Since Colorado made carbon monoxide detectors a law for rental properties July 1, 2009, it appears that more equipment options have hit the market.  It is likely that more states will follow suit.  Frankly, even if it isn’t law in your state, installing carbon monoxide detectors and smoke detectors just makes good sense… for safety and liability.

Even though my loyalties are usually with Home Depot, my most recent research has me gravitating to Amazon.com for a better selection and better pricing.  I’m not sure about other Home Depot stores, but the two I do the most business with have not had items in stock that their website indicates are there. 

For a hardwired (wired into your electrical system and not battery dependent) smoke and carbon monoxide alarm with voice warning, the best price for a name brand (Kidde) is on Amazon.com at $31.99.  The voice warning says what kind of warning it is to speed evacuation. 

If you just can’t manage the direct wired devises right now, Kidde’s battery operated carbon monoxide detector with digital display is a great choice.  The display shows the level of carbon monoxide and has a memory feature for previous readings.  Again the best price for name brand is $23.99 on Amazon.com.

There was another apartment building fire in Colorado Springs, Colorado last week.  Due to functioning smoke detectors, no lives were lost.

In reading about smoke detectors, it appears that ionization smoke and fire alarms detect fast moving fires quicker.  Kidde brand at Amazon.com has a battery operated device for just $7.99. 

Now, if you need a good basic battery operated smoke detector, Home Depot has the Universal Security brand for $4.45. 

It is glaringly obvious that I have not mentioned plug-in carbon monoxide detectors.  My years of experience as a landlord have taught me that anything plugged in… in a rental …is likely to be unplugged and put on a shelf if it does not suit the immediate needs of the tenant.  I don’t… rather won’t …take the risk of a tenant unplugging a carbon monoxide detector and not plugging it back in immediately.  At least a battery operated devise on the ceiling is not in the way when a receptacle is needed to plug in a new stereo.

My husband was a volunteer fire fighter for many years.  We lived with a police and fire department scanner 24/7.  I guess those years left me with a need to know that I have done as much as possible to protect those I care about. 

What other safety issues can we address that would be helpful?  Comments and suggestions are really helpful and appreciated.

Thanks,

B

My very first tenant, in my very first rental property, taught me valuable lessons about not being nice when it comes to hanging things on the walls.  She had this really ugly woven wall hanging that weighed a ton.  My husband finally helped her hang it, but we had a sizable plaster repair when she moved.

Another of our “early-on tenants” had a gilt framed mirror that had to weigh seventy-five pounds.  “Naomi and the giant mirror” were with us for over four years, but there was a massive hole in the wall where a couple of bolts had been inserted to hold up the mirror.

The issue doesn’t go away and, frankly, no matter how much you write into a lease or talk to tenants only a few will do as you ask… the rest just do what they want to do.  Our rentals have had craters left in the walls!  So I am always looking for ideas and products.

A new product from 3M just caught my attention, so I checked it out.  It is amazing!  Command Strips are strong enough to hold a photo of some weight and they peel off the walls… dry wall, wood paneling, plaster, ceramic… with no sticky mess.

I always tell tenants to use small finishing nails to hang photos and art on the walls.  Our lease (LandlordLifeline.com) has a clause about hanging things on the walls with small finishing nails.  It is easy to fill a small finishing nail hole with a little caulk and paint over it.  It is tough when someone wants to hang a fifty poung mirror.  my solution is to tell then to go to Home Depot and get OKK 50 lb. Picture Hangers.  Some engineering genius designed this hook that mounts to the wall with two small nails and the hook will hold fifty pounds.  I have put then to the test in my own home.  You get 20 hooks and nails for under fourteen dollars.  OOK has an extensive line of products available at Home Depot and Ace Hardware.  Good stuff.

Those nasty glue-on patches with a hook and spongy self-adhesive strips should be outlawed!  They don’t come off the wall without a chisel and then you have an even bigger hole to repair.  I try to remember to tell new tenants not to use those… little finishing nails or OOK hooks… and now Command Strips.

One of the most charming rentals I have owned over the years was a 1926 Craftsman duplex.  It had picture rail molding just a few inches below the ceiling line.  The idea was to hang a brass hook on the picture rail then use a ribbon or decorative cord to hang the picture or art at the desired height.  If you have this type of molding, I have been able to get the hooks at AceHardware.com.

