All Forum Posts by: Jem J.

Message me. 

Hello BP,

I have a rental property with student renters. The lease is signed by all 3 of them and they split the monthly lease. The lease is a collective lease and not individual lease. One student informed me yesterday that he is studying abroad and his parent refused to pay the rent. He said he won’t be able to pay it by himself so he will sublet.  He is asking me what is the process for subletting? I am dumbfounded...the  lease states no subletting but I can’t take the chance to not have the full rent or to take another person without screening. If I say yes, then the responsibility falls on me as far as safety of the others. Any advice is appreciated. Thank you. 

My first landlording experience.... same situation .. guy just got divorced so he offered to pay a year worth of rent. Was a great tenant until I gave him a notice on his 2nd year tenure, that I am selling the property...then he stopped paying rent and will not let potential buyers inside the house. He has nothing to lose since his credit was already bad due to his divorce. I have to go to court to evict him. Lesson learned. 

Thank you everyone. I appreciate all your responses. Helps a lot. I will consult and perhaps elect to have an LLC property insurance and liability with each LLC and add a personal umbrella policy under our name and include each property under the umbrella.

Hi BP!

I finally was able to find a bank that will convert my conventional/ personal mortgage to an LLC for all of my rentals.

Just getting any idea from anyone here who has investments under an LLC regarding the property insurance. Will the insurance be under the LLC name or I can keep the insurance and umbrella policy under our personal name.

Thanks for your valuable input. 

Best,

Jem

Hi! Glad to be back after a while. Anyone who can direct me on how to change my name here at BP? All my postings went outside of BP forum in the internet under my name. Kind of want to stay within the BP home page. 

Thanks!

Jem

Thank you everyone for your valuable input. Yes, pictures were taken and texted all ex tenants  of the potential expense to fix the damage. I will have a guy come in today to do an estimate then will formally write everyone the final outcome and will include the pictures of the damaged areas and the written estimate. 

Many thanks! 

Jem

Hi BP!

My tenants lease ended and during the walk through I did not notice the wood flooring under the bed as it was covered with tenant's personal belongings. When they were gone, I found a bed with the metal frame / legs in direct contact with the hardwood floor and has damaged floors in all 4 corners. The girls were sharing the rent under one lease and so was the security deposit. Only one tenant made this unwise decision to not protect the wood from the metal legs hence the damage. I will get an estimate to fix the wood floor but I feel bad for those girls who protected their rooms from such,  if the cost of the repair will mean not having a full security deposit back. Any input is greatly appreciated.  

Thanks,

Jem

In need of a good CPA in Philly area.

Thanks!

In need of a good CPA in Philly area.

Thanks!