All Forum Posts by: Kevin Huang

Thank you Brandon.

I found something nice that others may find useful too:
Rental Billing Statement

My tenant is breaking lease, because he found a job in another state.
His new employer will pay for the 3-month penalty as part of the relocation assistance, but requires some sort of invoice to show the total amount due.

I'm a private landlord, and don't have any official looking invoice for this purpose.
Does anyone have any suggestions on how to tackle this task?
If you know of any website w/ an Excel template that may do the trick, could you please send me the URL?

TIA,
Kevin

Thank you all for your replies - all very helpful, even Seth Sherman's comment :-)

My tenant has been great - never late w/ rent, and proactively help me fix small problems w/o asking for compensation.

Only thing is she wants to meet my wife for some reason...keeps asking me to bring her to the lease renewal that's coming up.

How do I tell her no in a subtle way?
Not complaining, since I can't ask for a better tenant, but I do want to keep the relationship more on the professional side.

TIA

This may be a bit off-topic, but does any insurance policy cover the cost of exterminator, carpet cleaning (for landlords), and laundry & possible hospital bills (for tenants)?

Thank you all for your inputs.
I was also leaning towards minimizing my risk, and wanted to do a quick sanity check.

I've declined the short term applicants, but told them about a place where they can stay week by week for reasonable price, much cheaper than hotels.

I've got a nice young couple lined up to move into my townhouse 6/01.
Both are working professionals w/ income, and the girl loves the place, so they will probably be very good tenants to have. (girl even asked if they could sign 2-year lease until her fiance stopped her)

Another couple want to rent the place just for the month of May, because their new place won't be ready until June, and they are willing to vacate a few days early, so that I'll have time to clean the place up for the long term tenants.

So this is great, because I get to collect one extra month worth of rent (~$1600).
However, part of me is thinking what if something majorly goes wrong w/ the short term lease, that will jeopardize the long term tenants...
There's also the hidden cost of taking care of turnover w/ only one month rent - my time, and whatever effort I need to spend to make it ready for June.

What are your suggestions & opinions?

Thanks for any response in advance.

thank you all that replied!

We're thinking about buying a 3BR townhouse in Pittsburgh (Cranberry area), PA as rental property.

Market rent seems to be ~$1700. I'm a bit hesitant, because if I ask a tenant to pay $1700, wouldn't he/she prefer to just buy a house, and pay the same amount of money for mortgage? (I guess I can ask the same question for all the renters out there)

For other investors in the Pittsburgh area, is it easier to rent out a 2 or 3BR townhouse?

TIA

I have a rental property, and am thinking about forming an LLC to protect my personal asset.

My mentor told me in PA if owner of LLC also manages the property himself, it provides no protection. Someone from a post made a similar comment:

http://www.biggerpockets.com/forums/52/topics/93343-purchase-in-my-name-then-transfer-to-llc-or-buy-with-the-llc

Is this true?