All Forum Posts by: Cindy Chan

@Ryan Cohen Hi Ryan, I just ended up continuing with paying for the water and gas.

I am renting out a duplex with 1 water meter and 1 boiler. Currently I am covering water and heat for both tenants but would like to bill the tenants for their separate usage. Can someone give me some tips on how you do the calculation? RUBS? People count? Square footage? Utility fee? etc?

Do you as the landlord send them a separate bill every month?

@John Farady I will check with my insurance, thanks!

@Sue K. Thanks! I already put the water restrictions on the faucets and hopefully they really don’t remove them. I’ll do this and send them an email. I was beating myself up for not putting it in the lease, ugh!

@John Farady I had them get renter’s insurance, probably wouldn’t cover that, right ?

@Theresa Harris yes it says any modifications will need approval by me. However, what if is just those big blow up pools? (Not sure how big they can go)

@Chris Seveney the daughter said the mom asked if they can keep the tarp “that’s currently covering the grass” because they plan to install a pool.

Do I have to put it in the lease that the tenant can't install a pool if I'm the one paying the water bills? The least has already been signed and they move in next week. I don't have anything in the lease mentioning the installation of a pool, but they mentioned installing a pool and it clicked in my head TODAY that I'm paying the water bills (mom brain took over).

I have a two family rental that is going to be fully rented out next week. Is it against any law to put up surveillance cameras in the front and backyard? I am in NYC and the backyard goes along with the main unit rental. Any advice is appreciated!

Thank you all for your thoughts! @Basit Siddiqi @Mark Holencik @John Lewis

I was first considering selling it as is, but the realtor I was working with was telling me it's a really good renter's market there especially with it being in the city of Waycross, GA. Houses there typically go for around 100k (I would say highest I really seen) in that area. My mom's home is a single family house with 3 bedrooms and 1 bathroom, was said to sell for about 60k (if added some renovation). Rent around the area is about 700-1000, usually around 1000 if I add another bathroom. Therefore I was thinking of reno, add a bathroom, and rent it out. Tax for the year is about 1000, and the house has been paid off many years ago. If I renovate it and rent it out for 700-1000, there would be some pretty steady cashflow. it would take probably 3 years to make back what I did in renovation. (in which I should be able to write off most from taxes as improvements according to the podcast with @Amanda Han)

I am just more lost about whether I should have it gifted to me, sold to me, placed in an LLC, etc. The following is why I am a little lost:

1. If I were to have my mom sell me the property, she will have to report the income for tax filing, and she is currently unemployed, and getting government assistance (I don't want to mess anything up). However, with this option, I believe I can depreciate the value of the purchase price over a span of 27.5 years.
2. If the house was gifted to me, I don't think it affects her with anything but for me, I will have to pay gains on the whole sale price if i were to sell it. Also, I don't think I can depreciate anything since the house was practically "free". Would I have to then use all my "first time home buyer" perks on this? Even if it's an investment?
3. If we put it in an LLC, it's safer to do business, and count everything as a business, as well as protect our personal assets. ---- As I am typing this, I'm thinking it might just be better putting it in an LLC, since I can't exactly think of any cons to this. However, would the manager of this LLC have to be my mother since the house is still in her name?