Help! Two fireplaces in one room in rental property. What to do?
Chanel Jackson
5 years ago
last modified: 5 years ago
Featured Answer
Comments (12)
felizlady
5 years agoMichele
5 years agoRelated Discussions
Do any of you own rental properties?
Comments (9)My parents rented properties for extra income most of their lives. If you have good tenants, it's a pleasure. If you have bad ones, it's a nightmare. There are a lot of rules, regulations and legal obligations around renting and you need to understand them or you will be sued. I like to watch Judge Judy and it's eye opening. You need to find a primer for rules and regs in your state re landlord and tenant. There is an apartment forum in GW that has some threads on that too. The lease is absolutely the document that must fully represent every iota of the agreement between landlord and tenant. There can be no verbal alterations or agreements beyond that document. If you want to change anything, it must be done in writing and signed by both parties. Take before move in and after move out pictures of the house so that you can defend the security deposit. Have a clause in the lease that any repairs under $150 or $200 or whatever are the responsibility of the tenant. It will help prevent things like the time my dad was called because the light was broken in the refrigerator...he went over and tightened the bulb. Or the time he was called because the oven was smoking...it needed cleaning. If you are in the area, then I would schedule an inspection every couple of months just to protect your interest in the property...make sure the proper number of tenants are living there, the place is not being destroyed with pet feces or whatever. You can be amazed by what people are willing to live with. Absolutely do due diligence on vetting the tenants with income tax statements, references from prior landlords, credit ratings, etc. You need to protect yourself financially as well. Brother owned a rental property and rented to a fellow who, unbeknownst to him, had his GF move in. He left but she stayed and didn't pay rent. So he went to evict her. Turns out, all she needed was a single piece of mail with her name on it at that address to prove she was a resident and he had to bring eviction proceedings against her! And she knew how to work the system...it was months before he got rid of her. My parents also had a fellow live in their little house for over 20 years...he took better care of the place than they did, and he paid his rent like clockwork, even installed a new heating system (he worked for a hvac company) and he was a good neighbor. So it can go both ways.......See MoreYoung guy considering investing in rental property
Comments (11)At 21y/o ou are too young to take on a big 18 unit building like this. You still live with your parents and do not even know what it is like to live on your own, much less manage an apartment building while trying to learn to live independantly. The renters in this building are probably way more street smart than you, and they will take advantage of that fact. You sound like you have a good head on your shoulders and a good work ethic. I commend you for having goals for yourself that will keep you financially stable. Start out with a duplex or triplex. It will be easier to manage and you can know your renters better. There will be less repair and maintenance issues and less turnover to deal with going with a smaller investment. Being a landlord to an 18 unit is a full time job and you already have one. Do you really want to be sitting around all day waiting to hear your case called in eviction court when you could be out making $XX per hour? Do you have time to run back and forth to the apartment for weekly repairs?...See MoreDo you like having one or two living rooms?
Comments (31)We are actually days away from making 2 separate rooms, and doing a whole house remodel. We designed our addition to work for now and the future. We have 3 children 11, 8, and 5, who will get bigger and so will their friends and my father will be moving in with us, as he is lonely since my mother passed. I want our home to be a place the kids feel comfortable bringing their friends without being cramped...which is what we are now. Our current living room is about 20 x 15. We've decided to open the wall to the garage with large french doors and make it a rec/family room. They will still be two separate rooms, but we'll have the option of keeping the doors open or closed. The room was supposed to be a substitute for a basement play/fun area, but then our architect came back with the drawings and there was a large playroom upstairs for the kids. We still thought the family room would be great since we have large outside family/pool parties (60-80 people) three times a year, and one of these times it's going to rain. We will probably have several smaller gatherings now that we'll have the room. I figured the french doors would allow privacy, but not too much - thinking of those testosterone filled years. ;)...See MoreAnybody own a rental property? Pros and cons?
Comments (33)I recently sold all my rental property, and then more recently bought more. I believe that the success or failure of income property is determined by the owner. First, and most importantly, despite what the IRS says, being a landlord is not passive income. Owning rental property is about turning your extra time or your skills into income. These skills can be something as simple as persistent attention to detail, or hard skills like being a licensed contractor, or they can be a lot of extra time. Second, it is tempting to look at income properties as cash flows, that is not a good idea. Rental property should not be an effort to collect money in excess of payments + taxes + insurance + maintenance. You should always keep an eye on your net position, if it helps you can think of this as the excess rental payments plus equity increases. My general attitude on tenants is to be the best landlord possible and good renters will find their way to you. On a couple of occasions I have rented to friends for one reason or another. I will not collect money from friends ever, so I contracted out to a property management company on those occasions. While I too am generally against mixing friends and money, if you end up going through with this idea, protect your friendship and your investment by considering all the ways it can go bad and counter as many of them as possible in the beginning. Every ambiguity is a potential problem so eliminate them all before you start....See Moreskunst2017
5 years agonicole___
5 years agopartim
5 years agoChanel Jackson
5 years agohoussaon
5 years agornonwheels
5 years agoSnaggy
5 years agoUser
5 years agoKitty Lanier
5 years agolast modified: 5 years ago
Related Stories
STUDIOS AND WORKSHOPSA New Book Offers Ideas for a Garden ‘Room of One’s Own’
Practical advice and enviable inspiration sheds are all you need to start planning your own backyard getaway
Full StoryROOM OF THE DAYRoom of the Day: A Place of One’s Own
This renter’s college graduation present was not what you might expect
Full StoryREMODELING GUIDESRoom of the Day: Antiques Help a Dining Room Grow Up
Artfully distressed pieces and elegant colors take a formerly child-focused space into sophisticated territory
Full StoryLIVING ROOMSRoom of the Day: Colorful Family Room With a Statement Fireplace
In this modern room, the designer uses light, color and framing to create a dramatic yet comfortable gathering space
Full StoryROOM OF THE DAYRoom of the Day: A New Family Room’s Natural Connection
Stone and wood plus earthy colors link a family room to its woodsy site and create a comfy gathering spot
Full StoryLIVING ROOMSNew This Week: 5 Living Rooms Designed Around the Fireplace
Overcome one of design’s top obstacles with tips and tricks from these living rooms uploaded recently to Houzz
Full StoryHOMES AROUND THE WORLDHouzz Tour: When Two Houses Are Better Than One
Subdividing a Melbourne backyard opens up space to build a second home on this family's property
Full StoryLIVING ROOMSNew This Week: 5 Comfy Living Rooms Arranged Around a Fireplace
See how designers combine furniture and accessories while celebrating a fiery focal point
Full StoryLIVING ROOMSA Living Room Miracle With $1,000 and a Little Help From Houzzers
Frustrated with competing focal points, Kimberlee Dray took her dilemma to the people and got her problem solved
Full StoryBATHROOM VANITIESShould You Have One Sink or Two in Your Primary Bathroom?
An architect discusses the pros and cons of double vs. solo sinks and offers advice for both
Full Story
Flo Mangan