All Forum Posts by: Brandon Turner

I am debating allowing pets into the apartment complex I own. I am curious of what other people do and if anyone feels passionate one way or another.

Thanks jon.

Just out of curiosity, is this an apartment you just purchased? I'd love to know your story/details if you care to share.

Brandon

NC Mark - I agree wholeheartedly. I need a CPA. I have the attorney, but I wanted to wait until after I bought the apartment to go to a CPA. Probably not real smart, but I figured CPA's are a bit busy with tax time right now, and my stuff would be pushed to the back anyway. Am I wrong?

Also, I am definitely jumping into a bigger game than my "pay grade" deserves. Having a team of pro attorneys and cpa's would be wonderful, but I've never been able to financially justify them while occasionally flipping $30,000 houses. I know its not the smartest thing, but I'll take the risk for now.

Also, my post on here has more to do with future profit projections than it does setting up the right structure. If I knew I had to pay an extra 15% on any cashflow I make, thats a huge dent in my projections.

Thanks guys!

Bienes- me too! Honestly, I thought she might be lying about having a kid too until I saw it. But I wouldn't put it past these people.

MikeOH, I like how you think, you sound a lot like my wife. To add to the deabeatness of it, the tenant didn't know she was pregnant till 3 weeks ago. yep. and she just gave birth last week. Its like that show, "I Didn't Know I Was Pregnant".

And it gets worse.

A further update - (I might as well keep the story going so people might learn from this mess)

I stopped by this morning to get the rent and late charge. Once again, no rent. They had $400 (out of $715 owed). They told me they didn't think they had to pay more because they had a really high electric bill from December's energy because they had to use a space heater to heat a bedroom for a couple weeks while i replaced their heater. ... I was slow at fixing it, so maybe a valid argument so i left and said I'd think about it...

Went to the electric utility company and found out the reason their bill was so high was because THEY DIDN'T PAY THEIR OCTOBER OR NOVEMBER BILL. So now they are trying to steal money from me to keep their power from being shut off.

And so,

A new three day notice is hanging on their door (they slammed the door in the face of my "server" friend) and another notice is in the mail. Talked to my attorney friend today, we can file on Monday.

just a quick update - apparently the tenant gave birth. Still, knowing the tenants, not a good enough excuse for me but whatever.

I issued the 3-day notice on Saturday, called my lawyer friend and found out that because I am the owner and I issued the 3-day notice, a judge in my county (state law maybe?) won't allow an eviction. I guess owners cannot file. Who knew.

So I have to have delivered a new 3-day notice. But now the tenant gets paid tomorrow and "promised" rent at 9:30 tomorrow morning with a late fee.

So I guess I'll end up waiting till next month to evict- and this time I'll do it right.

Well, they LOVED the house. It was suppose to be a "flip" but didn't sell during the summer so I rented it. Bad idea. But it looked nice so they apparently didn't mind the double deposit.

And yes, everyone I deal with seems to have no money also. I thought it was just my crappy town :)

Hey Dave. I set up the LLC's because they do provide some asset protection, or so i thought. They don't? I think I read it in a book somewhere, but you never can be too sure.

Obviously I want to avoid paying taxes as much as possible, especially the SE Tax. Suggestions?

I think I need to see a tax lawyer or accountant soon anyways. The question I posted is slightly theoretical, since I have not actually purchased the apartment yet. So, I'll make sure to find out for sure before I do. Thanks!

Thanks guys. Yeah, 4 in a row sucks. However, I did enforce a late fee each time ($65 each time). Apparently they don't mind paying a late fee. Maybe I'm cheaper than the cash-advance places.

I've issued the 3-day notice in person last time, but that is a lot of stress, and also - i don't like stress. And frankly, $65 a month isn't worth the stress.

They only signed a 6 month lease, so I only have 2 more with them and I will not be renewing it. So I guess, I might as well collect as much of those nice late fees as possible.

Biggest mistake on my end - I shouldn't have rented it to them in the first place. I had a bad feeling, but got nervous about not finding someone. I did, however, get a double security deposit from them so I have $1300 to make sure they don't screw me too bad.

Any more feedback would be great.

I have some tenants who have not paid. They have a 5 day grace period, and that ends today. Just wondering what you other landlords do at this point? Call them, ask them where the money is? listen to the sob story? Or just post the 3-day notice and not even talk to them unless they call? This really is the most annoying part of my landlord job, so if I can just have someone post the notice, it might make this easier.

This is not just the first time either. I've had to call, go over there, make special arrangements, etc for 4 months in a row now.

Thoughts?