And to round out this subject… folks, taping posters to the wall is a big no-no.  Push pins and thumb tacks, please.  Removing tape usually includes the paint and frequently the drywall or the plaster beneath.  Push pins and thumb tacks leave only a small hole that is easily filled with caulk.

We would love to hear about your solutions and techniques for hanging pictures and art to avoid major repairs.  I love to display family photos and photography in my own home, so I don’t was to limit that for tenants.  Help us out with ideas.

Thanks,

B

Being not just a veteran shopper, but a bargain hunter to the core, purchasing appliances for my rentals involves more of a calculated battle plan than just checking to see whether Home Depot or Lowe’s has the best deal.

In past blogs I have touted the virtues of craigslist.org and will now encourage you give it a check even to buy a new appliance.  It is amazing how often new appliances…not even out of the box…end up on craigslist.  Just last week I saw a built-in high end oven still in the box for 50% of MSRP (Manufacturer’s Suggested Retail Price).

So steps to start with:

1.   Know what you need (Does the rental merit a $400 refrigerator or a $2,000 refrigerator?)

2.   Know your budget and cash flow allowance (Landlordlifeline.com Cash Flow…)

3.   Know the dimensions of where this appliance will be going.

4.   Time frame (Is the current fridge dead and you need one today or are you planning to replace a marginal one when you find a good buy?)

5.   Are there options on the fuel source? (Some homes may have the option of electric or gas for dryers…electric or gas for kitchen range.)

Research surprised me on new appliance pricing… not much difference… but a little that could help get a better deal.   A basic 24” white dishwasher:

·         Home Depot , $279, GE, Energy Star

·         Lowe’s, $278, Frigidaire, Energy Star

·         Ultimate Electronics, $249, GE, Energy Star,

·         Best Buy, $249, Frigidaire, Energy Star

All of these qualify for any rebates or tax credits through Energy Star, so the end price will likely be lower.  Beware that not all new appliances are Energy Star rated… especially the low end products.

Those savvy shoppers among you have checked Home Depot and know there is an Americana line with a dishwasher for $219… What a steal?!… No, not a deal… an inferior product that this voice of experience will tell you doesn’t hold up under average… much less rental use.

Also, the savvy shoppers know that major big box stores are happy to price match.  If the same product in the same brand is cheaper at another store, they will lower the price… “price match.”  So the Frigidaire at Best Buy for $249 will get you the same dishwasher at Lowe’s for the same price.  So if Lowe’s is more convenient or has better service, ask for a price match.  Most big box stores will do a phone verification to confirm their competitor’s price.

Do your comparison shopping online right after you check craigslist.org for deals. Time is cash!

My best deal ever on an appliance came from a re-sale shop in a warehouse.  I was remodeling a Victorian for myself and had picked out at Sear’s the refrigerator I wanted… Jenn-Air, stainless steel, 25 cu. Ft. with bottom freezer… Sear’s $2,800 (this was five years ago), Sear’s has a “scratch and dent store” that had it for $1,800 with a small dent in the side… No, the story gets better… a re-sale shop manager who knew I was looking called to tell me they had a truck load of “scratch and dent” coming in from The Great Indoors (owned by Sears).  When I walked into their warehouse, there was the same refrigerator with a $500 price tag on it.  The door still had the manufacturer’s protective plastic on it and there were two large scratches on the door.  I figured for $500 I could buy a new piece for the door and be ahead, so I bought it.  When it was rolled into my kitchen, I pulled off the protective plastic and the scratches disappeared… I got a $2,800 refrigerator for $500 with no defects!

Smart Shopper Summary:

1.   Know what you need and when you need it

2.   Check re-sale resources like craigslist.org and get to know local “scratch and dent” stores

3.   Comparison shop online

4.   Ask big box stores for price matching if one store is more convenient

5.   Utilize Energy Star rebates and tax credits (keep records)

Please share your great deals and tips on finding great deals.

Thanks!

B

Or “Cheap Marketing Techniques You May Not Have Thought Of Yet”.  One of my major roles in life has always been dreaming up ideas… I am a big picture person.  Someone else usually needs to fine tune the details.  Don is going “Amen” to that as he proof reads this blog and posts it.  So here are ideas on filling vacancies in tough times.

