All Forum Posts by: Jeremy England

I own 1 rental property in my personal name

I bought it with a personal loan (i'm about to refinance), on which i paid 3000 in interest payments in 2018.

I spent 17000 of that loan money rehabbing the property

It has been rented since september and I received 1000/mo (so 4000) but the rent payments were made to my LLC

I know rehab costs get accounted for in depreciation expenses but i suppose i'm unsure how the rent being paid to my LLC impacts the taxes on my rental that is held in my name.

I publish my prequalification standards in the listing.  Minimum credit score, minimum income, no evictions, no felonies in past 5 years, no sex offenses, 

My first rental was section 8.  I had a good experience and the rent got paid.  But, when they inspect your home, you may have to put some items that you normally would not.  My example is the inspector wanted a rail installed in the back steps.  It was only 2 or 3 steps and it didn't cost that much but it was just one more item on a list of items i already paid for on the rehab.

The other danger of section 8 is the tenant might lose their voucher for whatever reason. 

 What i mean is you are getting 20 applicants when you have vacancies.  If you raise your standards, you might get 10 applicants but more will  be qualified and ultimatelh youll have fewer evictions

I get money orders or bank checks for the deposit and first months rent.  After that its all cozy online

Cozy, go to the website and sign up.  Use them for screening and collection.  Easy peasy.  

only catch is you'll get paid like a week after the rent is due because of processing the payments, but you'll be notified its being processed on the day its paid (due date)

Frankly i've never been satisfied with any negotiation i've been through.  Feel like i'm always the one giving in more than the opposite.  

The police will pay your claim,  just document the cost and damage and go down to the station that arrested the guy.  Im a LEO in my day job and i've never seen a landlord that didn't get compensated.  We leave them in the condition we found them or we pay.  Easy peasy

I agree with steve graves.  Besides, if he has been there 6 years i doubt he is moving because of 25 dollars.  And if he wanted to stay in the area, he would find even with the raised rent, he was still getting a deal.  

I rent to the first applicant who meets published qualification standards and pays the deposit.  

As for your situation now, I guess it depends on why you denied him/her.  If its felony convictions, credit score, income,  judgements, evictions, just say so.  

If you have good responses to vacancies, consider raising your published standards for renting.  I've only owned two rental properties but both units i had good paying tenants due to screening.