All Forum Posts by: Kevin Kim

Hello

One of my tenant (Section 8) in MF has been lived 3yrs now and she complains a lot when there is some minor issue. (As a landlord, I always do best to fix any issue.. other tenant live without any complain and she is the only one...she say she will report health department etc..)

Sametime, She keep saying  she want to move to another apartment (1fl for her mother as her mother has some disability ) she wouldn't leave.

I didn't like turnover and it is section 8, I was going to let her stay til she find the new home. But I am getting tiread and decided to terminate month to month lease. I notified the lease termination , giving 60 days notice. I have feeling that she wouldn't leave the home soon. Same time, I can let her stay til the family find new home but afraid if she keep complain after lease is terminated.

As I have another project, I am ok if they live quietly but what will be the choice if the lease is over and tenant still live there?

I know I can initiate eviction but I am ok if tenant live without complaining til they find new home. Hypotetically, What if the tenant complain after lease is over, If we need to go to court (don't think there will be case), will it be better for me as lease is over?

Thanks

Thanks all for advice. I am going to check with mold remediation expert first to see more detail and will go from there. I guess I have to find root cause first.

I have purchased half duplex in Connecticut a year ago (home price seems to be up 10% since i purchased). This house was very nice and clean (build later 1980) My tenant recently claimed there is mold on 1fl (it is like basement as there is no window, it is next to garage) When i see, the mold is not only one area but it seems widely spread on the ground floor (laundry room, wall, celiling etc) Since it is OOO investment, it is not easy to deal with mold issue. This home has little cash flow and I was thinking i will hold long term but i am thinking if i should sell (will buy some Multifamily If i decided to sell with some extra cash) home this home or keep it. I have currently installed dehumidifier and monitoring the status. Since this is the first time to deal with mold, I would appreciate if anyone can share some input.

Hello

I just closed the 3 BED room half duplex SFH in Connecticut. I started marketing at Zillow for rent. I have received one inquiry about STR arbitrage. I was just thinking regular tenants 1 year lease BUT i haven't thought about SRT Arbitrage. This home is 2 blocks from major hospital and the home rent is more than average (very well kept, very spacious, newer home etc..) So far, a lot of Sec 8 voucher candidates ask question and i am thinking STR arbitrage can be my last option if i can't find good tenant? Anybody has any concern for STR Arbitrage?

Hi 

I am closing the half duplex (County record is shown as "2 bed room", but MLS shows 3 Bed room when i purchase (my realtor confirmed MLS/Zillow)

There are 2 Bed room on the upper level. And the seller is saying the 3rd studio style bed room is on lower level. (near to the garage entrance). The lower level room is like studio style open space. MLS shows 3 bed room (my realtor confirmed) but the county record says it is 2bed room.

When i start advertising zillow after closing, is there any issue if i say it is 3 bed room?

I will mention the 3d bed room is studio style in lower level.

Thanks

Hello

I have 3 rental properties and want to double check for depreciation best practices.

Rental 1 Net income : -13,500 (Due to a lot of repair/renovation)

Rental 2 Net income : 6,000

Rental 3: 3,000

So i thought, I don't have to use "depreciation" since my all total rental income was negative (-,4.500) (I don't want to pay a lot of capital gain taxes when i sell my home although 1031 exchange is possible...)

But my CPA says this year negative loss (-4,500) will be carry over. Eventually, if i sell the rental home, I can use the carried over loss to deduct capital gain. My CPA recommends to use depreciation every year as even if there will be negative rental income (due to depreciation), it will carry over.

I am in new this rental business and appreciate if someone can advise best practice for depreciation. 

Hello

I have one rental unit in out of state. It will be great if I can remotely set up entry key code for open house or new tenenant. I will self manage and in case If I need to have open house, I will need someone to open the door. If I install some smart lock door that I can control entry code, then I can simply give the temp entry code to the applicant. Can someone recommend any smart lock door(no wifi need) for out of investor?

Hello 

I own my MF rental Home (3units) in CT about 1yr. I recently learned that landlord has to have certificate of lead paint to protect from any law suit. The CT EPA rule related to Lead paint mentions "age under 6". In our lease form, tenant says,  tenant's kid is 6 yrs old. So if the kid is 6 yrs old, then do i still need to concern and try to get certificate of lead free? Or, if the kid is 6yr old, then I don't need to worry as the kid is already 6 yrs old. To get lead paint free certificate, It will be long process to hire contractor and do abatement so if not needed, I would skip. But same time, I don't want to be in trouble in the future. I am thinking old MF home is not easy to manage and start thinking if i should sell (although if i can keep it, it will be much better....) I really appreciate some advice !! Thanks

Thanks Everyone for your advice. 

Hello 

I would like to check if it is good strategy to borrow 70% of offer price form hard money (30%: I have cash) so I can offer like 100% cash offer. Once it is closed, I will refinance with 30yr mortgage. Is my understanding ok? Any pros/cons? Obviously, I need to refinancing and will need to go through the same process again but I think this will give more chance to win the multiple offers. Appreciate any feedback.