All Forum Posts by: Jimmy S.

I have a building lot I bought about 8 months and I ideally would like to 1031 exchange a rental into this new construction home and then convert it to a primary resident but not sure if that's possible..

I had a professional glass company come out and they said its hard to tell if its the inside or out.

Paid 70k for the house about 2 years ago and its worth about 135k now. It cash flows about 400 a month but its an old home. Figure I would owe about 15k in income taxes. Rent is $1000 a month.

Its very tempting to take the profit and I would not have to deal with tenants any more with that house or worry about repairs. I have 4 rentals now and looking to build my own house so could use the money. Figure if I can make 50k thats about 10 years of cashflow upfront. 

Tenant is been there 6 months and always on time. She called and told me when she got home the front entry glass pane was broken. I asked how it happened and she told me it was mabay because of old glass  Glass company says it was clearly hit with something you can see the impact point. She does have a dog and small child who plays in the living room.

Anyways its $120 to fix it. Would you eat it or take it out of her security deposit at the end or how would you handle it?

Thanks

How far do you let your tenants get behind in rent before filing a complaint with the courts and proceeding with eviction. Also do you have last months rent as well as security deposit or only security?

Also how much does it cost you in your county to file a complaint?  My county costs $160 if you do it yourself.

Every lender I have worked with about 20 of them will use your tax returns. ( I am self employed) They go by the bottom line on your tax return, your AGI and add back in mortgage interest and depreciation to calculate your yearly income.

If you have a property paid off but cant show the income to pay it back they wont loan you a penny, I am in the situation and its blows. I need to show more income.

yes its in both names.

How long should I wait or which one do I contact for the remainder of the balance, or how should I approach it?

Rent is 970 and got 50% payment on the 1st.

A couple moved in 4 months ago and now they are not a couple anymore but are stilling living together for now and they told me one of them might be moving out. In the mean time they each want to pay their own rent 50% each and both are paying with separate checks, however one of them now are late the last 2 months and its like me chasing rent now for 2 people.

He paid is half and told me to get the other half from her. I did not agree to this they kind of assumed I was ok with this. I told them if either one did not pay they will have to make good for the other person as they are a team, 1 check for the total rent amount. Well I told him she was not at the property when I stopped over.

They are $500 behind as of today "she is" he just got caught up and paid me $1000 on the 1st of the month. I dont see this working out. He makes 2k a month and rent is $970 but says he can afford it but winter is not here and heating bills will be 200 or 300 a month.

How would you handle this, I really would hate to start eviction but the bottom line is the rent is not paid, they only paid half.

Dude that's pretty crazy...

In the past I have always made sure its about 1/4 full or more when they moved in and needed to be left at that level when moving out. Well 9 out of 10 times they use every drop left and its empty when they move out and I always seem to get burned.

How does everyone else do it?

Is it a bad way to start with a new tenant leaving the tank on almost empty and them having to get oil right away when they move in, that way it is theirs. 

thanks