All Forum Posts by: Kiran K.

@Jonathan Bombaci, thanks for your time and valuable advice. 

"In-action is the opposite of progress.",  you are right absolutely right, and I'm in that phase now, looking to put effort and time to take some steps. My plan is to add 1 or 2 more rentals and either a MFH or a commercial with in a year time frame.

@Alpesh Parmar Did you speak to any companies, can we connect, i'm also looking.

@Mike Cumbie, thanks for inputs, I went with #1 option. Closed that chapter, new tenants moved in, they are ok with the carpet, so I didn't bother replacing. 

@Patrick Menefee, 

I have 4 rentals right now, but I want to expand. All rentals I own by myself, and I manage them myself. My goal is cash flow, buy and hold passive income. I'm happy with the cash flow on these properties but not sure if it's easier to manage other type of properties than residential rentals, or is it easier to have multiple properties in location for managing, i.e. multi family houses. On other hand, i also want to try out some retail/commercial/office spaces, as I learned their lease periods are longer and less headache than maintaining residential rentals.

2 years back I rented my townhome to a couple, when I showed the place it was the lady who checked out property and couple with kids moved in. I manage rental myself, I inspect property every 6 months.  First 6 to 9 months, always the lady communicated with any repair requests or for anything I wanted to check, all good. When i visited property near the 1st year lease end,  it felt like the wife and husband are going through marrige problem, wife stopped communicating now all communications are done by the husband and the guy is pretty rude during my visit. Tenants were always paid rent on time, so I felt, they may be going through rough phase, and inspite I didn't like to keep them in my property, on multiple requests by the guy I extended the lease for next year, lady of the house is no where to be seen in other repair or home inspections.

3 months into 2nd year lease during one of my repair visit, when I casually inquired, how is his wife and children, he was pretty rude on why I'm inquiring about his wife and asked me to mind my business, not sure if I have right to check if the people put on lease still leaving or left, but I didn't inquire further and engaged rental agency company to manage the property as I didn't like to deal with this rude person.

In the months agency is managing, they communicated to me that HOA got several complaints against this tenant for playing loud music at night, leave trash outside, and other such nuisance. So finally I have asked agency to communicate that I'm not extending lease at end of current lease period.

Now 2nd year lease is ending this month and he is not paying last month rent, on agency checking multiple, he keeps saying use the security deposit towards last month rent. I expected that rental agency handle how to deal with and make him pay the rent, instead they are just communicating me that they are not able to get him pay rent.

How can I get him pay last month rent, I do not want security deposit to be  used towards last month rent, moreover I'm suspicious that he may end up damaging the property, already carpet is messed up, wall are made dirty, i was hoping to  use the security deposit towards these damages, but now I'm not able to get the last month rent. Rental agency is not doing anything other than communicate.

Please advice how to deal with this.

I have some residential rental properties, acquired over last several years (post 2012), now last 2 years I haven't done any investing due to some reasons, now I want some guidance on what type of investments I should move into, continue with residential rental properties - probably move into Multi family houses? or should I go into some retail or office space purchases? I'm in Charlotte, NC.

I checked out various properties in Frisco area, but couldn't shortlist during my stay, planning to make another trip after initial groundword online.

Anthony, given new tenant is good with carpet as-is, can I still charge the old tenant for carpet replacement (i.e. deduct from security deposit)?  I'm planning to replace carpet when the new tenant moves out after their lease period.  

Tenant moved out and one of the rooms he replaced the carpet as his daughter damaged it, but the problem is carpet color is not matching or close match with rest of the carpet in the house.

I got quote for carpet (close match to rest of the house) and labor and ready to replace, but new tenants moved in and they are not willing to deal with the change, they are fine with the carpet.

What kind of charges I can put on old tenant? Old tenant is asking for his carpet back which he wants to use in his new house if I'm charging his for carpet replacement, but new tenants doesn't want change.

I want to keep monies to replace in future after new tenants leave (after their 1 yr lease), but I can't return old carpet right away. 

What's course of action, what steps do you recommend on how I should deal with this?

Thanks @Jiri B. pdf is good. I'll set up an a/c. As per banks, do you recommend using small bank over big banks for long term, esp. if you need to leverage equity in property by taking loan, or other needs, fees, money accessibility usage etc.