Ashley Kehr:
Today we’re diving into three real world scenarios submitted by rookie investors just like you, from tenant appliance swaps to analyzing a deal and launching your first property. We’re covering it all. So whether you’ve closed five deals or you’re prepping for your first one, you’re going to want to take notes.
Tony Robinson:
That’s right. We’re breaking down what to look out for legally, financially, and operationally in situations that can just sneak up on new investors. Plus we’ll share how we would handle them based on our own experience investing in real estate across different markets.
Ashley Kehr:
Let’s jump into our first question. It comes from Todd in the BiggerPockets forums. So this question is, should I let my tenants swap in their own appliances? I have a prospective tenant who is interested in moving into a vacant unit. They ask if they could swap out the stove and fridge for their own appliances. I have a shed on site so I could store the existing appliances for free. I would also make it clear that they’re responsible for repairs to their appliances. Is there anything I’m not considering that would make it a bad idea to let them swap in their own appliances? Appliances? Hot topic for me because I dread having to have appliances repaired, replaced. We have a great company we use, but it’s usually very expensive repair to get these appliances to have somebody come in and take care of them. So I think personally it is a great idea to have tenants bring their own appliances because you don’t have to worry about maintaining them, repairing them.
One, a big thing is okay, the fridge doesn’t work, all of their, the food they have to throw away, landlord, we want you to pay for all our food. Here’s our $600 grocery bill of all the food we shoved into that fridge. It’s their own responsibility to figure out what to do with their food if the fridge breaks down. So that’s why love it when tenants bring their own…