All Forum Posts by: Richard Chang

Hi all,

My tenant just emailed me and said that there are termites ( must be dry wood ) running around on the walls / carpet in their 2nd floor unit.

So, what would you do to try and control this problem and minimize the cost.

I think I read that you must get professional help on this.
There is the Orange Oil options vs fumigation ( hopefully not ).

What suggestions, tips , options do I have ?

Thanks, LA Guy
:cry:

Hi all,

Thanks for everyone's help ! :)

I leaning toward a separate Deposit Only checking account with custom deposit slips.
Need to see if Wells Fargo does this ...

This link helps:

http://www.ehow.com/way_6154653_should-give-deposit-slips-renter_.html

...
. Property owners who are concerned with potential problems arising from a tenant copying information from deposit slips can simply elect to open a deposit-only account at their bank (some banks will even provide preprinted deposit slips with the renter's information).
...

Considerations
•Buy providing renting tenants with deposit slips, a property owner is implying a level of trust between the parties. Though the option does give both parties flexibility, it carries with it a common understanding that both parties agree to a mutual trust.

For incentives, offer a small end-of the-year discount (such as a percentage off a month's rent or partial deposit refund) or appreciation gift (like a gift card or small consumer electronics item such as a radio or phone) for making full and timely deposits of rents due each month during the year.

LA Guy

Hi trustpointcorp,

Interesting points !

So, if I create a new account at a local bank ( local to tenants ) then they can easily make deposits ( by mail / in person / electronically ) to that account.

May I ask what are those special deposit slips ?

Normally, I could "fill out" a deposit slip account number and let them deposit to that account ? But I wouldn't know which tenant paid the rent. ( no way to add a comment on the tenant/property for which the deposit was made ).

Security wise, the tenants would only see the "new bank account".

Thanks, LA Guy

Hi Shari,

That seems to the easiest solution even when you are not out of town. :)

So, I gather there is very little risk in having the tenants know you property bank account number ?

Did you give them stamped deposit envelopes too as an incentive ?

Thanks, LA Guy :D

Marc,

Thanks ! I do have a call into my CPA on this next week. Hope he can respond with all the necessary details. :)

Of course, 2 years is a long timeline and an alternative 1031 Exchange into something else might be ... ?

LA Guy

Hi all,

I was interested in finding out the IRS rules for converting a long held Rental Property to a personal residence and then sale down the road to take advantage of 250K/500K deduction (and any depreciation recapture would still apply). I know it's basically a 2 years residence out of the last 5 years.
But, I think this is for a property that started out as a personal residence ?

Any thoughts on this one ?

Would someone know a link to the specific Tax Code on this ? I couldn't find anything on www.irs.gov.

Thanks, LA Guy :D

Thanks Jon and Bryan,

That was quick ! :)

I will check out the ClearNow and the ATM Deposit Only option.

How much does a property manager charge just to collect rents ? if you are out of town ....

Thanks, LA Guy

Hi everyone,

I was thinking that there should be a way for tenants to pay rents others than by mailing a check, money order to the landlord ( no property manager ).

What are some ways to do this ?

Also, how do you collect rents and deposit them if you are out of town / out of the country for a few months ?

LA Guy :)

:D :D

Hi all,

I have a rental with 2 2BR 2BA.
After some new tenants ( 2 guys ) moved in the Electric bill for both units ( 1 meter ) have gone
from average 65-85 to over $200 the last 2 months !!!
Don't think the upstairs guy/gay have anything to do with this yet.
I include the utilities with the rent.

What should I do ? :roll:
How do I charge them , stop them from doing this ?
Haven't talked to them yet.

Thanks, Richard