All Forum Posts by: George Wang

I did read that, does it need to be that specific? MBA can teach you accounting, finance & marketing. All of which will help with the operation of the company.

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Long story short, I would like to funnel all the rental income from my properties to my property management LLC and pass profit/loss onto me after deduction. I am interested in doing this because I can potentially expense my MBA degree when I otherwise can't.

Does anyone have any legal / tax opinion on this? Is this doable?

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Originally posted by @Andrew Kerr:

Hi @George Wang

I don't know your local state laws. So now that is out of the way, if the landlord gave property notice on the lease renewal, and added the clause in the lease, its up to the tenant to decide. To me, adding being responsible for normal "wear & tear" seems strict. But maybe your friend is really hard on the unit. Maybe they don't take care of the property, or have lots of pets that cause extra damage. You might only be hearing one side of the story.

If the clause is NOT against state law, and your friend signs the lease, they are not screwed as long as they take care of the unit, and the landlord is half way decent.

No, if the lease ends and your friends don't move out, they are basically squatting. If I had a tenant do that to me, I would file for formal eviction right away.

Tell them to talk with a local lawyer if they are that concerned about it. But, I found in cases like this, they should just move. Its not worth the time, energy and money to try and fight something silly like this. But, that is just me.

The state law forbids any unreasonable changes to the lease that cause any unnecessary hardship on the tenants. The state also said it is illegal to charge normal wear and tear against safety deposit.

In your opinion, would you say making tenants responsible for all normal wear and tear is an unreasonable change to the lease?

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My friend's landlord in NJ just added "Tenant shall be responsible for repairs caused by tenants including wear, tear, and everyday usage" to their lease renew, I am wondering

Is this legal and will it hold up in court?
Are my friends screwed if they sign it?
I know by law safety deposits are protected from wear and tear but can the landlord still send a bill to tenants or debt collectors?
The lease is up 30 days and the landlord gave them 1 day to sign it. If they can't find a new place to live, can they hold over the property?
if you have any additional advice to offer...

Thanks!

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All Forum Posts by: George Wang

George Wang has started 2 posts and replied 4 times.

Post: Can I form a LLC to manage my own properties?

Post: Can I form a LLC to manage my own properties?

Post: Tenant shall be responsible for normal wear and tear

Post: Tenant shall be responsible for normal wear and tear