All Forum Posts by: Adam Beckstetdt

I am about 1 year into landlording my own properties and have a few questions on lease grace periods and what others have done. We have rent due on the 1st and then a grace period till when the late fees hit so some tenants view it as due the day before late fees apply. Late fees apply on the 7th so they pay from the 1st to the 6th. This creates alot of undue contact and driving on our part since we dont have all online payments. 

Im wondering what others do for late fees. Do you set them up to start the 2nd? Or do I use this as a sign to replace the tenant. Or is this just something we all deal with. We are typically lenient on 1-2 offenses of late but it is habitual at this point and they have stated that they feel if its before the 7th then they are good because the lease doesn't impose fees till then.

My idea for a solution was to send a letter of options for the offenders. Either increase rent $25 a month and leave them the "option" to pay 1st to the 6th. Or a lease amendment that states late fees start on the 2nd and no rent changes.

Thanks for your time

I have two applicants that are students and rely on their parents for rent. How do some of you go about renting to people in these situations? The parents live out of state as well which complicates things a bit more.

Absolutely. Thanks Matthew

Is this a monthly fee service?

I have a condo that has been fitted to be a coworking place of 7 offices with a conference room. What are some good recommendations on security cameras and/or alarms. I would prefer to not have to get a service and pay $50/month. There is a shared lobby with 2 other businesses and my main concern would be to protect just my place. It has two doors coming in. The main one from the lobby, a side door in one of the offices, and a slider door in the conference room. I'd love to hear your experiences.

My thoughts were to install cameras at the entry points outside so the cameras are visible and hope to deter entry.

We have a commercial complex with 7 office spaces to rent out and we were asked about costs for furnishing one of the offices with a desk and chairs.  This would have to be something we purchase as we do not have these items on hand and I'm curious how others have set it up and charged for the addition of the furniture? Thanks for your insight.  Shawnda

Thank you to all who have replied. For some reason i wasnt notified that anyone replied that I could see. So your CPA will do cost segregation analysis for $700 a property? If that is true then I am sure that would easily pay for itself in the first year.

@Cameronskinner I have not built any units to this point but may in the future.

What are some of your depreciation strategies? I am trying to determine the best strategies to increase my depreciation and lessen the time table. Typically one would do a cost segregation for each building. My consultant is telling me that the IRS will want me to hire a professional to do so and it will cost a lot of money to do so. I think that this is a great starting point for discussions on here. I look forward to reading what everyone has done.

Grab a shovel. There's a lot to learn. Welcome.

I agree