Should You Put Washers & Dryers in Your Investment Property?Oct 06, 2021
Should you purchase a washer and dryer for your rental property? Or should you require that tenants bring their own?
Watch the full episode, here: https://youtu.be/H0g2Lf81gG8
Here's a fun one. What about washers and dryers? In a lot of the areas that we go in, it's pretty common for the tenant to bring in their own washer and dryer. There are some pros and cons to where--well shoot if you have a bunch of tenants bringing up these washers and dryers up the stairs. It's gonna get really beat up which is very likely to bring a couple of extra dents or who knows what.
We've had some investors that want to bring in their own washer and dryer and provide that "upgrade or amenity" for that tenant. But at the same token, it could cause or lead to more liability for that owner or the investor, if they provide their own washer and dryers.
It's another thing to fix.
We talked to our insurance guy and he had mentioned that the tenant's insurance actually covers more if something were to happen with the washer and dryer than the owner's insurance. So that was the big key for our decisions.
I just recently had a gentleman told me that he wants to put TVs in his units. And I said that is not a smart move.
With the washers and dryers, we create another asset that you have to maintain. If it breaks, right, and it floods, then that's on you. Whereas most tenants have to get tenant insurance. And they're thus covered.
*Thank you for listening to the Build-to-Rent Podcast. Please subscribe on iTunes and follow us on social media. And as usual, check with your legal and accounting advisors for any advice that you need. This is the show is meant to be for educational purposes only. We'll catch you next time.