All Forum Posts by: Account Closed

$40 late fee on the 2nd month. Rent is due the 1st.

Just wondering how often other landlords do a walk thru of the property to make sure they are not trashing it?

I normally walk thru every other month but lately it drives me nuts the way some or my tenants live. Stuff everywhere, can't see the floors, clothes thrown everywhere, dishes piled 2ft high in the sink, ect...... - that's not a real big deal but you cant tell them how to live. All have great references and the money up front, go figure. Sometimes I wonder if its better not to walk thru as long as the money keeps going in.

Poll Question

Would you rather have a tenant always on time and does not take care of the property OR have a tenant always late a week or so but takes very good care of the property?

Hello

Not sure how it works in VA but im in PA and I have whats called "notice to quit" in my lease and if any rules are broken or they are late on the rent I have to give them 0 days notice. If rent is due 1st of month I can file for eviction on the 2nd....... not that I would, but I could. Also helps alot if you get first,last and security upfront.

I always get first, last and a security (3 months upfront). If I really like the tenant and seems pretty trustworthy with good references, sometimes ill let them make payments towards last month rents.

yes investment property vs primary residence. You will always pay a higher rate for a investment property then if you were to live there as a primary residance, anywhere from .5 - 1 % higher rate, depends on the bank.

Hello

Was wondering if anyone has consistently been showing very little profit or even taking losses on a rental properties year after year when shown on paper. We all get the free deprecation expense and was wondering if anyone else is in the red,year after year on paper which is good but will that throw up a red flag to the IRS if your consistently loosing money, which your really not just the case, depreciation makes it looks like you do plus auto travel adds up to.

Hello

Has anyone anyone dealt with them before and had a good or bad experience? I never heard of them and was looking into it.

if its a upscale neighborhood then yes especially if everything is electric on the house, stove, heat, and hotwater. On 1 of my rental have a 60amp panel and was quoted $1300 to bring it up to a 200 amp panel but 60amp is fine....

If its bank owned or short sale most likely it is sold as is where if you want a shot at it you need to buy it as is, no inspection.

Last 3 properties I bought I only did an inspection on 1 of them. Ya sure, not doing a inspection is a bit of a gamble but if you know what to look for or are pretty handy I would feel comfortable without doing one. My last inspection I figure I would do one and paid $450 and think it was kind of a waste of money. The inspector really did not tell me anything that I already did not know. If your a newbie or 1st time home buyer I would definitely get one. If your not doing an inspection take an hour or so at the property and go through it good. Make sure the plumbing, electrical and furnace, hot water heater works. If it is winterized assume it does NOT work.

yes I know, I was wondering how many high other landlords drive a year 3000, 5000 10000 miles a year? How many miles do you write off?