All Forum Posts by: Keino Chichester

I would not charge her as it seems like it was a faulty installation. Idk how much you charge in rent but sticking her with a $200 may motivate her to move and you'll be stuck with more than $200 worth of vacancy expense and cost of preparing the unit for a new tenant.

Just my two cents.

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@Sean McFadden

I understand how you feel. I think you should for it, forge your own reality!

1 Vote

I'm half way through and so far it's great!

I assure you, the "Sandwich" is very tasty :)

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@Mark W. I did mine through NYREI as well for $100 and it went great with the self study.

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Hi All,

I'm considering reaching out to family and friends with some analyzed deals for a potential partnership investment.

There is one thing I cannot wrap my head around: If a person(s) involved in the deal is not on the loan, can they still deduct their portion of the loan interest and depreciation of the property? I suspect my potential partners would want to be active.

Purchasing the property out of an LLC would probably solve this problem but I would like the first Joint venture to be "simple" to avoid intimidating anyone.

Any advice is welcomed

Thanks,

Keino

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I would like to 2nd this post.

I too am looking for "boots on the ground" in Rochester, NY.

I'm 5-6 hrs away as well and am looking to work out a partnership of sorts to build a rental portfolio in in Rochester.

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Originally posted by @Account Closed:

Originally posted by @Michaela G.:

Charge him late fee, because he will have to learn the lesson. This tenant is too new to let him slide. I work with tenants, who have been with me for a while, but a new tenant has to see you stick to your guns.

Now that I think about it more, I'm thinking the same thing. I always tell myself I need to run my business as a business and not let my emotions have any say in my S.O.P's. The nice guy in me says, let him prove it and then remove the late fee. The business guy in me says, he's probably making the whole thing up. Even if it's actually true, why should I care when my mortgage company, cell phone provider, etc doesn't care if I lost my wallet. Also, I don't have too many properties at this point in time, but there's no way I could let myself spend time of figuring out if their excuse is actually true when my business has scaled up significantly.

Don't forget that a goon Lessor - Lessee relationship has it's own value when it comes to this type of business. Letting him prove it and waiving the fee may be the better thing to do. He already knows that you wont hesitate to charge the late fee and proof is required if it ever "happens" again.

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Hi Valerie, Welcome!

I also live in NY (Brooklyn) and am interested in Investing out of state. My first (and only) property is/was a turn-key duplex which is working out fine so far since i'm house-hacking. I've been leaning toward Rochester as it's a lot cheaper to get the ball rolling than it is in the New York City area.

BP is a great place to not only gather great tools and information but also to build confidence when taking that leap!

Good luck to you and your husband! This is the best place to be if you are interested in REI.

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All Forum Posts by: Keino Chichester

Keino Chichester has started 3 posts and replied 32 times.

Post: Using the name Realty in a new company name

Post: Bought for $100,000 under contract for $185,000.

Post: Tenant jacked up the toilet, do I charge her?

Post: Business Card Title (Simple Question)

Post: The Book on Tax Strategies is NOW AVAILABLE in Print!!!

Post: NYC Real Estate License

Post: Taxes and Partnership

Post: Looking for Agent + Boots on Ground In Rochester NY

Post: The "lost my wallet and somone overdrafted my acct" excuse

Post: Hello BP! ...More Brand New NY Based Investors Here!