All Forum Posts by: Anne Jenkins

Checked with tenant not paying rent in May....
the company informed her that she can not apply for Unemployment
as her company is paying a 1/3 of her pay and working her a few hours a day.   So she STILL has a job.   

Tyler.... it's an OLD property.   Pros: old buildings are built SOLID.   They haven't gone anywhere in 100 + years.   They aren't going anywhere soon.  Old STRUCTURES tend to be superior to newer ones, real 2x4's etc.    CONS:  Plumbing...heating... wiring... all are OLD SYSTEMS.... unless were updated.   If not updated...count on problems and repairs.   

I was contacted by Anderson Legal Business and Tax Advisors and while doing my due diligence, came across this thread on Royal Legal Solutions.... went to the webite and clicked on pop up to get more info.   Asked me to take a quiz...I did... next pop up asks to make an appointment and brusquely tells me if I don't answer the first time they are done with me, no second chances.   Humm...guess they don't have the same respect for our time that they demand for theirs.   Anyway Edward Losloso calls me and in the first two minutes in thickly accented language tells me they can help me and I need to have a $150 consultation with a lawyer.   I tell him I paid nothing for my "consultation"  actually pretty much a sales call with Anderson, which I figure this would be as well... no concession.    We parted ways.   I did a check on Indeed, the work review site, and the workers there give the company a bad score.  They even iterate that they are clerks not managers and get NO TRAINING.    Too bad.... it seems like a great solution to my concerns but if the workers are disgruntled and the Bigger Pockets post are mostly unhappy....then it's clear I need to look elsewhere.  
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well my understanding is because it is temporary, and there is no work at this time....she is not getting a paycheck but still has a job.    I will however ask her why is isn't filing for unemployment in order to clarify.  Thanks

my pain is starting... one of my 13 tenants just informed me that her company is shut down and she will not be getting income to pay the rent.   Alas....she has been playing catch up for months and was finally caught up.   I am sure she will catch up again but meanwhile no rent from her.   A second tenant has paid 90% of April and tells me he won't have the rest until next week and then will be partial in May...but again is has in the past been good at catching up.   So.... hopefully both will in a reasonable time.    The other's .... no notice yet will wait and see.

The thread had a question and the postings answered the question.   No rosy glasses just answers.   So far so good.   We all admit that tomorrow may be a different story.   Who knows .... tomorrow may never come.   I gotta say.... I am nervous.... my husband and I have been talking the what if's and setting up contingency plans.   I did inform my tenants that late fees are suspended and to keep me informed and we can get thru this together.   PA has a moratorium on evictions.... courts in my primary areas are closed.   Some tenants....so far not mine.... think they are entitled to a free ride and will take advantage of it with no intention of paying up ever.   I think the moratorium should've had requirements of proof of no pay or laid off etc...but it was and is a blanket with no accountability.    There seems to be a tide of screw the landlord and tenants need and deserve protection.   Sheesh.... I really try to work with my tenants and so far they are working with me.   Hope and pray this nightmare ends fast and we can get back to some normalcy.

Yes closing costs are very much dependent on the price of a property aldo the time line for taxes .... that is  where in the tax cycle are you buying....ie.... school taxes just out....your settlement will be higher.... school taxes at the last of the cycle your settlement will be lower.   transfer taxes are a percentage of the price....  No way you can use a flat estimate for every property....you'll be in real trouble if you do.     get yourself a blank HUD sheet to do the estimates on each property you are considering buying.    Just FYI  companies charge very different amounts to do settlement as well...so shop around.  

Texas is a law unto itself sometimes.....but my understanding in PA is that a Realtor must present any and all offers to a seller regardless, whether a realtor HAS to allow you to be present is not something I have investigated.

Elliott .... if you have a duplex and rent out one side or both....you are a landlord and the rent is income.   HOWEVER... you pay taxes on the profit not the total rent.    So.... 1/2 the expenses of the duplex are deductible... ( or you depreciate them depending on what they are...) and any expenses directly attributable to the rented side come off the income ... it doesn't depend on the amount of rent as much as the total after you subtract the expenses from the rent.   So... If your mortgage is  $1000 per month.... taxes  $2000 per year.... insurance $800 per year....  these are the basics.... your total cost for year is   $12,000 + 2000+ 800= $14800 of this cost 1/2 is attributable to the rented side.... .... so your expenses are $7400  if you rented it out at  $616 per month you would have no income and no taxes....  but if you rent it for  $1000 per month you will have a taxable income of: $4600 =12000 (rent)- 7400 (expenses)
this is very very simplified ....there are loads of other deductions and costs you can apply to the rented side, and actually come up with a loss and save taxes.   BEFORE you become a landlord you need to become familiar with the tax picture and the challenges of being a landlord.  

Elliott .... if you have a duplex and rent out one side or both....you are a landlord and the rent is income.   HOWEVER... you pay taxes on the profit not the total rent.    So.... 1/2 the expenses of the duplex are deductible... ( or you depreciate them depending on what they are...) and any expenses directly attributable to the rented side come off the income ... it doesn't depend on the amount of rent as much as the total after you subtract the expenses from the rent.   So... If your mortgage is  $1000 per month.... taxes  $2000 per year.... insurance $800 per year....  these are the basics.... your total cost for year is   $12,000 + 2000+ 800= $14800 of this cost 1/2 is attributable to the rented side.... .... so your expenses are $7400  if you rented it out at  $616 per month you would have no income and no taxes....  but if you rent it for  $1000 per month you will have a taxable income of: $4600 =12000 (rent)- 7400 (expenses)
this is very very simplified ....there are loads of other deductions and costs you can apply to the rented side, and actually come up with a loss and save taxes.   BEFORE you become a landlord you need to become familiar with the tax picture and the challenges of being a landlord.