All Forum Posts by: Craig Janet

If your going to pay 50% at least have her go over there and do some "deep cleaning" that may not be included in standard turnovers. Like scrubbing baseboards, nooks and crannies, behind the fridge, stove, etc. 

The short answer is YES! It doesn't matter if it's a mortgage, HELOC, or Mr. Soprano the loan shark down the street. If the loan is used for the business then the interest deductable.

CPA's usually charge by the hour $100-$200. Do you think that one person is working an entire week or two just on your tax return?

What records are you keeping throughout the year?

Unfortunately this is very common with tenants. Most of the time they will move out mid month and you won't find out until the rent isn't paid on the first. When I go to post the eviction notice that's when I find out that the place is empty. 

There isn't really anything the landlord can do. You can waste money suing them but it's best to just clean it up and get it rented again.  

I'm still not understanding the issue. A drain pan is for emergency leaks from the washer, I would bet 90% of households don't have one (I don't). If that is all they did $1000 is outrageous. 

This is an issue for your PM. I don't expect them to drive out to every maintenance issue but they need to communicate with the tenant to get as much information as possible. Many issues could be fixed over the phone or simply denied because it's not a land lord's responsibility.  Instead they get a maintenance request and call an expensive plumber who is unsupervised and pretty much has a blank check to do whatever they want. 

To replace that much income will require lots of work or you will have to hire a full time team that will eat into your margins and will require management. It can be done with enough capital. Just know that you will be trading one job for another.

Real estate is a get rich slow business. I huge advantage is that it's easy to start, cheap, and low risk. After about 15 doors it gets really hard to scale unless you go with a large multifamily. 

What's the process to evict a tenant who doesn't pay their small portion or otherwise trashes the place. 

This is a pretty outlandish goal but if you want to achieve anything close to this you will first need a good paying day job. Save every penny you make, live with room mates, drive a beat up truck, house hack distressed properties and spend all of your spare time DIY rehabbing them. After you get a few properties cash flowing the money will start to snowball. In ten years you may make enough to survive and quit your day job but it will not be anywhere near 1 million per year. 

Good Luck!

It's your tree now.

If it caused significate damage file it with your insurance. If it cost less than your deductible I would pay for it out of pocket. Because a claim on your record will haunt you in an already messed up insurance market.

As others have said, the lost of revenue is usually tied to the coverage. 

For example if you have wind and fire coverage, the lost of revenue will have to be caused by wind or fire. 

As far as I'm aware of the NFPI flood insurance doesn't cover lost of revenue.