keep kitchen base cabinet and vanity cabinet door open.

I also go through those instructions with tenants upon move in.

I want them to understand that dripping the water doesn’t mean turning it on full force.

If tenants knew of potential freezing they should bear cost of frozen pipes

In my opinion, if tenants should have known of potential for freezing pipes and how to handle this situation and chose not to do so or did so inadequately, then they should bear the cost of repair.

**The Life of Martin Luther King

The Life of Martin Luther King

 

Monday, January 15th, is Martin Luther King Day.  In honor of the life & legacy of Dr. King we’ve presented this infographic about his life and impact on American history.  Happy Friday!

 

Mike Hurney
 

Mike Hurney is the Founder and Director of MassRealEstate.net, an Association of Contractors, Investors and Landlords. He is the Author and Coach of the popular Course "How to Become a Real Estate Investor in 12 Easy Lessons" which Trains and Guides Beginners or Sharpens and Challenges the Skill of Advanced Investors. Mike is a Successful Real Estate Investor, Rehabber and Landlord. He's also a Construction Supervisor. MassRealEstate.net PO Box 307, Marblehead, MA 01945 Office 781-631-8018

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