All Forum Posts by: Lee L.

@Devin Mann My friend has a call center business based in the Philippines, although he lives in L.A. He might be able to help you. PM me if you need info

Thank you all for the feedback. @Nicholas Schommer Your comment that sharing the W9 info might put me at greater risk of getting audited gives me much pause. I spoke to my accountant last night and he said sharing the info wouldn't matter for me. 

My plan is to get more info from the tenants and see how they're going to use the info. 

@Nicholas Schommer Thanks for the response! I think they're trying to deduct part of their rent from their income for tax purposes. I know they freelance and they work from home and using one of the rooms as a home office. Other than the fact that they will know my TIN and could possibly do bad things with it, do you see any other risks with filling out the form for them? 

One of my tenants is asking me for a W9. Ever since they've moved in, they've been paying their rent in 3 checks: a personal check, a check from their first business, and a check from their second business. This has not been a problem so far. They're great tenants who I intend to keep. They're creative types and do freelance from home for a living.

Are there any reasons why I shouldn't fill this out for them? 

Thanks for the help!!

@Will Bert I try to be on good terms with the tenants as much as possible, so I would offer a small concession, probably in the form of a Amazon gift card for a couple of hundred bucks. 

I would tell them that legally, I'm not required to give a concession, but I understand that it sucks to have no hot water. The way I see it, they're paying me thousands of dollars a year in rent, and a couple of hundred bucks in concessions is a drop in the bucket in the grand scheme of things, and a fraction of what 1 month of vacancy would be. My experience is that when you're on good terms with the tenants, they will be more willing to work with you when you need a small favor from them, and they'll be easier to deal with in general. 

@Maurice Collier I'd start getting the property rent ready, such as safety things, and perhaps look into some upgrades ... especially dishwasher, washer/dry, new flooring, paint, outdoor space, deck, but it depends a lot on your market, and how much money and time you want to invest. Would fixing it up generate a good return? Are there things you could do that could help you attract a better tenant? 

I'd also start thinking about the lease. Get a good lease and think about specific things you want to include on the lease.  

With these things determined, you can then advertise your property. Take nice photos and show them the value they are getting. 

If it was the first time, I would just take care of it. I'd go visually inspect the unit, and take a picture of it in their presence (that way they know you have a record ... I might even text them the picture so we both have a record of it). Then take the opportunity to teach them how to maintain it (how you want them to maintain it ... not to use drano etc.), or direct them to a couple of youtube videos.  I would tell them that it is a maintenance issue, and they are failing to maintain. So next time, they would be responsible.  Then I would kindly give them the contact of a plumber for next time in case they needed it. 

I haven't used them personally (knock on wood) but my friend who is an attorney recommended these guys 

https://www.yelp.com/biz/eviction-group-los-angeles-13

@Jennifer McElliott I wouldn't remodel with tenants in the unit. It's a huge liability, and they will meddle with things. And if something happens to their stuff, then it's on you. It will also slow down the rehab which means higher costs for you. If I were in your position, I would raise the rents, and if they decide to stay, then great. If they decide to leave, do the rehab and raise the rents.  

You do not have to run a separate meter. In my area, most apartment buildings have 1 water meter for the whole building and separate meters for gas and electricity, making water/sewer the landlord's responsibility and electricity/gas that of the tenant. If the property you're looking at isn't separately metered, I would first make sure that all the units are legal. I would then look into getting meters installed. Every dollar you don't pay in utilities adds directly to your NOI and the value of the property.