All Forum Posts by: Dick Rosen

If you are the Owner and this is your only rental you do not need to register or pay TPT taxes. I believe individual Owners can have 2 or maybe 3 before they need to comply with TPT Taxes. Or if you turn it over to a Professional Property Manager, they will be required to register and pay TPT Taxes. 

TPT is (about) 2% tax on all rents and fees collected from the tenant (except Security Deposit). The percentage varies per city.

You are still required to register the property as a rental with Maricopa County, if they find out you have a rental that is not registered as a rental the fines are assessed daily until you get it registered.

I just heard a podcast a couple of days ago about the series LLC and that particular CPA said that the parent account was the only one that needed an account. But I didn't understand how he was collecting checks from each LLC and depositing to the parents account.

You might want to check with your CPA or the attorney who set up the LLC's.

Everything! Clean everything and fix anything that's broken or worn out. And this is how you should expect to get it back from the next tenant and if you don't, it comes out of there security deposit.

Get in trouble without a Property Manager and you'll find out how much their knowledge and experience is worth! Do you know all of the Landlord Tenant Laws in your area, are you familiar with the Fair Housing Laws, last I heard a first offense has a fine of $16,000. I have been in court with evictions, ethics violations and fair housing, always came out the winner. What's that worth?

If they are MTM just use a 30 day notice of non renewal. If you have to evict after that or you want them out sooner than 30 days, contact DoctorEvictor.com you can find lots of help on their website and if you reach out to them ask for Denise and tell her I sent you.

As a Property Manager myself and a Broker, I wouldn't want to accept your leases. I'd prefer that you review and agree to my lease and I will get them electronically signed and send you a copy. Sure we do take on properties with existing tenants but we will always get the tenants to sign our lease. 

I have heard of Ins Co excluding a roof because of it's age, I'm sure they can exclude other items. Contact NREIG.org

No, I think I pay $.50 per transaction to but Owners pay nothing.

I've been using Wells Fargo for several years and haven't had any issues but all of my Owner payments are processed in Appfolio. Granted, WF still has to handle them but I haven't had any issues or questions in doing it that way.

Without a lease they are considered Month-To-Month, I would offer them a new lease or a 30 day notice to vacate. Make it an either or if you half to, they can refuse a new lease but they can't refuse a 30 day notice to vacate. You mentioned their lease cycle ends in July, that's actually irrelevant at this point, their cycle ends at the end of every month.