Update On Washer/Dryer For Rental
April 23rd, 2006 by Grant in: Real Estate
After much deliberation, the students that are renting my house have decided they’d prefer me to provide the washer and dryer for an additional $30/month in rent.
My budget for a washer and dryer is $720 total. This will give me a two year payout on the deal at $30/month. Since I’ll be renting to college students that are moving out of dorm rooms, the chances are good that future tenants will also be in need of a washer and dryer, so I feel my risk is fairly low.
Anyway, I’m searching the Sunday ads to find the best deal on a decent washer and dryer.
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April 24th, 2006 at 1:43 pm
Look at installing a coin operated washer and dryer. The initial cost is greater but the payoff is likely much to your benefit in the long run.
April 24th, 2006 at 1:51 pm
That’s a good idea, Todd. I’ll have to look into it.
The guy across the street has a 3 unit apartment and uses coin operated machines, only he goes through a company who provides the machines and he gets a cut. He says it’s a terrible deal, because he might make an extra $15 per month, where as he feels he could charge each unit $20 per month if he just broke down and bought the equipment.
Thanks for your comment!
-Grant
April 26th, 2006 at 11:36 am
$30 a month is pretty sweet. You can pick up a used Washer/Dryer combo for about $200, and the cheapest retail combos are about $400. All the rentals I’ve had have the cheapest brands, yet they all have never broken down. I think this will definitely be very profitable.
I think coin-operated machines just ensure that all your tenant’s buddies aren’t coming over for free loads! Or that they don’t use 3 dryer cycles for their jeans. =) Do you pay electric or them?
April 26th, 2006 at 12:02 pm
The tenants are responsible for all the utilities, so I’m really not faced with an increase in cost depending on how much they use it, other than the increased wear and tear on the machines.
I think my $720 budget is a bit high, but I also don’t want to buy the cheapest of all the washer and dryers. My wife informs me that we should show some mercy and provide appliances with decent functionality, including multiple settings for washing and drying your clothes.
Her remark to me: “College students have nice clothes too, you know.” She might have a point.
I like the coin operated machine idea, but the problem is that I’d have to come into the property to empty the quarters, which would be an additional hassle. Although it would give me an excuse to check out the inside of the property once in a while.
April 26th, 2006 at 12:16 pm
With all due respect to your lovely wife, renters don’t give a flying f#ck about your washer and dryer when they don’t own it. All they care about is that it works when they turn the knob. I’m not advocating you supplying a rusted washer/dryer combo, but there is NO way under the sun that I would EVER advocate purchasing a new washer/dryer for a rental unit unless it was a coin operated machine.
I manage 17 properties and I have seen how renters treat houses and the associated contents supplied by property owners. Trust me, find the cheapest pair of clean and workable washer/dryer unit that you can and be done with it.
When I have to replace a washer or dryer, I generally spend no more than $125 on a unit, and often find them for $75 each. I find them in the classifieds and also check the Salvation Army store, Habitat For Humanity store, and other used furniture/appliance places.
If you absolutely refuse to buy used, at the very least check the scratch and dent section of your favorite appliance store. they’ll typically knock off anywhere between 15-25% of the original price.
April 26th, 2006 at 12:27 pm
Thanks for the input, Todd! I’ll definitely check out used appliances…
I think my wife’s point was that guys don’t really care how their clothes come out of the wash, so long as they come out. Girls, on the other hand, don’t want to risk ruining their clothes. So she didn’t want me to run out and buy the cheapest set with only an on-off button.
Good comment and I’ll definitely shop around for something “gently used”.
September 28th, 2006 at 9:38 pm
[…] Once thought dead, the saga of the washer and dryer for my rental unit lives on. […]