All Forum Posts by: Jake Sablosky

Thanks @Michael Plaks. I assume law would not have changed due to corona since this is a buyer/seller issue and probably has to do with our sale contract - nothing to do with the tenants. 

Hey there BP,

So unfortunately I did not do my due diligence correctly during the purchase of a property in October 2019. The seller's lease states that she collected first and last month's rent, AND a security deposit. Upon sale, she only transferred the security deposit to me (as well as rent for the remaining days in October - prorated). 

Am I screwed? Or can I go back to the seller and legally ask for each tenant's last month's rent? (Because the tenants don't want to pay it). 

Howdy BP! 

I have a business accounting question. I own a 4-plex in an LLC that has shared water and gas. I am using QBO and want to account for utilities that I initially pay for (since they are shared throughout the building), and then the tenants reimburse me for each month (each unit pays a % of the total).

Currently, I book it as "Utility Income" and it is offset with "Utility Expense." For reporting purposes, I think this will inflate both my income and expenses. It is really paid by the tenants and just flows through me. 

Could I account for it as a liability? Or something along those lines? 

Thanks for all your responses. This info is super helpful! I am thinking now maybe his rate is not so far off the mark but that it might be a better idea to get an estimate instead of an open-ended per/hour rate. 

Also, the award goes to @Dennis M. for the first comment that has made me spit my drink out laughing so hard for your lead paint in a tall glass comment. 

@Daniel Smyth Thanks for the detailed response! So based on what you're saying, there would be no reason to charge a higher price based on the possibility of lead paint, since there is no evidence there is any lead paint? 

@Kris L. Thanks for the note - in this case would you require a total cost bid or something different? 

Hey there BP experts! 

I closed on my first rental prop (4-unit student housing) in October and I'm totally new to working with contractors. 

The property is old, built in 1911. It has some rodent issues and I want to get the unfinished basement sealed off. There are tons of holes in the siding that contacts the ground. I got a quote from a handyman to do this and he is saying that because of the age of the property, he will need to take special care to follow EPA guidelines for lead paint. I have no evidence (nor does he, as far as I know) that there actually is lead paint. 

With that being said, he quoted to seal off the basement area to rodent entry & to repair the siding as needed (without painting) it would be their cost of materials +20% markup and a labor rate of $130.00 per man-hour.

Does this sound reasonable? I am in the Willamette Valley in Oregon (Albany/Corvallis area). 

Thanks for any help you can provide! 

Thanks for the feedback everyone! This has given me a good direction to go in. 

Howdy! 

I am closing my first deal in a few days, a 4-plex on a college campus, and I want to learn more about the tenants I will be inheriting. I assume they are all college students but I'm not 100% sure. They all have long term leases that end in late summer/early fall 2020. I am hoping to put together a short survey for them to fill out asking things like:

• Are you currently enrolled in the university? 
• When do you expect to graduate?
• Do you plan to stay for the summer?
• Would you like to renew your lease next year? 

And so on... My question is whether there are any legal issues with this? I'm not sure if asking about education falls under fair housing laws? 

Thanks for any guidance about renting to college students in a college town!