Repair Deductable
My partner and I have been working on our lease agreement we are activly looking to get into our first property. We had a debate regarding the feasability of a 50$ or so deductable on all repairs that are not wear and tear. There are certainly pros/cons for each side of the arguement. I would like to get some ideas from the board on what you guys do? Do you have one or not? and why did you decided to do it or not do it?
Thanks.
Thanks for the advice. I was reading a post earlier today that linked to that book and I just purchased it about 10 minutes ago. I agree with your defered repair theory and we intend on handing over a full fixed unit. The flip side to the coin is without a 50$ you get a call for every little minor thing. With the 50$ fee you get items that go unrepaired. I do feel however both of these issues can be remedied by spending the extra time finding good quality tenants.. I look forward to more responses on this.
I understand your concern about getting called for every little thing. I had that concern as well and found that since I turned over a unit that had everything in very good shape, I was pleasantly surprised that I only received a call once or twice a year. This helped me learn that I had a sewer problem (tenant called) and now I have the line cleaned twice a year to prevent backups.....
I would do all repairs with the first lease and then evaluate after that.