[oldfrt]

Got a heads up from a painter today that a job I looked at was getting started.
So I drove by to see what the owner finally went for.

My proposal:
I suggested total removal of old siding and installing a house wrap,then application of primed cedar.

The Project:
This is an appartment complex consisting of 5 buildings,some of the old stuff was actually falling off.
Over half the panels were cupped.
All the nail heads were pulling through the siding and half weren't nailed to the studs.
All the nails were rusted,some to a point of being disintagrated.
Hasn't been painted in 20 years.
No underlayment of any kind.

The winning bidder:
This guy is using a finish nailer to install new claps.
Just seems to be nailing haphazzardly into ply on the top of the claps.
No house wrap is being used as he is only replacing % of the existing siding.

My Queston:
Why would someone who has such a large asset ,spend money to patch and paint something that will only need constant patching and painting to keep it looking good?

 

[DaVinciRemodel]

My Queston:
.... Why would someone who has such a large asset ,spend money to patch and paint something that will only need constant patching and painting to keep it looking good?

Only todays $ matter! Tomorrow is another day! (Did I make that up or have I heard that somewhere before?)

 

[kevjob]

I like the finish nailer idea I never wouldhave thought of that!

 

[Celtic]

My Queston:
Why would someone who has such a large asset ,spend money to patch and paint something that will only need constant patching and painting to keep it looking good?

My Answer:
Because he a cheap LL who has no interest in the property, just in collecting the rent.
As long as the unit gets occupied and the rent is paid ~ who cares what else happens? Not the LL.

 

[oldfrt]

They just bought these units a couple years ago,maybe their going to flip them.

Too bad they went this way,there was more work to bid on there.

Some new roofs,windows and doors need replacing,they are old aluminum sliders.

 

[finehomes]

I've been a landlord for many years and it never ceases to amaze me how some will just let their property get so run down and not care about it. My properties are always in perfect condition and as such...I get higher rents than most. Seems pretty simple to understand to me.

Sam

 

[Celtic]

I've been a landlord for many years and it never ceases to amaze me how some will just let their property get so run down and not care about it. My properties are always in perfect condition and as such...I get higher rents than most. Seems pretty simple to understand to me.

Sam

The same logic applies to contractors....some understand, some don't.

 

[XanadooLTD]

It passes section 8 and if it is in a nice enough neighborhood the neighbors will probably help paint it anyhow. I agree with previous idea. Price is all that matters today. Quality has gone out the window. I really don't blame them though. Look at what happens. We did siding at a 60 unit building for low income. Monday we side front left section, Tuesday morning go back to project...reside front left section. Wednesday...oh no not again. Same thing. Finally had to have 24 hour police protection at project until completion. Now there is an empty lot where the projects once stoof proud. Talk about a waste of a few hundred grand. Not long ago another 20 unit needed a new roof. Some lowballers get the bid. Leave aluminum ladders at the siteat dusk they could be seen growing legs and walking the streets. Its not the same world out there.

 

[rselectric1]

Old Frt
You didn't miss out on anything.
This guy was looking for a quick fix.

I've recently done alot of work for banks with repo properties. They want to get them looking good and try to sell them quick. What they end up doing is renting them, and quick fixes always haunt them later.

I make sure they sign off on EVERYTHING that I recommend and I agree to do the work unless it is against code in which case I will refuse. They usually give in.

My point is that this is an unfortunate mentality that we have to be prepared for.

 

[oldfrt]

When i first started out I did some work for slum lords.
Covering rot.
Patching old roofs with 4 layers.
Panneling over crumbling plaster.
Never again,just couldn't get that hungry.

Kujo's to you finehomes.There seems to be a lack of landlords that do that here ,unless they live on site.

 

[jtpro]

Not defending them but right wrong or indifferent the mind set is as little out of pocket per quarter.

If they were at 100% occupancy they would most likely spend more.

If they take all the profit for maintenance and run dry on renting for the next 3-6 months they're now out of pocket.

Not to mention common areas always get the least attention with the budget.

Multiple property owners are the worst 'cause money is spread so thin.

