All Forum Posts by: Mike Malyy

@Marc S. I am in California and in similar situation as you, owning a couple of rentals but not having any insurance on my primary residence as I live in someone else’s home rent free. I have GEICO umbrella policy (through RLI), as well as landlord policies (through Travelers) so can confirm that they will underwrite umbrella policies without primary residence insurance in place. However not sure if that would be the same case for OOS, and also not sure if they will do it while your landlord policy is underwritten by a different company. Good luck.

Hi,

I am currently under contract to purchase a property with an existing unpermitted ADU in the back. I talked to the city and they would require a full set of documents for review in addition to the realistic cost to build for me to permit this structure. Does anyone have any recommendations or references for a company that would be able to provide me with such? Property located in Citrus Heights.

Any help would be appreciated.

Thanks,

Mike

@Bill Brandt that’s what I thought too, but lender stated that I had to be on the title and they added me at closing.

@Shaun Weekes thank you for your input.

@Bill Brandt I was originally added to co-sign for their HELOC as they are semi-retired. It's now closed, but we plan on opening another one in the future so we don't want to touch it right now because it triggered tax reassessment last time we did it. I will eventually inherit that property, but things will be restructured by the time it happens.

I started with NOLO. You get free templates if you buy their books on landlord-tenant laws. Then I scoured the internet for 2 weeks for additional clauses to try to cover everything. My lease ended up 14 pages long. Always have your lease reviewed by an attorney if you are putting it together yourself.

Sacramento county only allows STRs in primary residences (or with long term tenant in same property), otherwise you can rent out short term for only under half a year. They don’t allow non occupied full time STRs. ADUs and JADUs can’t be used as STRs either.

@Gary L Wallman

Gary, thanks for your reply. My ONLY issue is with having to provide my personal information to an intermediary service provider that should not theoretically play a role in any reporting.

@Joe Splitrock provided some links that showed that Apts.com is not the only platform that implements this.

As I mentioned previously, I’m not worried about being reported to IRS as they know everything anyway, but I don’t like providing my confidential information to parties that don’t need to know it.

Thanks again

@Joe Splitrock thanks for the links Joe

@Daniel Smyth I completely agree with you. I’m always skeptical of anyone who asks for my confidential information without actually needing it to conduct our business. Heck, I don’t even give it to medical offices to verify my insurance coverage and they figure out how to do it still.

Also, I thank everyone else for chiming in. To be clear, I’m not afraid of IRS as all of my records are straight, but I’m not a fan of Apts.com using this strategy, so I will start looking for alternatives.

Hi All,

So I am a very small time landlord and I use Apartments.com (formerly Cozy) to collect payments. This morning I got an email saying that they want my SSN to report any income I get over $600 to IRS. I have always been very skeptical and cautious when it comes to giving my SSN to anyone. I quickly searched recent news, but have only found articles a few weeks old, and even those state that the threshold was raised to $10k. What am I missing? Is this an actual new requirement now or Apts.com just wants my personal information? Did anyone get the same notification on any other platforms? If not, then I am ready to switch to something else. Thanks in advance for your replies.