All Forum Posts by: Daniel Suarez

Anyone has an idea of how land vs building price breakdown is in OKC for tax purpuses?

Thanks in advance.

Do you think those problem tenants were just able to present a stronger image when you screened them?

I think that's the case mostly. In all cases the income was enough, the references were good but the credit score was very low, but I felt that was the case mostly. 

In regards to your signing the new lease with the stipulations on non-payment actions, what were the previous conditions set for that situation?
The lease pretty much states that, but since they have been long term tenants and I had no experience at the time i didn't follow through.

It's been hit or miss for you. I have 8 properties in Baltimore county between Middle River and and Dundalk.

3 have paid on time (2 of them section 8). 1 has been on time, but I had to give her a 35% reduction due to her not having a job anymore, but will be back to normal rate by July. 1 is a model home that I get rent every month from Ryan Homes so no problem there. 1 Is a tenant that hasn't paid in about 2 months but is leaving by the end of April, will set a payment plan for her once she moves (or sent to small claims/collection if she doesn't)

2 are long term problem givers. 1 paid for the last 2 months and is now up to date. I'm signing a new lease with him with the condition that I will be more strict (no rent raise unless he's more than twice late and eviction starts if he doesn't pay by the 15th)

The other one is someone that also owns money, she was late by 2 days with no reply so i had to start eviction. Know waiting to see if she will pay her remaining balance or if eviction will go through. 

All on all, seems like COVID itself has nothing to do with the condition of any of my tenants except for one

I have 2 section 8s in the county. They work great! Usually, the tenant pays for a portion and the government the other portion depending on the situation of the tenant. I realized that most of my section 8 tenants are not as clean as the non section 8, but maybe it's just my experience, but I get the rent always on time from section 8 as opposed to regular tenants that i always have problems with. 

Thanks Charles, very good point. I should better call the bank instead. 

Hey All,

I have a multi-plex that will auto renew next month. The insurance is not escrowed so the bank doesn't require me to have it. I was wondering are there any other drawbacks (asides from not having insurance for that lapse) of just waiting a month or until this blow over before renewing the insurance? Already have a couple of tenants who won't be able to pay and disbursing $6k will be harder.

Any thoughts on this?

Thanks in advance

Completely agree with thoughts here. This is a serious matter more and more people will get affected, I just hope we get stimulus packages to cover the rent. 

I would be willing to work out with my tenants given they show proof that coronavirus is the reason why they got laid-off or are not able to pick up hours as long as I can at least cover mortgages even if no profit is made this month. 

Thanks so much! I did finally get an accountant this year after what it seems like making many mistakes in the past 2 years. She's pretty busy ammending my taxes for the past 2 years though. I wasn't sure if these forms were more of a legal issues vs accountant issue. 

I formed 2 llcs in 2019. One is for me a partner with a multi family and the other is for me and another partner for a single family.

My question is, for tax purposes do we need to do anything else other than just declare our income and loses individually? Or do we need to fill any special LLC forms out (someone mentioned something about k-1 and another form I don't recall)

Thanks so much in advanced. First time doing taxes with an LLC

@Sofiya Cherni are your rentals in Baltimore? I see you’re from Maryland. I have the same problems with many of my rentals.

I usually give my tenants 25% off their last month rent if there on time the whole year. You can also incentivize by maybe not giving them a high rent increase but instead giving them a higher late payment fee when they’re late