All Forum Posts by: Bob Stein

Hi, all. If i have the tenants of my personal rental property pay their rent to my property management llc, does the llc need to give me a 1099 like it does the other owners? Thanks

Quote from @Ned J.:

You have and pay a PM for a reason..... use them. They should handle all of this. 

And why do they not like the PM? It may very well be because the PM is doing their job... enforcing rules, repairs, late fees etc etc. Its like when Mom says NO, the kids run to dad because he's a pushover

 
Hit it on the nail. I'm the manager and the tenant is harassing the owner who cant stand it.

Hi. Is long term stock sale considered unearned capital gains for kiddie tax that can be filed on parent's return? Thanks

Hi. How do i put raw land with no address on my tax return? Thanks

Hi. A rental property has a manager. The lease says that the landlord can designate the payment location and has designated the manager to receive payments. The tenant doesn't like the manager and drops money off at the owners house with witnesses. Is that considered non payment or breach of contract? The tenant also annoys the owner about the property, without actually threatening him. What can be done? Thanks

Thanks all for the replies. A disastrous situation it is.

The property was received as an inheritance and a large extended family that has nothing to do with each other now owns it individually with no agreement. Most of us want it sold, but this same relative, who had been the trustee of the trust before the deed was transferred, signed a long term lease with his friend at about half the market rate while the trust still owned it. Now, it cant be sold for real value as long as that tenant is still in. If this tenant's lease can be broken, most of us would be very happy. However, this relative is trying to run the show as if he owns the place and his friend obviously goes along. I want to stop it. If i require the tenant to pay me directly and he doesnt, two weeks later, his lease is terminated and the building can be sold. The only question is if that will work.

BTW, the property is in CA, so its not much better.

Thanks

The problem is that one of the partners is friends with a tenant and pays for things the tenant wants that are not required by the lease. Therefore, i want the tenant to pay me directly so that i wont have to deal with this.

Thanks for the reply. The property was owned by a trust and the lease is between the trust and the tenants. The trustee has since transferred title to all members of the trust as individuals. Therefore, the tenants cant pay the trust, which is in the lease, because the trust doesn't own the building anymore.

Hi. I own a property with a few partners. Our names are all listed on the deed as individuals, tenants-in-common. We do not have any agreement between us. I informed a tenant that he should pay my share of the rent directly to me. If he doesn't, but instead gives my share to another partner, can i evict him?

Thanks

Thanks for the reply. Is there a way to set up the LLC so that i can have full control over decisions without being the manager? I want to be able to object to a lease, or to expenses being made, without being the manager. Thanks