All Forum Posts by: Bruce L.

Thanks for the feedback guys!

Tenant has been put on notice that if they don't remove, they will be removed. The property its self is in good condition as I've been going to the property every other month. Their lease expires in the end of January of next year which I plan on not renewing.

@Eric F.

I made my violating notice state that the $500.00 is a violating fee, not to be confused that they are now permitted to have the Pit Bull.

I've updated my lease & pet application form.

"If Tenant obtains a pet without written permission of Landlord/Agent, Tenant agrees to pay an immediate fine of ($500.00) dollars. Additionally, Landlord/Agent reserves the right to terminate the lease agreement with the Tenant upon giving written notice to the Tenant, as outlined in said lease agreement. The $500.00 fine is a violation fee, and not a pet deposit allowing such pet to live on the property."

Maybe I could reword it????

@Joe B.

I understand your concern as I'm as well, I will be inspecting the property in a couple of days and follow up multiple times there after and the tenant's neighbor is a friend of mine who is retired and always home and told him to keep on eye for me.

Thanks for all the advice guys!!

@Joel Owens I'm very interested on the animal control route. Not sure how that would work, would I call and say I have a random dog in my unit? Wouldn't they ask, well is that your tenant's dog? Would tell tell me that it's not their problem as its' more of a landlord / tenant problem and I would have to take it to court to evict?

I think I'm going to give them a warning and let them know if it happens again, the $500.00 fine will apply and I would serve them the 3 day notice.

I figure, if I kicked them out, I would be out $1000 - $2000 until I would get a replacement. I will check up on them to see if the dog is really gone. They know I have to give them a 24 Notice to inspect the property, so I will just get a ladder to see if the dog is there and ring on the door bell to see if the dog barks.

So, my tenant's neighbor called me today and told me that my tenant got a pit bull. He think he’s had the pit for 2-3 weeks now. My lease does not allow for a Pit Bull and I clearly stated to my tenant when they applied my pet application that I don’t allow pit bulls. I gave him a call and he told that me he was just pet sitting for a friend and only had it for a couple of days.

This tenant has only been with me for about 4 months now and has been a pain in the butt even before this issue. At least every two week or so, some issue would arise because of this tenant, but that’s another story. The only thing he has going for him is that his dad co-signed for him and he has been paying rent on time as his dad pays the rent.

I already called him and his father to tell them about it, the son says that he will take care of it. BTW, the son lied to me more than once, so I really don’t believe what he tells me.

What should I do?

1)Charge a fee for violating the lease? On my pet application.....

"“If Tenant obtains a pet without written permission of Landlord/Agent, Tenant agrees to pay an immediate fine of ($500.00) dollars. Additionally, Landlord/Agent reserves the right to terminate the lease agreement with the Tenant upon giving written notice to the Tenant, as outlined in said lease agreement."

2)Evict him, but school is about to start in late Aug. I would be in a tight squeeze to try to find a replacement tenant.

3)Or……????

Thanks in advance.

So my tenant is on a month to month lease and has been with me for 14 months now. Decent tenant, was only late once and paid the next day as he forgot when the 1st of the month was. When he moves out, I will have to replace the carpet and do some minor repairs to get the property ready.

So, the other day he text me to confirm that he needs to give me a 30 day notice when he's ready to move out, so I figure he's shopping around. Well school starts back up in late August here in Las Vegas.

My question to you guys is should I apply pressure to him by giving him a 30 day notice to move out? Once school starts, it might be a bit harder to find a tenant. My property is within walking distant of a really good high school here.

My price is very competitive right now, you could get something nicer for $100 more, but would be further away from everything. My tenants wife works right around the corner and the property is not in a HOA, so my tenant can park his boat on the drive way. He is on a tight budget, and I think it would be hard to him to find a better deal, but who knows, he may be able to.

Thanks for the explanation @Jon Holdman, would you also be responsible for the recapture tax if you short sold your rental property?

What are investors doing to minimize paying the recapture tax?

• 1031 exchange?
• Converting rentals into primary residence?
• Never selling the property? lol, I heard that if you pass away, your beneficially doesn't have to pay the recapture tax.

Hi guys,

Had a few questions regarding recapture tax and was hoping someone could help.

1) Recapture tax is a federal rule/law and not at the state level correct?

2) Will you owe recapture tax when you sell your primary residence?

3) What is this about after 9 years, no recapture tax is due? Is that for both rental properties and primary residence?

http://www.wshfc.org/buyers/recapture.htm

I have a rental property that I've had for 10 years, purchase for $170k and sold for $160k. I was told that even tho I lost money, I would still owe recapture tax for the deprecation on the property for those 10 years, is that correct?

Thanks.

"I would be making $60K minus capital gains taxes & selling fees."

I use a discount realtor service that only charges 4% to sell my properties. Keep in mine that the capital gains 15% tax would be less than my rental income based on my tax bracket.

So, I purchase a property back in 2012 for $80K cash in Vegas, put $10K into it and rented for $1100 a month.

My yearly cashflow is $9K, sorry 50% rule.
I would be making $60K minus capital gains taxes & selling fees.

It would take me 6.5 years to make that up if I kept the rental, and of course the time being a landlord.

The property is worth $150K all day "today", based on sold comps.

• Should I take the cash & run or keep it as a long term cash cow?
• Goal is to have 10 free & clear properties to cash flow long term in about 10 years. Currently have 3.
• Thoughts? Market is definitive slowing down.

Hi guys,

So, my tenant wants to Breed Golden Retrievers.

A little background, my tenant has been in my property for a year now and wants to do another year lease. He has paid on time every month. While he's not the cleanness tenant I've had, I'm sure it's OK to most people standards. Issues I had with him is I had to tell him 4 times to clean up the oil leak / spill from his car on my driveway, and had to write him an official complaint. He's not the greatest as far as communication goes, I feel that he sometimes ignores my calls / text, so I just give him a 24 hour notice to swing by the property. My tenant is a mechanical and of course repairs cars at home, and has a bunch of car parts in the garage. Also stores a boat and trailer on the driveway.

My property is a single story, 1200sqft (3 bed, 2 bath) house in a working class neighborhood, he and his wife with 2 kids (10, 12 years old) and he already has one Golden Retriever that I approved ($300 Pet fee). He is now asking if he could have another one to breed them. The rent for this property is below market, he's paying $1000 a month, where other properties are asking $1050 to $1100 and nearby 3 bedroom apartments are asking $900's. The rental market is a bit slow right now, so I don't want to raise the rent and risk him moving out.

I know that when my tenants leave, I will have to replace the floor the entire house as when I purchase the property, the carpet was already worn, and the paint is plain white, but I

I don't know anything about breeding dogs, but would you allow this tenant to do so? I'm wondering how crowded the house would be, and the smell, but since I'm replacing the floors, it might not matter.