So i figured I would share a laugh with you, that I got to enjoy yesterday.
We purchased a 6 plex and closed on it on Monday, and I was finally able to get everyone together yesterday (Friday).
City Inspector, Neighborhood Preservation Person, Listing Agent and my contractor.
One of the of the units had caught on fire, and I knew this going into the purchase. What I didn't know, and honestly was not concerned with, was what caused the fire.
I knew it could not of been bad, as the city allowed the 3 tenants to remain in the units that were not affected by the fire.
So we show up, and the listing agent (super professional guy, very glad to have met him), hands me the fire report and tells me to read it. I read through this and I get to the part where it says "cause", I look at him and he just starts laughing. My immediate response was "Are you Kidding Me?".
It appears that the tenant who was occupying that unit, had decided to dry his shirt over the stove, it then caught on fire, and instead of him simply reaching over and tossing it into the sink and turning the water on, he decided it was a good idea to open the kitchen door and throw it on the deck. This required him to run about 8' to that kitchen door.
I still can't figure if he was just completely spooked (although it was only a T-Shirt, wasn't like it was blanket or something like that), or this guy was seriously short some bricks. Then again it could of been intentional, who knows. I know the FD, did not rule that it was arson, just an accident.
Either way I found it pretty amusing and all of us got a laugh out of it…
Have a great weekend!
John
I like the ones that have a 15 inch fan in front of the Oven going full blast trying to blow hot air in to the house.
On this thanksgiving weekend I guess thats not so funny as they are not as fortunate as us
John are you sure your tennet wasnt Egertis Butchee
http://www.youtube.com/watch?v=FWojouNbl6Q&feature=related
the cars on fire and he parks it next to the petrol pump
KnoxOff wrote:John are you sure your tennet wasnt Egertis Butchee
http://www.youtube.com/watch?v=FWojouNbl6Q&feature=related
the cars on fire and he parks it next to the petrol pump
Wow. What a great idea…see smoke out of your car, so let's pull over near a gas pump…
And he's not insured….
One has to wonder.
KC homes.
I know you have put a lot of stats together that are very helpful for those investing in SFR rentals.
What would you say is your average length of stay for your tenant's,
I think this is a factor that folks would like to know and to put in their cash flow analysis, not including the unexpected vacancies from lack of payment or tenants creating waste…
If turnover is happening once every 18 months on average and an average "make ready is 1k to 1500 buckaroos and if someone owned the home for any length of time this would affect your overall rate of return
JLHjayhinrichs wrote:KC homes.I know you have put a lot of stats together that are very helpful for those investing in SFR rentals.
What would you say is your average length of stay for your tenant's,
I think this is a factor that folks would like to know and to put in their cash flow analysis, not including the unexpected vacancies from lack of payment or tenants creating waste…
If turnover is happening once every 18 months on average and an average "make ready is 1k to 1500 buckaroos and if someone owned the home for any length of time this would affect your overall rate of return
JLHRight now our average tenant is staying with us just over 2 years (this is calculated on those properties that we have managed for over 3 years. I am not calculating those that I have managed for under 3 years, as most of these our not our tenants, as we inherited them with the property.) I am working on a rewards program to get these tenants to stay for a good amount of time, I'm pleased with 2 years, but I really would like to see this around 3.5 years, to really maximize the client's return.
Right now our make ready is costing just under $700 as a norm. My company performs quartely inspections of all the properties so that we can keep an eye on how things are going. If we see a situation that looks like it's getting out of control, we take action immediately. The one great thing about Section 8, is that if we see a tenant abusing the property, we will contact their case worker and demand an inspection.
I agree with you 100%, if there are no property inspections happening, things can spiral out of control really quickly. The biggest thing we fight here, is the tenants not getting their trash out weekly, and allowing roaches to nest. This makes no sense at all, as in Kansas City, MO, the trash pickup is 100% free (2 bags per week, then $2 per bag after that), so this is nothing more than being lazy.
John
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