All Forum Posts by: Andrew R.

So my wife and I live in a rental. We have rental insurance and car insurance with State Farm.  I also have a rental property with State Farm and got them to consider my rental property for the multiple policy discount.  Due to the rental property, I got a reduction in our personal insurance policy’s by $210.29.  Can I consider this reduction rental property “cash flow” in my investment calculations? What’s a best practice?  The plan is to move this value monthly into my rental reserves account.  Thanks in advance. 

Using this rental property calculator and the following assumptions:

Hi Everyone, 

I am seeking advice on how to analyze my 2-family property that I bought in 2011. I originally lived there and then rented it when I left the area. After experiencing a serious damage via frozen pipes and insurance covered renovation - I feel like I need to figure out where I am with this rental and determine what to do with it. NO - PLEASE DO NOT SEND REQUESTS FOR PURCHASES. 

I have documentation on 2011 mortgage, my schedule E tax returns since 2011, recent renovations in 2017, insurance covered renovations in 2018 and recent refinance that removed PMI and lowered rate by 0.25% (cashed out some to pay off credit cards).

So where do I start? Should I just some up expenses and incomes? How do I properly use investment calculator? 

Happy to update and edit with information and real numbers. Thanks in advance. 

So I have a 2-family rental property. 

Unit 1 - Rented Mth-to-Mth with 3 tenants on one lease 

Unit 2 - recently renovated 

The tenants in Unit 1 have been a bit of a nuisance with late rents and lately the rent has been coming in later and later. I only collect rent from a single person and don't accept separate rent payments. Rent is paid until al later rent is in. The neighbors have no problems with the tenants and they have been good to the people on the block. Mostly owner occupied townhouse properties. 

One tenant has a cat when the lease says it is no pets. 

One tenant who says he always has his rent available on time wants to put an application for the Unit 2 that was recently renovated and get a different room mate. He does not want to have a "dorm" or "bachelor" pad style place since his girlfriend often comes over. 

Based on NYS, can I have this person put an application in and if accepted with his one roommate (instead of 2) can I he then state to his roommates that he plans to move out? I assume yes since the lease is mth-to-mth. 

Does this then void their lease and they have to find another roommate or can I terminate their lease and give them 30-days notice? 

Just want to make sure I handle this appropriately. 

Thanks Charlie for the reply. Definitely not sure it in the long run. just fixing the fence and replace next year. 

So my neighbor text'd me stating that my fence in the backyard fell down due to a random woman running up his driveway and when she tried to escape she tried to climb over his metal car fence but then kicked over my old fence to walk around his. She ran away. Luckily my neighbor has video cameras and sent me the video. 

Is this something I can file an insurance claim for or would I have to get it fixed out of my pocket?