All Forum Posts by: Quandra Adams

Are Irrevocable trusts the best way to protect RE against lawsuits? If not, what are better methods? What are the turn around times and how much of the process can I do myself to save $$.

Are Irrevocable trusts the best way to protect RE against lawsuits? If not, what are better methods? What are the turn around times and how much of the process can I do myself to save $$.

I just got word that I should be getting served from an incident that happened 2 years ago. I have since purchased my first property and I am wondering what measures I can/should take now to protect my property from anything that may come of this. 

(NC Landlord here) 

There are two lease violations in question:

#1- Smoking in the unit (prohibited on lease and addressed with tenant to no avail)

#2- In April, my tenant asked if she can add someone to her lease. I told her she could and she gave me a due date for when she'd have the money for the additional tenant. She never paid, the person had been there a week prior and she moved 2 people in for duration of her lease. Her lease stated that she would be fined for unauthorized/extended stay guest. Her lease was up yesterday and she has moved. 

I just want to know if I can use a portion of her deposit for the non-payment of unauthorized guests and the smoking violation.  

I just received an appraisal letter from my county for my property. It is almost $20,000 less than the purchase appraisal price. If I do not correct the county and leave the lessor property value price in place and benefit from the low taxes, what are the consequences and repercussions in the future if any?

I do understand that if I correct them and they increase the value that my taxes go up and result in a higher monthly mortgage bill.

I also see a space where I can select that this is an income-producing property. What does the county do with that information in terms of assessing value?

I'm a complete newbie here and this is the first year of me owning this property so any and all information is greatly appreciated.

I just received an appraisal letter from my county for my property. It is almost $20,000 less than the purchase appraisal price. If I do not correct the county and leave the lessor property value price in place and benefit from the low taxes, what are the consequences and repercussions in the future if any? 

I do understand that if I correct them and they increase the value that my taxes go up and result in a higher monthly mortgage bill. 

I also see a space where I can select that this is an income-producing property. What does the county do with that information in terms of assessing value? 

I'm a complete newbie here and this is the first year of me owning this property so any and all information is greatly appreciated.

This person has been unhappy with her current apartment and told them she was willing to pay their $700 fee in March to terminate her lease.  

She gave them a 30 day notice,  signed my lease and gave me deposit and rent two days ago. 

Yesterday she called me crying saying that she is afraid she is kicking out way too money because she'd be paying Jan., Feb., and March rent at 2 places and feels bad and irresponsible about her decision.

She asked for some of the money back so she is not paying January rent twice in two different places.

Not even sure what to do here. Even if I can keep all of the money (dont the laws in NC on this) I don't even want her to be in a bind even if she put herself there. 

WWYD?

Hi, Shaun! I have two servers that want to stay in my rental. 

Do any of you ever require any supplemental information from servers or waitresses to corroborate their income? If so, what else do you ask for? Tax statements? 

I know servers can do pretty well making tips however I also know the pay (tips) is inconsistent so I don't want to overlook someone due to the financial situation but I also want to be sure that I'm looking in the right places to verify that the income is what they say it is.

Do any of you ever require any supplemental information from servers or waitresses to corroborate their income? If so, what else do you ask for? Tax statements? 

I know servers can do pretty well making tips however I also know the pay (tips) is inconsistent so I don't want to overlook someone due to the financial situation but I also want to be sure that I'm looking in the right places to verify that the income is what they say it is.