All Forum Posts by: Alecia Loveless

@Joe Mills I just had this issue with some prospective tenants. I called my insurance company to check on their policy and my insurance company said if the pit bull was a service animal that served a documented purpose for a physical condition I had to allow it and they would look past their banned breed list.

If the documentation just came through some internet company then that was a hard no for them.

In my instance there ended up being other disqualifying issues so I just said no.

In my case the prospects claimed to have never heard there was any problems with pit bulls which was also a red flag to me as everyone knows this.

@Edward Segaar With just one property just about any CPA can help you. No real need for anything super expensive.

I have 8 properties and 31 doors a W-2 and several other investments and my long term accountant charged me $1600 this past year.

@Keri Win I self manage and use MySmartMove for my background/credit checks. Each adult tenant over the age of 18 must fill one out. You will need their names and email addresses.

I don’t use software to manage but have a few spreadsheets I have created.

If this is your first/only property I wouldn’t overthink it or overburden yourself trying to streamline everything while you’re just starting out.

I got my lease from a fellow landlord that had an attorney draw it up. I have added a few little things here and there that are specific to my situation.

Might I suggest a separate addendum with regards to the septic system that ALL adults sign and covers what you want them to know. I would also include in this addendum who is responsible for what. Such as Landlord will pay to pump and maintain system as needed.

Tenant will be responsible for all charges associated with malfunction of the system due to misuse. (Which can be documented by your septic company if there is a clog or backup).

@Rene Hosman After preparing my 2022 taxes my accountant strongly recommended I get a bookkeeper. It has been a life changing experience. I highly recommend it.

I was waiting to do my previous years bookkeeping until March each year. Now that I’ve got 8 properties this was a logistical nightmare.

Now that I’ve got the bookkeeper my books are current, and I can just ask for whatever form I want to look at and have it right at my fingertips.

I’m running about $350/month but that’s 8 properties and 31 units. Each of my properties has its own account too.

@Jaycee Greene If a unit has a hookup I typically provide the washer/dryer. This allows me to charge premium rent. They’re not standard where I live, but prospective tenants are thrilled to hen my units have them and don’t mind paying higher rent.

Just today I had my first problem with a set that I bought from other tenants. The washer stopped working. So now we’ve had to call appliance repair guy. Will not discourage me.

@Henry Rodriguez The estimate you have is way too low in my opinion. If all your plumbing and electrical are in place that would reduce it some but not down to $20,000. I would get a second estimate.

I have a recent estimate of $110,000 for a studio garage conversion. I made the decision to purchase a 6 unit building with those funds that will eventually cash flow $4200/month.

I would focus on buying your 3rd property and skip the ADU.

@Matt Durik I use MySmartMove.

@Jose Botello I live in one side of a duplex. This is not tax advice, only what I do.

I tend to write off physical expenses to the building and do not write off expenses associated with personal effects.

So like if I replace the windows, or renovate a bathroom I write that off but if I buy new blinds for my half I do not write it off.

I would discuss this with your accountant.

@Adam Bartomeo I keep separate checking accounts for each property.

My contractor has one credit card for all of my individually owned buildings (jointly not multiple cards) and one credit card for the building I own in a partnership.

I also have one credit card I use for expenses associated with the properties.

My LLCs have separate reporting and tax filings that then get rolled into my personal taxes.

@Nathan Gesner I think pets are family and we don’t charge extra for children.

I don’t charge a pet deposit or pet rent but I do put in the lease that the tenant is responsible for any and all pet damage.

In 5 years I have not had a problem.

I’m sure that will eventually catch up to me and I’ll have some problems but I feel the increased tenant pool outweighs any negative. Also most of my units are super nice so rent is already at a higher premium than some of the competition charges.