All Forum Posts by: Bob Stein

I dont want to put anything on the new tenant. Why should I? They're brand new. If I can put it on the previous tenants, I have nothing to lose. Plus, they gave me quite an attitude about anything that wasnt perfect.

Hi all.

When in a property, I noticed that a tenant had an unapproved cat. I didnt mention anything. Now, they moved out and the new tenant said he's allergic to pet dander, which the carpet now has. I have to replace the carpet. The carpet was in the unit when I got it a year ago and is in ok condition. This is from the lease in the pet section:

"Tenant agrees to immediately pay for any damage, loss, or expense caused by their pet/s. Tenant agrees that any damage to the exterior or interior of the Premises, grounds, flooring, walls, trim, finish, tiles, carpeting, or any stains, etc., caused by the pet/s will be the full financial responsibility of the Tenant and that Tenant agrees to pay all costs involved in the restoration to its original condition. If because of any such stains, etc., said damage is such that it cannot be removed, then Tenant hereby agrees to pay the full expense of replacement."

The security covers full replacement. I was not planning on changing the carpet for the next few years. What should I charge them?

Thanks

The tenant is solely responsible for opening, maintaining and closing the pool. Shall i put in the lease that if they open the pool, i'll hire a professional pool company to maintain and close it and they'll compensate me? Thanks

Originally posted by @Jacob Sampson:

You would likely lose in court.  Don't leave that sort of thing up to the tenant, a mistake is too costly.

What do you suggest I do in the future?

My tenant had the pool closed before the winter, as per the lease. Now, they are moving out too early in the year to test if there is any damage to the piping due to incorrect closing. In NJ, the deposit has to be returned within 30 days. Can I hold any of the deposit until i verify that the pool is not damaged? Thanks

Originally posted by @Tracy Streich:

@Bob Stein. 1099 is all rents received by the PM. Owner accounts for their expenses including repair and pm fees

Thanks for the reply.

Are you saying that in my example, the 1099 is $10k and my gross business income on the schedule c is $500?

Hi.

I have a small property management company. The tenants pay the rent to my company, the company pays all expenses and repairs and then gives the owner their cut minus the commission. For example, yearly rent is 10k, my commissions are $500, repairs are $500 and i send the owner 9k.

Does 10k, 9500 or 9k go on the owner's 1099?
What is my business gross income: 10k or 500?
If its 10k, i apparently expense the 500 in repairs. What box does the owners 9k go in?

Thanks

@Ryan Murdock @Michael Plaks

Thanks a lot!

@Ryan Murdock

Is that standard practice, that anyone doing work over $600 fills out a w9?

@Michael Plaks

Being that the deadline already passed and the work was for a rental, should I just skip it? Also, what happens if I do work and the contractor doesnt want to give me their tax info, or if they operate as a sole prop and wont give their ssn? Thanks