All Forum Posts by: Nicole Wood

Hello,

So i stupidly broke rule #1 and rented to my sister. It's been nothing but a battle with her since day one!!! She has paid her rent late every month...this month she still hasn't paid it all and the last day to pay is the 5th. Late fee is 10$ per day after the 5th....so she is up to 100$ as of today....she says she's bringing me the other 300$ that she owes on rent on thursday...but she can't pay the late fee...so my question is does the late fee continue to accrue until she's paid the total WITH the late fee or do I have to stop it accruing as of wednesday if she pays thursday?

Unfortunately her being my sister I also know that in august/beginning of september she went on 2 vacations out of state, the state fair, a concert and the county fair...so she is NOT struggling financially she is just putting rent as her LAST priority! This is very frustrating.

I plan on evicting her ASAP however, I was unexpectedly taken out of work at the end of july due to pregnancy and had the baby 2.5 weeks ago...my disability got messed up as well!! and still isn't fixed, plus my husband had to take some time off to help me out and he hasn't gotten his pay for that either so we aren't in position as of yet to do that!!! 

I know how many mistakes I have made here so no judgement please just advice and answer to the late fee question! Thank you!

I just finished income/expense report on both properties I owned and for things i'm not sure about I put a brief explanation next to it so that my cpa can further direct us:]

I would figure nothing we put into our unit would be deductible. The square footage of the two units is pretty much the same...will have to figure that out. THANK YOU!!

Hello all,

Ive recently purchased a duplex and while I know what's deductible for a rental...or has been in the past since the tax reform may have changed all that ( i better study up).....how does this work with a house hack? We live in the downstairs apartment and rent the upstairs...am I able to deduct anything we put into the lower unit or not since we're currently residing there? We will be here one year then will be renting it out. Also, there is a security light out back and we pay for the electricity to the heater in the basement...should this be split in half for deductions? Honestly, with the new tax laws I'm not even sure we will be itemizing but just trying to be prepared with everything.....

thanks

We are finally closing on our duplex this month!!! We are keeping our single family home and renting it out for 900$ per month--no this doesn't give us cash flow at all...but the mortgage is paid and we have a small cushion. The duplex's mortgage will be covered all but 98$ by the upstairs tenant. We increased the rent from 275$ to 500$ for the upper tenant which he agreed to. He was a family friend so was getting a great deal! The lawyers have the lease and the tenant has agreed to it. So all in all we should be paying about 98$ to live. Utilities are split at the duplex and the water and sewer are well and septic. We will be putting money in savings for capex etc as well. Currently our mortgage is 840$ a month so we definitely have cushion there.......just looking for opinions and advice!! thanks!

I never thought of it that way. I have heard all horror stories from people with subsidized tenants.

As a landlord are you required to accept section 8? I have read conflicting information on this. There isn't anything specific about it in my tenant laws either. One website says you must go through the processes to accept section 8 if you have someone whose qualified and interested. Another site states its legal not to accept because you haven't and will not go through the processes to be allowed to accept section 8. Any input? I personally DO NOT want to rent to section 8. I would like to rent to people with jobs and steady income only but do not want to violate any laws obviously. thank you.

there are no property managers in my area. I live in a town with a population of about 10,000. also I only own one home and one apartment I will not be getting a property manager involved...if I can even find one...until I have many more units. 

thanks

Great suggestions!! I will contact the next in line who accepted tomorrow and tell her that until she signs lease for june 1st we will cont having other applicants etc. Thats a great idea-have something in place so they cannot back out.

I called her just before 8pm and she said she thinks she's going to go with a place she can move into sooner (we wont have this place ready until June 1st). I said okay thank you have a good day and moved onto the next qualified tenant, whom states she is still very interested. I let her know to immediately notify me if anything changes. I will be checking in regularly with her until June to be sure nothing changes. I knew she was hesitating and will be following my gut instinct from now on if I get the "run-around" again. I plan to treat this as a business and business only.

interesting. any law they can make that messes with landlords.