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All Forum Posts by: Chuck H.

Chuck H. has started 7 posts and replied 39 times.

Post: Biden administration capital gains and 1031 exchange

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20

I'm not sure if this has been discussed, or discussed lately, but Biden announced his proposal to almost double the capital gains tax rate for high earning individuals to 39.6%, and up to 43.4% for some.

He has floated eliminating the 1031 exchange in the past, but I don't see that discussed in this latest proposal.

I have a property with over $200k in capital gains in it. Do these bills usually have a period of time before they are enacted to give investors time to do an exchange?

Post: Tenant taking me to court

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20
Originally posted by @Jim S.:

She said she sent me an email Dec 1 that she was moving out Jan 1. I didn't receive any email. I never had a problem receiving her emails. She has had a problem not seeing the ones I send her. I have had to write her twice on a few occasions and it still might take a few days or a week for her to respond. I saw boxes in front of her door and the other renter said she was moving so I emailed her asking if she was moving, didn't hear back. I went to her door to ask on Jan 1 and she said she will be out Jan 2. She wants her full deposit back. $535. I told her she had to pay for the first 10 of Jan that the apartment sat empty and offered her $363. I heard nothing. A week later I asked if she was accepting or declining my offer. I have heard nothing. That was a week ago. There was no damage and it was clean enough. I don't want to go to court over $172 but I don't want to just give it to her either. I am well within the law. Not sure a judge will see it that way. She has not threated to take me to court. She said she was going to check on her rights.

There's no way she's taking you to court over $172.

Post: Can't evict during pandemic? There may be a window for you!

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20
Originally posted by @Charles Bradford:

Steve -- That's the beauty of this.  Unless the tenant challenges you, you don't go to court.  "Not renewing your lease" happens frequently when you want the property vacant to remodel and raise the rent substantially.  It also happens when properties change ownership. Sure, if a tenant wants to go against your desires, it's on them to contact counsel and/or take you to court.  But thus far, in our state, it's not considered an eviction at all and we don't report it as such.

Isn't that the problem though? Tenants challenging eviction? Great that your tenants are leaving willingly, but they could not and you'll need to evict them.

Post: Venmo, Paypal, etc. with an LLC

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20
Originally posted by @Matt Nico:

Chuck,

I'm not sure what you mean exactly by "Pierce the veil". Can you elaborate?

In a lawsuit with my LLC, the "limited liability" is put aside and my personal assets are sought since I commingled personal and business accounts.

Post: Venmo, Paypal, etc. with an LLC

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20

For those who use Venmo, Paypal, etc. to collect rent, how do you handle it with your LLC structure? My Venmo and Paypal accounts are my personal account. I receive the rent then immediately transfer it to my LLC's business checking account. I'm afraid this way of doing it will allow an opportunity to pierce the veil.

Post: How to put an eviction on someones record? In Texas

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20

If you evicted her in Justice Court then it is on her record.

Post: Multiple Tenants - Do they all complete an application?

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20
Originally posted by @Filipe Pereira:
Originally posted by @Matt Cupp:

I have a 3BR rental coming up as my first rental and applicant is 3 adults and have been told they're splitting the rent in thirds.  Do I have all 3 complete the application on SmartMove?  I imagine I would want to know the pertinent information for all 3, yes?

I agree with what's been stated above, but wanted to add that if you do go with these tenants, make sure everyone knows very clearly who will be the primary account holder for the security deposit, unless you are going to open 3 different security deposit accounts. This will save you a lot of potential frustration on the back end. 

How is that worded in the lease? Seems with that setup, the "primary account holder" would be the only one on the lease and need to qualify income wise by himself.

Post: WA Supreme Court upholds Seattle’s first-come, first-served law

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20

https://www.seattletimes.com/seattle-news/politics/washington-state-supreme-court-upholds-seattles-first-come-first-served-law-for-renters/

The Washington state Supreme Court has upheld Seattle’s first-come, first-served law for renters, believed to be the first of its kind in the country.

In a unanimous written opinion published Thursday, the court rejected claims by landlords who said the groundbreaking law amounted to a regulatory taking of private property and who said it violated their due-process and free-speech rights under the state Constitution.

Post: Annual Inspections- How often do you check up on your properties?

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20

I collect rent, change air filter, and look around briefly every month.

Post: Electrical Circuit Breaker Tripping Complaints

Chuck H.Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 40
  • Votes 20
Originally posted by @Brandon V.:

All 3 in kitchen, bathroom, living room, my room, Griffin's room, attic, and overhead lights in kitchen my room, Griffin's room, Coco's room, and bathroom are one single circuit.

Yikes