All Forum Posts by: Michael R.

@Andy Robison when the son and I first spoke about his father moving out he mentioned that the rent it too high for him to handle (I'm guessing his fathers veterans benefits were helping cover the excess cost).  He was supposed to move out with one of his buddies but that fell through.  If I sign him on for a new lease I have a feeling I'll regret it.

Absolutely.  At the end of the day this is a people business and I totally agree with you.  I think, at this point, keeping frequent and considerate communication will certainly help here.  If this turns into worst case scenario do you have any input on what my options are?

Hello,

I inherited some tenants when I purchased my house hack duplex last June.  The mother was in the hospital, father had a stroke and was receiving homecare, and their son (24 yrs old) was working part time.  They've been good about paying on time and have only been a few days late in the past (there is no late fee in their lease).  Unfortunately the mother passed and I've been doing my best to remain delicate yet business-like with my property management since I really feel bad for the family's misfortunes.  

Just recently the father moved out to a long term care facility leaving the son behind.  They were on a two year lease which ends at the end of April and the only two names that are on the lease are the parents who have essentially broken their lease agreement.  I received a call from the son on the 29th of last month informing me that he will be a week late with the rent, maybe more, and was wondering if he could make a partial payment.  I told him my policy is to only accept payments in full.  I don't want to hit him with an eviction notice since I know he's actively trying to come up with the money, but I also don't want to get burned.  The other concern I have is that, once the lease is up, this young man won't have enough to pay security deposit and first months rent on a new place and I might be stuck with him.  What would you do in this situation?

Thank you,

Michael

Welcome @Greg Rutkowski! Way to take action!

Lets connect and compare notes one of these days.  

Michael

I'm in a very similar situation with one W2 and a sole-proprietorship to file as well.  Most will tell you to use a tax professional for this, but TurboTax Home and Business has the capabilities of adding rental property income and the relevant deductions.  The software will help you deduct property taxes, interest, depreciation, etc. based on the percentage you rent out to your tenants as well.  

The way I see it is, while your taxes are relatively basic, you own one or two properties, and you have more time than money this is something you could tackle yourself.  Most of the work is in collecting up all of the documents and receipts to make sure you're filing an accurate return.  Once your situation becomes the inverse it would be helpful to have someone prepare them for you.

Best of luck!

Congrats on keeping up the momentum and persistence, especially in this market!

Welcome to BP, Debbie!  Due to the difficulty of finding deals and high property taxes in my area (Chicago suburbs) I've been doing some hunting down there as well.  If you, or anyone in your network, find anything that would make for a good buy-and-hold opportunity let me know and we can work out a deal.  Best of luck in this new venture!

Regards,

Michael Rigoni

@Laura Folk Welcome to BP!  I'm not far from you in Cary.  Let me know if I can help you in your learning process;  I'm happy to be a resource!

@Tyson Taylor My feelings exactly.  I will be working the email correspondence angle with the village and, if I can't get any headway, hire an attorney who specializes in these matters.  

Do you have any advice on what to put in that space?  I really like the idea of manufactured/small housing, but would be open to building a larger structure for an all-in-one approach.  

Thank you so much for your input.

Any insights would be greatly appreciated!