All Forum Posts by: Matthew Lindsey

@Cody Lewis @Prestin Sokoloski. Thank y’all for the suggestions. I will definitely look into those books. Thank you

Hi,

I just recently invested in my first multi family properties (two duplexes). Can anyone recommend some of the best books on maximizing tax deductions for investment rental properties? I want to make sure I am doing everything correct when it comes to maximizing my tax deductions.

Thanks,

Matt
 

Thanks @Nathan Gesner and @Alecia Loveless! That actually wasn’t what I was expecting I would hear. I’m going to make them sign a new lease when I take over. Would y’all recommend I add something in there about the lawn care on his? If so what would you put in the lease if it was y’all. Thanks

Hi,

I'm nearing the end of my closing for my first 4 unit property (2 duplexes on one parcel). 3 of the units have tenants in place with MTM leases. I have a question that I feel like I know the correct answer to already but I would like opinions. One tenant is related to the current owner. The owner has given him a $100/month discount for him to keep the grass cut for both duplexes. The tenant uses his own equipment and has been doing this for 2 years. My question is does anyone else have experience with this sort of deal? I feel like letting this continue could be a huge liability on my part. For instance like slinging rocks into tenants cars, kids, etc. The benefit is that this is cheaper than hiring an actual business to cut the grass and I don't have to worry about writing more checks. On the other hand hiring a business should mean they would be licensed and insured. Also with letting the tenant do it I'm not sure if that counts as a expense(tax purposes). The tenant seems to be a good tenant as I have briefly spoken to him. If there is a surefire way to make this work id love to hear how to make it work and protect me as much as possible from unexpected expenses. Thanks for any input.

@Eric James Thanks

@Nathan Gesner

@Karl B.

@John Warren

Thank you all! It’s pretty clear what I should do. That was my first thoughts however I had recently read some comments on other post on here that made me second guess my thoughts. I’d like to start my journey into multi family property on as much of a correct path as possible. Again thank you for your opinions.

Matt

@John Warren

Thank you for your reply. I respect that opinion and can see where that makes sense. Would you recommend doing as I mentioned by offering the other unit to them once it’s renovated for the higher price. I am very certain that it won’t take the 60 days that they have to move out to renovate that one unit. I thought about telling them that if they want that unit that they will have to move into it within 30 days but I’m not sure if that causes any legal issues.

Thanks

Hi,

Im getting close to closing on my 1st multifamily property and I'm in need of advice and opinions. A little background on the property: The property is 2 brick ranch duplexes on crawl spaces and on one piece of property. 3 out of 4 units are occupied. I have asked that the other unit not be rented out until I take over. I plan to do some light renovation on the 1 unoccupied unit and put it back onto the market. The tenants are month to month with verbal leases, I have signed estoppels. The tenants have been there 2,10, and 13 years and there are no tenant applications or anything for me to look at. The owner just inherited the units and doesn't want anything to do with them so he doesn't much information. My questions is:

- Unfortunately, the unit of the 13 yr tenant needs work pretty quick in my opinion. I believe they are still happy and not complaining because they are paying below market rent. I feel like I need to address the issues in their unit but I don't believe it can be done with them living in it still. For instance, one of the bedrooms has a sagging floor due to a few floor joist needing to be replaced and their bathroom needs the same thing. I feel like it needs to be addressed because if the joist decided to give out then I may have a lawsuit on my hands. My 1st thoughts since I have to give them 60 days notice to evacuate the unit was to renovate the one vacant unit and see if they would like to move in it for good and then that would free up their unit to be fixed. I feel like it wont go over well because the rent on the renovated unit will be a minimum of $150 more per month. On the other hand at least it gives them the option of a place to live and I'm not kicking them out on the street. I just don't see how I can get their unit fixed safely with them in it. What would you do in this case? My head keeps going back and forth from a business stand point to being a nice landlord. I'm sure I need to weigh the fact that they have been there 13 yrs, but on the other hand they are the messiest unit. So much clutter in their unit that my exterminator probably could not treat their unit properly for pest, I guess from being there the longest.

Thanks ahead of time for any information and opinions.

Matthew Lindsey

Hi,

Im getting close to closing on my 1st multifamily property and I'm in need of advice and opinions. A little background on the property: The property is 2 brick ranch duplexes on crawl spaces and on one piece of property. The tenants are month to month with verbal leases, I have signed estoppels. The tenants have been there 2,10, and 13 years.

My questions is:

-I feel like I need to have the tenants sign a written lease once I take over. I feel like month to month leases are better now days especially since they are long term tenants already. With written month to month leases, do the tenants have to sign another lease each month or is there a way to word it in the lease where it continues until I decide not to renew it. I may be mistaken but if they just sign one time when I take over and I just keep accepting rents every month after that doesn't the rules of the lease they 1st signed stay relevant until they leave or I ask them to leave. Can they still be held accountable if they break rules only signing one time? With the lease on BP I got I'm not clear on what the blank in font of month to month is for, if that somehow keeps the lease going until I decide to not renew their lease. I attached the line from the lease: Subject to the terms and provisions of this Lease, Landlord leases the Premises to Tenant from twelve o’clock noon on ____________________, 20______ until 11:59 p.m. on ________________________, 20_____ or ___ on a month-to-month basis (the “Term”)

Any help is appreciated.

Thanks,

Matt

Hi,

Im getting close to closing on my 1st multifamily property and I'm in need of advice and opinions. A little background on the property: The property is 2 brick ranch duplexes on crawl spaces and on one piece of property. The tenants are long term and month to month with verbal leases, I have signed estoppels. My questions are:

1.) I have no information on the tenants. As soon as I close would you have the tenants fill out new tenant applications with ID's and just tell them its for our informational purpose and that no background check will be run. Since we need a way to contact them other than mail, etc.

2.) One tenant pays on the 31st of the month and the other 2 pay on the 7th of the month. Would you try to figure out how to have them all pay on the same date or leave it as it is?

Any help is appreciated.

Thanks,

Matt