All Forum Posts by: Asim G.

Hello,

I have noticed that more and more property managers are charging tenants ~2-3% of rent + $30 as admin fee/resident package/utility package. Is this standard for most major property management companies. Can anyone recommend a property manager who doesnot charge such fees from tenants. 

Hello,

I have a 9-year-old who helped me with cleaning/power washing a property during turnover. She also helps me with paperwork every once in a while.

I believe I can open a Custodial ROTH for her to pay for the services. Are there any rules of thumb to follow for how much I can contribute? I don't think I can justify her spending enough time to qualify for the annual max of $6000.

Do I also need to issue a 1099 if I pay more than $600 to her for these services. 

Hello,

One of my SFR rentals in Phoenix needs its AC unit replaced. Look for any recommendations for an HVAC contractor who can look at the job and bid on it.

Hello,

Can I use bonus depreciation losses from apartment syndication (form K1) to offset income from income-producing single-family rentals? I own 4 SFRs and have an opportunity to invest in a syndication deal with 60% bonus depreciation this year.

Other details: Both I and my wife have W2 jobs and can not take real estate professional deduction.

Thanks

Excellent thread. Can the passive losses from one specific MF syndication be used to offset passive income from unrelated cash flowing SFR rentals?

Thank you for the responses. The tenant has been awesome for the past 3 years, so we did not upcharge.

My next question is on the move-out inspection. What information am I obliged to provide the tenants at that time as per California laws. I will be walking through the property and giving them an itemized list of repairs needed. 

I read somewhere that "The landlord or agent also must give the tenant a copy of the sections of California’s security deposit statute that list lawful uses of tenants’ security deposits."

What does this mean. Should I just give them a copy of Civil Code Section 1950.5(f)(2).

Thanks

Hi,

My tenant of 3 years is vacating from an SFR rental. The lease expires on 31st Aug and he has requested to stay till 15th Sept as he is moving to a new home and the builder will have the home ready by then. He has been a good tenant and I wanted to know how to handle his request. I plan to ask him to pay a daily rate that is in keeping with the AirBnb rates in the region. How should I handle this transition? Do we agree on email or should we sign a separate document for the 15 days.

Also, how should I handle the inspection after the tenant has moved out? We documented the condition of the property when they moved in 3 years ago. Is there a rule of thumb to follow if:

1. The property has not been left in a clean condition

2. Any chips/dents on the wall and paint

This is the first time I will be handling a vacating of the property and would like to better understand what steps to follow.
 

Hello,

I need help with long-term financial strategy questions for me and my family and hope the folks on this forum can help. Here is my financial summary:

* Both me and my wife have W2 incomes (AGI > 400K). Most of the income is from base + cash bonus. There isn't a significant stock component to it.

* 2 kids in elementary school who will be going to college in ~10 years

* We stay in an extremely high-cost-of-living area (think NYC or San Francisco). Current jobs can not be remote. But relocating to another area while maintaining similar incomes might be possible in ~1-2 years. This is something we are working towards.

* Investment strategy so far has been Max out 401Ks ($20,500 each), backdoor ROTHs, diversified index funds/some stocks, and 4%+ CDs or Treasury bonds.

* We have 3 rental properties (2SFR and 1 triplex). Total cashflow from these is ~$1500/month. All of them are on a fixed rate mortgage with 10-20 years remaining.

We are blessed to be in a position of being financially comfortable and have an opportunity to plan for the future.

We need help answering the following questions:

1. Where can we invest to reduce our income tax bill today and have steadier income 5-10 years in the future? Someone suggested looking into multifamily syndication. Is there any other investment or business endeavor that can us achieve our goals?

2. There might be a one-time financial windfall from either of our employers due to an acquisition/IPO. How should we plan for this windfall?

We want to invest today so that today's earnings/savings translate into income when kids are finishing high school or entering college.

I have talked to a couple of CPAs about this and they are only interested in entering my financial information into a software and bill me for filing taxes. The Financial Planners I talk to only want to sell me financial products, which I dont trust.

Both I and my wife figured out rental property investment, house hacking through BP and are looking forward to learning more.

Hello,

I am trying to refinance my home in California. The title of the home is held in a trust. The lender is asking me for an attorney opinion letter to verify that the trust is setup correctly. Is this something that is commonly required. If so, what is the best way of getting this. I have contacted the lawyer who setup the trust and I have a feeling that they will charge me a hefty fees for this.

Is there another simpler way of getting the refinance done in my name and then filing a deed to move the title back in the name of the trust. If we take this route then is it a simple process or does this involve a lot of paperwork as well.

Hi,
My home is undergoing remodel/addition and it will have open walls/roofs for the next couple of months. I have a mortgage on this house and need an active insurance policy on this home. Can someone tell me which insurance companies can provide a product for me.

The home is an SFR located in California.

Thanks