 

[oldfrt]

Jt,
I can understand that,cash flow and all.
But the worse sides are facing south and the other sides are in pretty good shape.
Rather than painting the entire units as they hired the painter to do,I'd think they would do the worse sides completely and correctly.
Put off painting the other sides for now,and be free of the repainting this side every few years.
Without wrap behind theat siding,facing south,the paint won't hold for too long.

 

[rselectric1]

I agree with JT's post. This may be worthy of a thread of it's own, but I'll post it here.
I can't defend these landlords, but it must be frustrating for them too. Renters tend to trash the very places they live in into slums on their own. I can understand the landlord's initial reaction to just put a band-aid on problems after seeing some of the crap they encounter.

Last summer I was charged with getting a 20 unit tenement in compliance pursuant to a notice of code violation. (Another repo bank property) This was on the south side of Chicago in a treacherous neighborhood. I carefully read the violation and made sure all the violations were corrected. Two of these included installing smoke detectors where required in the common areas, and installing tagged fire extinguishers in the same manner.

When I went back the following week to meet the code enforcement officer, the fire extinguisher swere gone (yes every one of them stolen) and all the smoke detectors were gone to boot.

 

[Celtic]

IF a LL does some tenant screening, the vast majority of "issues" that tenants seem to create never seem to materialize.

IF a LL is lax with the rules for tenants renting his property, they will walk all over him.

It's up to the LL as to what type of tenant he will have living in his unit/s.


I am a LL and I have a "No BS" policy.
If you don't match my screening criteria - you don't get to live in my property
If you break stuff - you just bought it.
If you pay the rent late - you pay a late fee.
If you don't pay - eviction paperwork gets filed the day after rent payment is due.

Some tenants of mine "didn't get it"....they "got it" after they realized their bank accounts were a lot lighter.

 

[jumbo]

Hey oldfrt, sorry you didn't get the work. You mentioned the finish nailer being used, I bid a job this summer for a couple with a lake home. Re-install half log siding. The previous guy shot the entire house on with a finish nailer, there was siding popping out EVERYWHERE.

 

[oldfrt]

These are actually pretty nice appartments in a real good area.
Pretty much out of the price range for "bad" tennants.
Keeping them up will only attract better clientele,since rents are hard to come by around this area.

Band aids are only good for the short run and the exteriors wouldn't usually get trashed anyways.
Maybe I should rethink doing a handyman style repair,and just go fot the cash?
I just didn't want to be associated with this type of work.

 

[XanadooLTD]

how does their bank account get lighter? If they gave you a check that is not good in the first place. We have rentals that i have to track down tennants to get payment. Most of the landlords now aday dont even live in the area they own the homes in. In Ohio we have a lot of pople from florida and calfornia trying to make it rich by buying a house for 5k site unseen. Needless to say that house doesn't make it very far.

 

[Celtic]

how does their bank account get lighter? If they gave you a check that is not good in the first place.

Rent+late fee+bounced check fee+filing fees = $$$$

$1200 + $120 [10% late fee] + $50 [bounced check fee] + $65 [filing fee] = $1435


That's about a 20% in the rent.
How many months could you afford to pay a 20% increase in your mortgage?
How many months until you remember not to play games?

Personally, I love late fees ~ it's like free money to me.

 

[ChrWright]

I looked at a house a few years ago that had all of the siding installed with 15g finish nails... Un-primed poplar lap...

It was a wavy, warped, jacked-up mess from top to bottom.

 

[XanadooLTD]

Rent+late fee+bounced check fee+filing fees = $$$$

$1200 + $120 [10% late fee] + $50 [bounced check fee] + $65 [filing fee] = $1435


That's about a 20% in the rent.
How many months could you afford to pay a 20% increase in your mortgage?
How many months until you remember not to play games?

Personally, I love late fees ~ it's like free money to me.

god bless you if you can get it. I see people can't pay the rent because they don't have a pot to pee in. There is no money to get and no money to tack on in late fees. we have some that pay and are a reliable as the sum coming up and then others...arghh. But i feel to bad to put them out. maybe they know it.