All Forum Posts by: Bogdan Naescu

Hello BP Community,

One of my properties is a small multifamily with 1 general store on the 1st floor and 2 apartments above.

My commercial tenant (the general store) is asking permission to place a long term dumpster in the driveway in order to evacuate their trash. 

How would you respond to such a request and what precautions should I take to avoid issues down the line ? 

Thanks 

 Thanks a lot for all the replies ! I called up the tenant and his story is that he had an agreement with the old landlord to replace at his own cost the appliances a few years ago in return for some form of rent concessions he got at the time, just like the scenario that @Richard F.described. Ofcourse nothing was documented...why make it simple and legit ? :)

I negotiated with the tenant the return of the stove and he keeps the rest of the appliances .Time to move on with my business plan as @John Teachout rightly put it! 

Hello BP Community,

I just had one of my tenants move out of one of my properties and he left with the washer , the dryer and the stove, that did not belong to him.

This was a tenant I had acquired with the property and his lease clearly indicated that these appliances were included with his lease (and the pictures from the purchase also show the appliances existing in the unit)

The security deposit barely covers all the other damages that the tenant left behind ,no chance to pay for major appliances.

Did anyone have such a case before ? What recourse do you think I can have against this tenant ? 

Thanks

@Jim Kennedy and @Bill B. thanks for the advice ! 

@Abe Macias I'm doing currently going through refinancing a large part of my portfolio as well, here are some of the things i've considered, see if it helps:

1.what' s your overall RE strategy ? are you looking for better cash flow NOW (30Y) or are you looking to payback your mortgage asap (15Y) ? 

2.rates are still pretty much at all times lows - how many years does it take to payback your refinance cost or what's the return on this investment (the refi cost)? compare the return on this with your usual rental return and see if it's a good deal. Just make sure to take into account all the refi costs, including title, lender fees, appraisal, points on the new loan and so on (in my case the all in refi cost came in at almost 8% of the total amount borrowed)

3. can you cash out any money by moving to 30Y ? do you have an investment opportunity for the newly freed up cash ?

4. are you willing to put the time into going through all the back-forth with the bank to do the refi or is the payout not worth it ?

Hello BP,

I have multiple rentals ,which I manage via 2 LLCs . Due to an error in my property management software, the rent from one unit owned by LLC A ended up being credited on the account of LLC B. The 2 LLC have no business connection so I'm struggling to justify this transaction and how to correct it.

Should I post a correction journal to transfer the funds back between the 2 companies ? would this be an acceptable practice from an accounting / tax / legal pov ?

Can anyone please advise ?

Thanks ! 

I don't know where the rule comes from, but they all have it. I personally don't invest in WB because most of the city is pretty rough. However rent yields are v high

I preffe the neighbouring Kingston and Forty Fort that are much nicer and attract better tenants even if the property value is higher. They have the same rule about having local property managers

@Andrea yes WB and all surrounding boroughs require you to have a property manager that lives within 20miles of the city. You can find property managers from 8% to 15%. As always, good ones are hard to find :) 

Thanks for the advice! 

(the issue was with the Luzerne Housing Authority)

Hello BP!

I have inherited a section 8 tenant in a property i bought 2 month ago in Pennsylvania . After providing the tenant and the housing authority with the required 30days notice of lease non-renewal , i discovered that the housing authority decided to not pay me for the last month of contract, stating they had to pay the new land lord (the one where my tenant is moving to)

Funny enough, the section 8 contract does;t state any obligations or penalties for the HA in the case of non payment and also stipulates that the landlord cannot turn to the tenant to cover the missing voucher.... Awesome contract!

Anyone had such experiences ? any advice ?  

Thanks!