All Forum Posts by: Daniel Mendez

Good afternoon,

My wife and I have W2's and started our two small businesses last year. She owns a consulting business where she generated less than 10k in revenue. I just opened my wholesaling LLC but didn't generate any revenue.

We do own a rental that is in our name (used to be our primary)

Is it beneficial for us to use a CPA? or can I do my taxes through like TurboTax?

I am going to assume that using a CPA is really not necessary right now since I really didn't generate a lot of revenue. Right?

I have a tenant that will be applying for renters insurance. How much do you ask for the liability coverage to be when you ask your tenants to get rental insurance?

Also, any idea on what the monthly cost for renters insurance? 

Good afternoon,

I am renting out my first property and it seems like it is important for me to require renters insurance from the tenant.

What would you say to a tenant as to why having renters insurance is a benefit to them? Or what does it protect them from?

 This applicant is part of the family. There are 3 people that are looking to move in. 2 of them passed background check and income verification. They also have SSN. Would you still pass or its up to the landlord to decide 

Hello,

I currently have a tenant that doesn't have a SSN or TIN. 

How would you go about doing their background check?

I have a tenant wanting to lease my unit. 

However, they are self-employed.

What is the best way to verify income for someone that is self-employed?

I am leasing out my 1st rental property.

However, the partner of the tenant that is applying doesn't have a SSN (not a resident or citizen) 

How do you navigate around this? Can I still run a background check on them at all? 

I am renting out my first property and I have a tenant that is interested in the property but wont be able to move until August 2024. How much do you charge to hold the unit for them?

Also, is there any form of legal document that I should potentially have the tenant sign if I do decide to hold the unit for them?

 Hey Alecia,

If you manage them without using a management software do you have any recommendations for websites that can do screening of the tenants. Like their credit score, whether they have had a bankruptcy etc?

Also, have you had any issues with tenants not paying on time? I hear there are softwares that allow you to pull the money out of their bank account.

My wife and I are going to turn our primary residence into a rental. 

We are planning to manage it ourselves.

We would live close by.

I am currently reading and watching everything I can about landlording. 

Any advice or guidance on the do's and don't of managing a property in DFW?