All Forum Posts by: Naji Boutros

Except for the 3 year lease, I could have written this post. I had 30 days to get an accounting to the tenant and didn't have one of the invoices from my repair person yet, so I estimated it. After I sent the accounting to the tenant, the actual invoice came in and it's almost $400 higher than what I thought it would be. (Nothing to dispute to the repair person though - the invoice is fair based on the work involved - I forgot his markup on some of the materials is all).

The short story is that my ex-tenant owes a bunch of money and when it comes time for court, I intend to explain this to the judge and ask if I can increase what is owed. If I can, great. If not, I'll deal with it - I should have pressured the repair person for the invoice sooner, so that's a lesson learned there.

So in my case, we'll see. But these rules are specific state to state and sometimes even county to county. Best advice would be to contact a lawyer and ask.

I'd REALLY like to hear about how that turns out. Do you have a court date set?

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Originally posted by @Michele Fischer:

I suggest you let it go and move on. You've likely missed your window, given that most states have deadlines to report damage, and you implied that there was nothing more. Normally when I have a tenant that I choose not to charge (trying to avoid drama, not enough to worry with, unsure of true cost, choosing not to replace right away), I normally list those out at the bottom in the comments section so that they and any lawyers or judges who get involved later know that leniency was granted. Never with the intention of going after it if they aren't thankful enough. Learn from the experience, trust your gut next time, and focus on the future rather than the past.

That is a great idea! Would you please send me a copy of one such form so I can use it as a template for format and verbiage?

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I've had a great relationship with every one of my tenants, except for one. We'll call her Sally. Despite my best efforts, Sally was just not happy with me as her landlord. If I'm being 100% honest, I didn't like her either. From the get go, my gut wasn't sitting well with her application. I let myself get talked into accepting her application from a family member.

We signed a 3 year lease, and, long story short, it was not good times for anyone involved. I was happy to see her leave, and she was happy to leave.

There are certain damages to my property that I did not charge her for, and in hindsight I see that it was a pathetic attempt to win her friendship. Instead of thanking me for giving 90% of her security deposit back, she bit my head off over the last 10%. In reality, she did a lot of damage and not only could I have taken her entire deposit, I could have invoiced her for more.

It's been months, but I'm wondering if I can take her to small claims court and sue for the damages I didn't charge her for.

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What is the difference?

I evaluate properties for what they could potentially sell for all the time. Its part of my job. What do appraisers do that is any different?

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@J Scott Appraise for more for the purposes of a cash out refi.

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How do I go about figuring out what to do to my property to increase its value by a specific dollar amount?

Do/Can I consult with an appraiser and ask what needs to happen to this property to increase its value by $XXXk?

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I keep hearing about "piercing the corporate veil". Since no bank would do business with an LLC back in 2011, I had to buy my rental in my personal name including title, mortgage, and leases with tenants.

I'd like to put my rental into my LLCs to split up the rental from my personal assets.

Would the following scenario work, or is it still commingling personal with LLC?

Quit claim the rental to my LLC. Create/Write a note indicating that the LLC is to pay me the mortgage every month. Put the lease to be between the LLC and the tenant.

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All Forum Posts by: Naji Boutros

Naji Boutros has started 10 posts and replied 17 times.

Post: Security Deposit Aftermath

Post: Security Deposit Aftermath

Post: Security Deposit Aftermath

Post: Real Estate Agent Valuations VS Appraiser's Appraisals

Post: Turn a $400k Property into a $500k Property?

Post: Turn a $400k Property into a $500k Property?

Post: Still Commingling Personal Assets with Business Assets?