Rental Investing & Management

Just like radiators, I've always thought window air conditioners get an unfairly bad wrap. They are relatively cheap (usually between $100 and $300 per unit), most models are efficient if properly installed and there is no need to install expensive ductwork throughout the building....

When you’re standing on a deck or any man-made structure, do you ever wonder who built it and if they knew what they were doing. When looking at properties, these questions should be considered. And if you’re doing the work yourself, it’s always important to make sure that it is being done right. Failing to do so can cost a lot of money and even lives....

When many investors are looking for their next rental property they have a tendency to ignore a vast majority of the current inventory on the market. The trait that these properties share in common is that they are single bedroom units. Landlords tend to shy away from them for fear that they won't be able to pull in the rents they desire. If you can relate to this standpoint, just as with avoiding...

The tuckpointing in your brick building is starting to decay. Cracks are forming and small chunks of mortar are beginning to fall out. Sounds like you're due to take on the "not too difficult" but time consuming task of tuckpointing. Time to head on down to the nearest Home Depot or Lowes at stock up on tuckpointing supplies and ready mix mortar. Right? If you are tuckpointng an older building like those...

I'm always astounded at how many investors don't keep detailed records on their properties. Especially since most of this data is submitted to the IRS at tax time. For some reason or another, after the data has served it's initial us, the information often gets tossed aside. If your records look like this picture or if they end up in the trash can, I encourage you to think twice about what you do. You are...

Despite the gloom and doom touted by the media, right now is a great time to be a landlord or real estate investor. You're going to have a tough time if you're trying to sell, but the current buyers market is opening up some real deals. But this fact is by no means a secret. What seems to be less recognized is how much our local rental market is improving in response to these current market changes....

The "big three" health hazards of the rehab and rental world are lead paint, asbestos and mold. Of the three, mold seems to get the least amount of attention. But the thing about lead paint and asbestos is you either have these problems in your building or you don't. There is no need to protect yourself against them if you they aren't on the premises at the time of purchase....

According to forecasts.org, as of today, the rate of inflation in the United States is 4.12%. That's really high! Whether you live in St. Louis, the East Coast or Juneau Alaska this affects everything from the cost of a gallon of gas to your taxes. Money is worth less so it takes more of it to buy any product....

In the hot real estate market of the early to mid 2000's, duplexes were virtually ignored by investors looking for rental properties. And with good reason. Why would anyone buy a property if they couldn't make it cash flow. With the upward spiral prices took in that market, 2-families were generally abandoned by rental investors and embraced only by owner-occupants. Flash forward to 2008 and you have a...

Trash is never-relenting enemy in urban areas. Your tenants can be the cleanest on the block, yet trash will find a way into your yard. Those "free" newspapers that seem to appear out of nowhere on your front porch are a particular pet peeve of mine. Regardless of where it comes from, it needs to be taken care of. You'd think people would realize that by now, but I find myself constantly astounded at how...

Seeing as it has been sleeting and snowing all day, I figured I'd make mention of the issue of icy sidewalks. Spreading ice melt prior to a storm or getting quickly around to shoveling snow at your properties is not always a realistic option. It's usually a gray area on who's responsibility such work is as well. One way to appease your tenants in this situation is to have some salt or ice melt and a snow...

Nobody likes handling maintenance calls. Not only are they a pain, but they tend to cost money to fix. And no one likes to pay for unexpected expenses. One of the most frustrating issues a landlord can encounter is trouble with a property's HVAC system. A downed heater or air conditioner at the wrong time can really put your tenants on edge. If its a holiday or weekend its going to be a pretty expensive...

"There Ain't No Such Thing As A Free Lunch." I read Robert Heinlein's The Moon Is a Harsh Mistress a few years back and this line has really stuck with me. You've probably heard this phrase, or its acronym form (TANSTAAFL), uttered before. It seems to mean different things to different people, but for me its become a personal mantra of sorts. Nothing in this world comes without a price, and the world of...

*NOTE - This article was originally written in May of 2007 for the newsletter. Working with investment real estate offers me an opportunity to talk shop with all kinds of landlords and view all types of apartments, across St. Louis. One thing that always astounds me, is the lack of quality rental units in town. There seems to be a perception that there is no market for quality apartments. In my...

*NOTE - This article was originally written in October of 2006 for the newsletter. Salvage yards across St. Louis rarely ask where their customers get the scrap metal they bring in. That’s a shame, because they might be getting it from YOU! Copper thieves can turn a great rental or rehab building into a nightmare. Replacing the pipes can be costly and time consuming. Water damage caused by the...