All Forum Posts by: Marcin G.

what is good ? good is cash flow ...you can realize cashflow many different ways in this business.... If you want a better packaged, more expensive product (better location) you have to pay more and ask for more return $ wise …ROI might still be the same if you buy lower end (OK location) product and ask lower return $ wise..it still can get you 10%-12% at the end of the year. now you can buy nice house and move in some upscale family who will call you all the time (I am cmon ..I am paying $2600 a month I want it to be perfect !!) about all the little nonsense..or you can buy a lower end house ..and have some blue collar hardworking people who will hopefully not destroy ur place and take care of lil sh%@ themselves…and you ask $1100 for it… in the extremet example .. I know folks (builders) who buy wholesale blocks in war zones and make section8 out of it....and they still profit ...so different strokes for different folks …risk needs to go hand in hand with return...

Last I knew, Michigan was one of the states that would give a drivers license without proof of legal status.

nope. otherwise half of nortwest chicago would suddenly have MI DL. I think the only one left is NM. you can get DL just proving u r resident.

http://www.mvd.newmexico.gov/SiteCollectionDocuments/assets/Acceptable%20Documents%20Chart%207Mar12.pdf

Also, about the fingerprint cards, do you actually have applicants that do this? There is no way in the world I would wait 3-4 weeks to get back the results I needed to make a rental decision. I wouldn't wait 3-4 days. I make all my rental decisions the same day I receive the application and, on average, have a new tenant and signed rental agreement within two days of a property being advertised.

And how do you run a license plate check?

this is an extreme situation. yes I dont want to wait 3-4 weeks for FBI to return the report. but I sometimes have vacancies in winter ....
I hold to the deposit and keep looking for another tenant. If I find qualified prospect that I return the deposit if not .. I proceed with the "illigal". I make the rules very clear and they are ok with it. they do know that due to their being illigally here ...they need to follow extra rules ..tough luck.
regarding license plates check - I rented to a cop some time ago ...

Vandalism charges may be prosecuted as either misdemeanors or felonies based on the surrounding circumstances. Scare tactics works best with losers…tell them if they mess up with your cabinets you will give birth to their criminal history… Not sure if that matters in your case …you did not do any background check on your tentant…I hope you don’t have Bilo the Rapist over there ;-)

talked to 2 lawyers about that actually. Due to a huge overproduction of lawyers nowadays ..they became very talkative during the first “free” consultation ;-))
You need to follow LLC "rules" separate bank account, LLC name, lease agreement under LLC name, thorough operating agreement (not some internet template) …etc. so that your LLC was NOT an LLC that lives in your desk drawer only...
Does it add a layer of protection – yes, especially if you own say 4,5 rentals and want to create say 1 LLC per 2 rentals.
Will you be liable with your other assets if something happens in your rental– maybe –that depends if the plaintiff’s lawyer will manage to prove to the judge that your LLC is just on paper. Many circumstances will be taken into consideration
Are your assets that you put in LLC protected when you are sued personally (car accidents with multiple victims and you at fault) – it offers far better protection than sole proprietor (no protection). That’s for sure
So for $X a year I would add that additional layer of protection (on top of $500K in liability insurance of course)

and those who call you 3 times a day if you already processed an ap
and those who absolutely love the unit and have ideas how they will arrange stuff
and those who have "a story" beind why they looking
and ....

not accurate.
example : if your occupation is an accountant and you have been employed in IT industry lets say Dell inc for 8 yrs…and you just have switched companies and started working as AN ACCOUNTANT in puzzle factory ..there is nothing wrong here. Your occupation is what matters ..not an industry you work in. if you switched from an accountant to florist …then yes …that’s a red flag for a lender

I deal with that all the time. what I check if a person has an "undocumented status" and/or "undocumented" income/work is the following:
1. current place where they live and reason for moving - this gives me an idea how my place will look like when they move out
2. 2 or 3X security deposit.
3. verification of income (if they have bank account). many of them have TIN number that allows them to open bank account. other's have some sort of bank in their ethnic credit union...
4. FBI fingerprint check. its a paper based application that costs $18. taking fingerprints cost another $22. 3-4 weeks later I know if they were ever arrested etc. kinda long but if they like the place they will wait.
5. License plates check

Miles are broken down evenly. However the question is whether I can apply 1388 deduction for EACH property ? so 1388 will appear on each schedule E property PnL ? 1388 * 4 = total car deduction
Or all I have is $1388 (for all my rentals) and I need to spread that $1388 across all property PnLs .
1388 * 1 = total car deduction

Got a question on filing your expenses regarding your rental properties. Assuming you are actively involved in managing your propertied for tax purposes :
Lets sat you have couple of properties.
Assuming you mix your car use among business/pleasure/work and you don’t keep track of the exact milage. Can you claim $1388 max deduction PER EACH property ? (line 6 of schedule E) or the 1388 needs to be spread equally across all your properties ?