All Forum Posts by: Greg Potter

Hello Yinan Q., I agree with Jon Holdman on this one. The landlord has a vested interest in making sure the property is kept up over time so for routine maintenance I would just handle/pay for the work myself. When it comes to toilets if the tenant or the tenants' kids are flushing things that should not be flushed then yes, they are going to pay.

Hello Brian Knox, my first suggestion would be to approach the tenant about the problem and see if she volunteers up a solution for you. After mentioning that you think the repairs might take out the bathroom for a week (and not mentioning the hotel) the tenant might just volunteer to stay with family for a week or find other accommodations. If the tenant finds a free alternative you might offer to shave $100 off her rent for the trouble.

Other things to consider - will the job really take a full week? Is this time frame with a contractor doing the work or yourself? Two 14 hour days over a weekend go a long way to getting a lot of projects done.

If access is about equal you might be better off going through the floor in the laundry room as at least then the tenant would still have a working shower. Most people can survive a week without washing their clothes (or you can offer to pay for laundromat service for them once or twice).

Depending on the renter and the income from the property the hotel idea might be a viable alternative as well.

Hello Andrew Peterson this varies from state to state and sometimes from city to city. Some jurisdictions require someone within the PM company have a real estate license while other jurisdictions have no requirements at all.

Additionally the gift limits are set once per year, so if mom were to gift you $13,000 in December then gift you an additional $13,000 in January there would be no tax.

Gifts received are not taxed in any way on the receiving party. Gifts given are taxed for the portion that exceeds the IRS yearly gift exemption (which I think is still $13,000). If mom gives you $20,000 this year then she will have to pay a tax on the $7,000 excess. This $13,000 limit if per person, so you can work around it by having mom gift you $13,000, then having her gift your wife $13,000, and for even more money your dad could then gift you and your wife $13,000 each as well. As long as the gifts are broken down there will be no tax.

It is also possible to do a single larger gift and not pay taxes if the giving party utilizes part of their lifetime estate exemption.

Hope this helps.

Lindsay Wilcox number one tool I use is my cordless drill. I have Dewalt that is at least 12 years old that I love. I wouldn't recommend buying new Dewalt tools though as their quality has suffered over the last 10 years.

My second most used tool is a compound miter saw. This is not a tool that I think you need to spend top dollar. I would recommend one that takes a 12" blade over a 10" blade unless you get a great deal on a 10" slider.

My third most used tool is a table saw.

I'm not sure if anyone asked or if you already stated but what kind of work do you anticipate this property needing?

Hello Brad T., I have played Cashflow 101 free online and have played the board game. The board game and my respect for my hero Mr. Potter (from Its a Wonderful Life) are what got me interested in real estate investing. I would say the board game is far better at learning the concepts and also creating opportunities to discuss things with you other players. I found the online version to be better once you have an idea of how the game works as it allows for quicker replay and less tedious math. I recommend the board game.

Hello Nicholas Demers and a warm welcome to BP from a fellow Syracuse investor. You stated you've done some remodeling, what areas of the city have you done work in? There are a lot of properties in need of some TLC and also a lot of opportunities in our area.

Hello Perry Apawu, without knowing specifics I would suggest a variation of the debt snowball. List your debts from smallest to largest based on their total balances and then pay off the smallest loan. Depending on your situation I wouldn't necessary work to pay off all the debts at this time. Pay off a number of the smaller ones and free up cash flow that way. Once you've cleaned up enough that you are more comfortable with your cash flow situation go ahead and dive into your marketing.

Joe G. - Personally I'd charge the tenant a nominal fee that covered the power wash and acid wash you've already performed and make this a lesson for myself to explicitly go over with future tenants that they should not paint the garage floor. My garage is nearly 100 years old and has seen a lot of wear and tear and I do not have a nice smooth floor so some paint on the floor isn't as big a deal for me. If your floor was nice and clean prior to the tenant's actions then I might take further corrective action.