House #2: Gate Key

Access to House #2 is via an access gate at the front of the subdivision. A person wanting access either has to have a remote or know a code to open the gate. An alternative is a pedestrian gate, but requires a key to get in. In the ~10 years we lived there, my wife and I probably used the pedestrian gate two times - and that was very early on. In the subsequent years, we lost track of the key to the gate, since we no longer used it.

Well, one of the things the tenant requested before moving in was a key to the pedestrian gate. Not only did we not know where it was when we lived there, but having moved last December, neither of us had a clue where it would be. My wife called the HOA and they said they could reissue us a key for a $25 fee. We almost went that route until I was rummaging through my office desk and found a couple of keys lying around. Lo-and-behold, one of them was the key to the pedestrian gate. So I stopped by Lowes and made a copy and gave it to the tenant (I first made sure it worked, of course).

For people wanting to get into landlording or for people who are landlords but pay a PM company to manage their property, these are the "little" things that pop-up on occasion that need to be dealt with. Yes, they do take a little time out of your day, but do you really want to pay someone else 10-12% (or more) of the rent each month to do it? Secondly, even though a person may hire a PM company doesn't mean their worries all of a sudden disappear. For example, had I hired a PM company for this house, this is what would have transpired:

1. The PM company would have called me asking for the key.
2. Not having a key, the PM company would have called the HOA to send one to the tenant.
3. The PM company would have charged me $25 for the fee, and more-than-likely an additional fee for them.
4. I would have fond the key, but by then it wouldn't have mattered.

So, I would have been out at least $25 (probably more) and would have STILL had some stress to contend with. This on top of paying the PM company an upfront fee to place a tenant in the home (usually 60-80% on one month's rent) PLUS an additional 10-12% of rent EACH month to "manage" it. I haven't sat down and figured how much I have saved each year in PM costs for a while, but I bet it would be in the $1,000's (and maybe even >$10,000) over the last 4 years.