One time we REALLY needed to rent a couple of units before the mortgages were due.  It was not as important to have “first and last month’s rent and a security deposit” as it was just to have a month’s rent to pay the mortgage.  Getting to the bottom line on specific needs like this one can save a lot of time and missed opportunities.  Evaluate the specific need.

My bright idea was to print FREE RENT on red copier paper with tear off on the bottom with my cell phone number.  I think it also said something like “Remodeled 2 bedroom unit with washer/dryer”.  Of course there was an asterisk (*) after the FREE RENT with very small print at the bottom “With paid security deposit and signed one year lease.”

My husband, Bill, and I drove several blocks of the neighborhood where we needed to rent posting signs on every telephone pole… and left them at the local convenience store.  Within less than an hour, my phone started ringing and didn’t stop until I pulled the signs down in a couple of days… both units rented, leases signed and mortgages paid.

Now I will be the first to admit that wise financial planning would never have left us in a situation where we needed to rent just to keep the mortgages paid, but the best laid plans sometimes make a left-hand turn and leave you in need.

A lot of people are in tough times right now, but don’t let anyone move in without background checks (Landlordlifeline.com now offers handy and affordable background checks on our home page) …and don’t let them move in without having paid at least the security deposit or one month’s rent… preferably both.

Back to cheap and free ways to market rentals in a hurry.  You knew I was going to say craigslist.org and I would be doing you a disservice if I didn’t remind you how cool CL is… and it is FREE.  How you write the posting on CL is important.  Think about the best features of what you have to offer, who your most likely renter is and their needs…

·         “One Month FREE RENT*–Large Remodeled Duplex, Heat PAID, Washer/Dryer”

·         “Charming Renovated Victorian, wood floors, lots of light, yard, Pets OK”

·         “2 Blocks to Schools, Shopping, Family Home, New Carpet/Paint, Washer/Dryer”

·         “Walking Distance to HOT, HIP Nightclub district… Stunning Loft with all amenities”

Craigslist always kick starts email and phone calls.  I have rented within an hour after posting on Craigslist.

Small neighborhood newsletter and newspapers are usually really cheap print advertising.  The neighborhood association where we live puts out a monthly newsletter that goes to every household and apartment within a square mile… which is Denver in high density.  A quarter page ad is $25.

A given is the For Rent sign in the yard… but add a clear plastic flier box (available at Home Depot ) and print the fliers on red copier paper… add a little information on that flier like “Washer/dryer in the unit” and you will get calls.

Coming Soon sign with fliers describing the unit could actually help rent it before the tenant moves out.  Banners can be cheap with a little shopping. J&R Marketing Tools is my Denver source.  Check out their website, they will ship.

The first time I did a rental open house my husband thought I had confused the property we needed to sell with the one we needed to rent, but it worked and I still do it.  Anyone who has had to show the same unit twelve times in three days will LOVE doing a rental open house.  Post it on Craigslist a couple of days in advance then refresh it that morning… set a two to three hour time frame and stick to your guns.  Invest in an OPEN HOUSE sign for the sidewalk and a couple for street corners.  Print fliers with all the info, have a stack of applications on hand, plenty of pens and a place where they can stand to fill out apps.

The frenzy of multiple applications going on at the same time can spur unsure renters into filling out the applications and paying the application fee on the spot.  Chat with applicants.  You may be able to screen on the spot (smoking, pets, employment history).  This technique is a true time saver.

       I’ll probably think of something else after signing off, but this should give you a good start.    

      Please let us know methods you have used that work.  Love to hear from you.

Thanks!

 B

Getting green doesn’t have to cost a lot or take a great deal of time.  It does take a commitment and thought process that focuses on thinking about the environment.  I have a young friend who calls me “an old hippie” and thinks that’s why I recycle everything imaginable.  In reality, environmental consciousness does not have to be seen as a political statement, it is just the right thing to do.

My favorite tenant (are you not supposed to have favorites… like not having a favorite grandchild?)… but Missy is my favorite… moved in telling us that if we would put in a clothesline, she would use it.  This is a unit in a four-plex with shared utilities, so we pay the bills.  My husband, Bill, a retired welder, and veteran scrapper found sturdy metal and made Missy a clothes line that she uses and encourages other tenants to use.  She was the first with a city recycling bin… now others are joining her.

Since you can’t create tenants like Missy, you as the landlord will have to take a few steps on your own… small steps that don’t cost much can go a long way.

