All Forum Posts by: Jem J.

Thank you Roy and Sue! All is well. Input is well appreciated. 

I have several students interested to rent. Their questions are:

1" In regards to prohibited flammable materials, propane grill is ok ? What about household chemicals which are considered toxic or flammable , will these be considered a breach of lease?

2. Do they each need a renter's policy or can they get a renters policy as a group?

Any thoughts Landlords? 

Thanks. 

Thank you everyone for your thoughts and great info in this thread. 

We closed on a SFH, 4 mos apart. These closing costs are around 20K combined. Can't claim.

Govt says we make too much. Reality is, it is  what it is. We work hard and inch by inch we see a tad... the big wad goes somewhere.  

Thanks for all your attention!

@Tommy F.

Our combined W2 is way over the threshold of 150K. We were told by our tax guy that regardless of how many props we have under our belt...it will not make any difference. 

We own several rental properties with excellent ROI. These props are all under our personal name. Our combined taxable income was more than what the government considers as way above the threshold, therefore, we cannot benefit from our business loss. We actually have to pay a good sum back to federal tax every year. Anyway to get around this? We are planning to acquire more RE.

Thanks!

@Megan...how about letting your tenant know of your goal to fix her side. The expenses you incur to switch might be more if you factor in the 6 mo period she wants to stay. 

@Jeremy H. 

If you have an existing mortgage, the holding bank may want you to pay off the total balance if you switch to an LLC. If it is free and clear... should be a no hassle deal.

I had a tenant once who paid for the whole year before moving in. His story: recently divorced and credit was affected. Was a great tenant. Paid his dues on time after -a year. When we decided to sell ( back then, the market was getting bad ), he turned  super evil and did not pay his rent. I had to go to court for eviction. 

Moral lesson: must have excellent credit. 

Choice Warranty

350/ year

Used them for the first time not long ago. They sent a plumber the following day. Problem fixed for $45.00. 

I ( think) my rental homes are high ends, all with granite counters, all hard wood, all with GD. I manage it myself on top of having a FT job as a nurse. We subscribe to a home warranty that covers most repairs for $360/ yr. So far, all is well. Thank God for these little blessings. Hope it stays that way for a while.