All Forum Posts by: Michael King

@Kirk R. I like what @Account Closed said; hang on to it since we are not out of the woods yet. I do think you should plan on paying it back, rather than looking for a way out of it - unless you get that desperate. 

@michael 

@Michael Lee thanks for the laugh mate!

@Susan Thomas Good for you for being proactive and seeing there is a business that is run poorly, and searching for the right way for you to run yours. 

There will be a state statute that sets out how he returns your deposit. In MO an LL has 30 days to return the deposit, or a combination of partial deposit and list of itemized damages. Google landlord tenant law in your state (assume PA?) and look for a government link. 

If your LL does not comply with the laws, or does not return your deposit you could sue and place the responsibility on him/her to prove that any damage was not normal wear and tear, but no doubt you would have kept all records (maybe photos, too?) of your attempts to return the property to rent ready condition, and then you would have an argument in court. 

2 things to note are that the LL (MO) only needs to mail the refund to the tenant's last known address, so did you provide your forwarding address? And if the LL wrongfully holds any or all of the SD, he or she is liable for 2 times the SD. 

I think shame on that LL for for not responding to your requests; this gives LLs a bad name. BTW, asking you to write a letter stating what had been received in an email is preposterous. Sounds like he or she is trying to manipulate timeliness of correspondence on your part. I guarantee you, they won't show the email in court, only the letter. 

Okay I just googled it, you have 30 days in PA to return an SD. You'll have to dig a little deeper, but there's the start. What mailing address did he or she have to use?

Good luck and report back.

@Account Closed Thanks Mike, that makes me feel better - in that maybe it wasn't an error that I'll have to pay back. 

@Sudhanshu Singha Thank you, I appreciate your explanation. Interestingly I've been wondering for the past few days what my AGI was. When I make it downstairs later I'll check and see. Thanks again, that is good info.

Thanks for the responses guys. It still doesn't add up for me. We got $3K, but easily grossed over $150K. My wife doesn't work, we're married filing jointly. We have 2 kids under 18; I can see that $1000. 

I never asked for the money, I decided against applying for PPP or the SBA disaster monies, instead deciding to weather the storm myself - I'm not a saint. I'm just dumbfounded by this. 

Reminds me of the tax return we received in 2008 when we bought our first home. It included a $7500 first home buyers grant and when we sold that house, we had to pay every penny back. I'm still paying it. 

I wonder if I'll have to pay this $3K back in 12 months?

You're doing it as an "FU to the landlord". Because there was no rent break over the years. Owning property for someone else to live in or make their own money from, is a business and costs money. As a landlord, I don't get a break on taxes, water, utilities, nothing. In fact, something called inflation causes my costs to go up year after year. Is it bad for a landlord to increase prices to cover this?

I just received an EIP visa card with a lot more money than I think I'm entitled to. Our combined earnings in my household was a very healthy 6 figures last year; I thought the stimulus money was for those whose income was less than $75K. 

What happened? Why did I get money, and do I have to pay it back later? Is 'everyone' getting a payment?

I'm stumped.

 I used Dalton Hewitt and Terrence Rogers at Carrollton Bank in St. Louis Hills office. I can't post the phone number. A very helpful pair of guys. Let them know I sent you (I don't get any benefit, but they know that I'm very happy with their service as I'm referring people to them). 

Yes it was a 30 year term. I didn't have the full 20% down; I only had 10% so they gave me a $100K line of credit on one of my rentals which is owned free and clear; I used $40K of that, put my $40 in and they funded the other $240k. If you have 20% you should have no problem getting the loan. I think your bank is telling you to try another bank. 

I put 20% down with a small, regional bank here in MO. This is for a 4 plex. I didn't have to live in it. 

 I also use edgecomb gray. I mean, my wife makes me use edgecomb gray.