All Forum Posts by: David Lopez

My CPA retired in 2021. I am doing my own taxes for the first time in years with Turbo Tax program for 2022. I have multiple properties & small side business of less then $5000 a year. I have gone through the program and Looks about the same as previous returns. Pretty straight forward by just answering all the questions. I will file on Oct 16th.  Any tips?

I always check to see what the comparable houses are in the area especially in the same tract. The top price is always the prefect house. Check to see how your property compares then start to adjust your price.  I know it is not perfect but, Zillow is pretty darn close. Then,  how long has your tenant been in place? did you raise your rent last year? how much? Keep your tenants knowing that rents go with inflation and rise every year. Just like everything else. 3 to 5 % per year is a standard. Your property tax & insurance went way up this year right? Who is going to cover the increase? you?

To end,  I did have one tenant this year who is going through a divorce and the whole family moved out except for the mother. during the yearly inspection i saw pictures of full moving boxes and putty on the walls to fill some small picture frame holes. ok,, i said to myself she is leaving get ready to take a hit with a turnover. There was no notice given to vacate. I ask my property manager to offer the SAME rent for a one year lease. She took it and i am good for another year. 2400 sqft for one person? It must fell like home in a tuff year. I have one year now to see if next year I will loose her with a rent increase. My point is EVERY situation is different and only know what your BIGGER POCKETS budget can handle.

Around 7 to 8 visits per month. (twice a week) 

1. walk around the house to see if anything is out of place

2. check inside the house for any water leaks or oddities

3 bring in any  possible porch mail (us mail on hold) & throw junk mail, adds in trash

4 bring in our take out trash cans

What to pay a teenager or young adult to come to your house twice a week to check on a rental or primary house while you are away for a few months, bring in & out the trash cans and other duties that can be done.

Has anyone used anything else?

Let me know if you need anymore information.

Due to covid I did not raise the rent last year and I usually raise about 1%-4% per year depending on the how hot the market is in that area.  I am usually around $75-$100 less than the going rate so i really don't  have a long vacancy time. I just do not want to fall behind on current rates that have skyrocketed in TX. My current rate is  $1350, and a 1% increase is about $27 so 3% would be about $40. I guess i just have to understand that i lost last years increase due to covid and i was just being nice. If the house was vacant I could bring it up even more but the turn over even with just a month vacant would be about $2,0000 in  mortgage plus make ready and new lease cost. Is it worth it? I have good tenants that always pay on time. Always a tough decision.

I agree with the area choices in the last post. I have owned a property in Greenfield (west area) for about 12 years and it has been great. The north area is real nice if you can find a deal. Fishers is real nice.

We are on the road for a few months a year and have times when the gear needs to be restarted or serviced. Is it ok to leave in a single room not locked down? We sometimes have student tenants and do not want them to mess with it. We do have times where the units have to be started again.  any ideas?

thanks!!

What location would install the router and modem?  Do they have to be screwed or locked down?