All Forum Posts by: Bob Harris

My most recent tenants broke their lease and left a boat in my back yard I've tried to contact them with no success, I've had the police try to contact them again no success. They left me no forwarding address or updated contact information because they are on the run from the law due to 2 investigations I have no information about and a check fraud investigation. They owe me some money due to the check fraud so I would like to take ownership due to abandonment and sell it. Probably should call the attorney but I'm getting pretty tired of spending money on these people.

Any advice would be nice?

P.S. Tenants came with good references, solid income, and only a speeding ticket on ccap. I guess you can't win'em all.

One more question for you guys since youve been so helpful. Where do the proceeds from a cash out refi go, other non-taxable income account and disperse from there or just add it to my basis like a const draw? This is my last tax question. Thanks again

1. P&L is for the business only.
2. Single member LLC.
3. Just draws

The draws I am refering to are construction loan draws all the draws I took for payments to myself are shown on my balancesheet.

4. I dont exactly know. She has been pretty good in the past but the last couple of years she's been very difficult to get on the phone.

Are the draws I take for rehab on my properties considered other income on my P&L statement or are they not included at all? My reason for asking is because all my expenses (subs, material, interest, and utilites) are on the statment and it really is looking bad. I know its not taxable income I just looking to clanup my P&L. This is a good question for my accountant but due to the time of year I can't get in to see her or even get her on the phone until 2/6. Thanks in advance for any help.

Filters are cheap so I buy a case and have the tenants change them every month. I give them a reminder on their monthly statement and when I do an inspection I do a filter count if they havn't changed their filter I charge 25 fee per filter as stated in the lease. Yes they can cheat and throw away extra filters before I get there but at least I tried and some are just to lazy to even do that.

I've have had pretty good luck marketing our properties until their occupied deposit or not and keeping any qualified applicants on a waiting list. This has only worked when I've had open units within 3 months apart.