Garbage disposals are rated as green appliances because of the food they keep out of landfills.  InSinkErator has some great info on their site and links to other research showing how much the lowly garbage disposal helps in reducing greenhouses gases.  This trusty little machine is $79 at Home Depot and I swear by them.  You can pay more, but I have rentals that have had this low end model without trouble for eight years.

I will have to admit that when those funky looking CFL light bulbs first came out I didn’t understand them and thought they just looked weird, but on further investigation have become a total convert.  Home Depot has the best price… even beats our local Sam’s Club on price/bulb.  Yes, the old kinds of bulbs are cheaper, but have nowhere near the energy efficiency.  It’s worth the switch.  Home Depot also collects old CFL bulbs for recycling.

Denver has a pilot program for urban composting that we are really excited about.  Check your city and county websites for composting programs.  Even though my childhood roots are in Midwest farming, it has been a long time… so updated information was necessary.  The New York City Composting Project and Farm Aid  are both excellent resources.

Not sure your tenants will compost or even have an interest in saving the environment… how about just signing up all of your rental units for whatever local recycling program is available?  In Denver, the city program is free and easy…our big bins don’t even require sorting.

How about metal and electronics recycling?  When an appliance is beyond repair…and yes, we all keep them in service until they gasp and refuse resuscitation… recycle them at your local metal recycling center… and actually get a few bucks for yourself.  My husband keeps a pile of scrap metal in a corner of the garage and takes it along when he has appliances. Shower rods that break, old door hardware, faucets that can no longer be repaired… the list of metal recycling is endless… and what tenants leave behind when they move out always adds to the pile.  We call it lunch money!

Resources for electronics recycling are just a “Google” away.  Some cities have a program.  There is a great program Funding Factory that assists nonprofits.  You can ship your used ink cartridges and electronics to Funding Factory and designate a charity for the funds to go to …WOW… recycle to protect the environment AND donate to a good cause… a good day’s work in any world.

How about reusing fax sheets and misprints in your office?  Our Office Manager, Julie, has had a basket for recycling next to the printer for years… Julie stuffs them in when she is printing reports that stay in our office.  Every little bit helps… helps the environment and helps you save.

Please send us your greening ideas… and tips on how to save on rental expenses.

Thanks!

B

Getting “Green” Can Put Cash in Your Pocket

Energize your remodeling and maintenance budget with funds and rebates from Stimulus Package programs and government funding…there are likely hundreds of these programs cropping up across the country.  Xcel Energy (Colorado, Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and Texas) is offering a rebate of up to $300 per property on qualified insulation projects. Start here for Xcel information on how to qualify.

For the Colorado rebate you must be paying the natural gas bill on the property to get the rebate.  I recently had insulation installed in the attic of two of my duplexes.  I pay the heating bill because the units share a heating system.  The form is on line and easy to fill out.  Two checks came within less than a month.

 Pennsylvania just introduced funding in the form of grants and loans for sustainable and energy remodeling.  Rental properties qualify. 

Drinking my free cup of coffee at the Home Depot Pro Desk yesterday I noticed a brochure on tax credits for energy efficient products.  The information is available on their Eco Options homepage and is well organized and easy to navigate.

Even if you don’t pay the heating bill, there are federal tax credits for insulation, windows, doors, furnaces, water heaters and appliances (see Energy Star.)  Granted a tax credit is not money back today, but when you file income taxes on your rental properties at the end of 2009 the tax credits reduce your tax bill.  This can be significant when you look at $1,500 per property.   Rental properties that were not budgeted for upgrades this year should be getting them anyway because of the tax credit.

It is easy to let the little things like a new storm door or replacing a hot water heater slip through the cracks of tax credit accounting.  I just started a file specifically for this year’s Stimulus Package tax credits.  Copies of all receipts for qualified items* are going in this file to make it easy for my accountant to file at the end of the year. 

This is a one-time tax credit, so, please, take advantage of this savings, search for more local rebates* and let us know about them.  We will keep you posted as we find more, too.  Getting “green” can put cash in your pocket!

Thanks,

B

*The qualified items, amounts of rebates and the proper tax forms are available at Energy Star.

**Database of State Incentives for Renewables & Efficiency is an excellent place to start your search for local incentives and rebates, a clickable map makes it easy to narrow your search.