All Forum Posts by: Mei Zhu

thank you very much!

thank you everyone. seems like the answers are all consistently here which is nice to see. 

are nail holes considered normal wear and tear or do you charge tenants to patch these holes when they move out? I did state on the lease that tenants are responsible for holes in the wall. thanks

Was going to provide the following write-up to my tenant re: who to call in case of emergency. feel free to add any suggestions. I am a condo owner.  thanks. 

• Tenants will still call the landlord first for emergencies inside the unit interior (ie appliances, air conditioning, plumbing inside the walls).
  
  

• Common area issues (hallways, roof, lobby, elevators, exterior doors, landscaping, heating, etc.) are HOA’s responsibility.
  
  
• It is preferred that the tenant call/text us first and we will call the HOA. If it's a matter that cannot wait, please call HOA and leave us a message that you have already called and please update us along the way.

      Fire, smoke, or gas leak (evacuate then call 911 first, then landlord).

      Always evacuate first if needed for your own safety then call 911 then the landlord.

Hi, Recently purchased an investment deal, used 20% cash, 20% HELOC, which allows me to have a positive cash flow.

Heloc rate is 7.25 for the first year which is almost the same as my mortgage rate. second year it goes to 8+ %. 

Original plan was to pay off the heloc quickly after closing ?

Should I pay down the heloc or leave it to rebuild my reserve?

Heloc interest rate may potentially put me into negative cash flow. If its sustainable, what is the best financially in the long term. 

I am using HELOC for the first time.

Do I get any tax benefits from having to pay those interests through the heloc account. Is that true? I did not do so because I had originally intended to pay it off quickly after closing and

thanks,

I heard about setting up a LLC out of a state that has lower taxes than using your home state which may potentially has higher taxes. Wondering how that works in terms of owning rental properties. For example, does the rental property has to be in the same state as the LLC formed? Any resources you can direct me will be appreciated.

Wondering if you have any particular online companies you recommend that checks evictions, credit reports, collects rents, provides a lease, etc... all in one place. 

what are some of the pros and cons you have experienced with each company. 

thanks

Hello Fellow landlords

Wondering what banks do you use. An ideal bank would  allows one to set aside tenant's deposit money in a separate account that earn decent interest and is landlord friendly. If you have any feedbacks on whether having brick and mortor bank is necessary would also be appreciated.

thanks

I want to clarify my posting. I am from the buyers side. the contract saids 2.5 percent.2 percent generally comes from the seller and the buyer generally pay the 0.5 percent. 

I want to know does having a contract with a buy's  agent prevent you from buying properties ... directly from owners? am I required to pay a commision to my agent. 

thanks in advance.

does having a contract with a listing agent prevent you from buying properties ... directly from owners?

What is my legal obligation to close a property that's not listed by an agent?

I did sign a contract with our listing agent that if I close on a property , I am to pay him 0.5 percent. 

How much percentage am I legally required to pay him even though I found the property myself?

thanks