All Forum Posts by: Andrew B.

I'm a little amazed that you thought you could just not return the deposit because of a damaged gutter. If their deposit was more than $100 that's a huge ethical breach. A bent aluminum gutter shouldn't cost more than $100-$200 to replace and it isn't justification to break the law. Follow your states laws on security deposit returns, always. If you now owe them double the deposit because you waited, then pay them double and learn the lesson. In the future, have a process for security deposit return that complies with your local laws and follow it. Follow it every time. 

You need to reevaluate your look. Clearly something about the way you look convinced the painter "I got a sucker here and I'm going to see how hard I can ride him."

My vote is to get more bids.

These are good questions for a CPA, not random internet people. However, I believe the below is correct.

1. No. You can deduct depreciation from your rental income though.

2. Basis will be what you spent to purchase the property, plus improvement costs.

3. Yes you can do it, but there is a chance your bank will use the due on sale clause to make the whole mortgage due at once. In this interest rate environment, I dont recommend taking that risk. 

4. Still no. 

Everyone wants to make an LLC when they get into real estate investing, but its almost never as good an idea as you think. Its way easier to pierce the corporate veil than you think, and you'll most likely spend time/money on an LLC and it wont matter.

Does your contract with PM stipulate that a $45 late fee is applied when rent is late, and does it state that the $45 belongs to the PM?

 I'm in the same boat. Make a few copies at your convenience (extras for next time) and mail it to them. Some landlords act like rental properties should be 100% passive income, when it is a business. Sometimes you will spend time working on your business. That's just how it works. 

I'm not sure why you're not paying your bills on time. It is your job to make sure you have funds to pay your mortgage on time. If you literally do not have the money to pay your mortgage without the rent payment, you NEED to sell because you are only one large repair or one eviction away from going into foreclosure. 

 I dont believe that a college town has no available one bedroom units advertised going into summer. My instinct tells me that housing geared towards students must be posted somewhere specific, and you'll have to search for it. 

I recommend going to the university and walking around. Find the commuter lot if possible and ask students where they would look for off campus housing. Advertise on those sites. 

This is a great lesson in what happens when a landlord tries to put their own responsibilities on the tenant. It is landlords responsibility to make sure the house is safe and habitable, which includes making sure all safety features are operating correctly. I cringe whenever I hear a landlord try to pass the buck to their tenant, because it just opens the landlord up to issues. 

Also, stop trying to charge tenants for the costs to maintain your own property. That's unethical as hell. 

You're getting way too involved. Tell both tenants they have 3 options. He stays and signs a lease (assuming you've screened him). Or they both stay and sign a lease. Or they both leave. They do not have to talk to you except to tell you which one they are choosing. 

Also, make sure the boyfriend knows that both tenants names are on the lease, and he will have an eviction on his record as well if you're forced to evict her.

I'm not an STR owner, but a customer. When I look through bad reviews I'm usually less interested in the review and more interested in the owners response. If you own up to the problem and commit to fix it, that gives me confidence that the bad review wont be reoccurring. Of course, if it is something outside your control that can be trickier to deal with.