All Forum Posts by: Tom Server

I am a first-time property owner, and I just purchased a triplex; I kept the original landscaper.  He doesn't send out invoices and just gets paid by zelle. How do I write that off at the end of the year, if i have no invoices? 

This could be a stupid question, but I want to install security cameras on my triplex property.  The tenants have their own wifi .  Is there a way to set up cameras ?

So I purchased a triplex in my name, do not have an LLC. Does it matter if I keep the rents in my personal accounts? Or should i open a separate checking and savings? I do I open a separate account and pay the bills and mortgage with that account.. or it doesnt matter if I use my personal account?

So just purchased my first rental property last week and during closing the seller of the property got stuck paying a lean on the property for $4000 dollars due to several different old tenants not paying their electric bill.  Electric company put leans on the owner. So not sure if this is done every where, but the electric company puts a lean on the property if tenants don't pay, even though the electric is in tenants name. How does a landlord protect themself from this ? The electric company has a form that can be filled out by the tenant and the landlord that allows a third party statement if the tenant doesn't pay their electric bill.  But how can a landlord protect them self if they don't pay.. its not like you can shut their electric off ??

 not what i asked , thanks though 

My tenants were used to paying cash, since the property manger used to live near by and would go collect. Now I am the landlord and live 2 hours away and switching the payment to be mailed to me by money order or personal checks. Im dropping off pre stamped and addressed envelopes, which I know is much , but figured ill try to make this as easy as possible.  Does anyone use like a bill slip to add into the envelope ? something that has the month and they can write the amount they sent ?  

i guess my question is , if i have a property manager, what should I keep track of 

I was going originally going to be my own property manager and ended up hiring someone instead. Should I get any landlord or PM programs now /.?

I currently own a triplex. The triplex consists of 2- 2br/1ba rent is $1050 and 1- 1br/ba $950.  The 1 bedroom currently has a section 8 tenant payment

All the rents are under the fair market value for its zip range.  

The 2 2bedrooms are currently month to month and the 1 bedrooms lease is up in August.  I wanted to contact the section 8 department and want to raise the rent to the fair market value of $1150.  I'm thinking of keeping the 2bedrooms at the current rate.  This could be a stupid question but I guess this is why some of us are here.. But would it cause any issues that my 1 bedroom which is getting paid by the state will have a higher rent than my 2bedrooms?