All Forum Posts by: Peter K.

I'm reporting payment to a contractor, isn't that the correct form for that?

This should be easy, right?  I need to issue one 1099-NEC for 2020.  My accountant charges a couple hundred dollars to do this, and now I'm thinking I know why...  I don't see anywhere to download the form.  The IRS instructions and web site lead me to believe that you can't download the form, but you can order it to be mailed to you.  Too late for me to get that done for the 1/31 deadline.  Am I missing something?  Am I going to get stuck paying my accountant?

Also, I haven't been on BP for a while.  This new format is terrible!

I own a SFR on 66th a couple blocks north of Silver Spring. It's been a good investment, but that area requires good management to be successful (I self manage). I would buy more in that neighborhood if the numbers are right.

Depends where along Silver Spring...  Have you visited and familiarized yourself with the area?

I haven't reached out to my tenants but plan to do so in the next couple days.  Thinking I'll offer $100 off if they pay April on time, but not 100% that's the route I'm going to go.  Most of my tenants are hourly and work in manufacturing or service jobs, the next few months are going to be rough for all of us.  Thankfully I'm not leveraged to the hilt right now.

@Dave Klein, want to sell?  :-)

In my mortgage biz I've closed owner occupied duplex deals using home possible, 5% down, in the 3's in the last few months, but not 3.25%...  I'd be curious to see if they actually deliver that rate, and if so, how much origination fee is getting charged.

I'm going to try to make it.  Thanks!

@Brie Schmidt I'm shopping in Milwaukee if you do decide you want to sell here!

A tenant knowing where you live is fine until it isn't...  

Keeping your home address private is more and more difficult, but now way no how am I offering my address to my tenants.  The last thing I want to think about when deciding whether to terminate a lease on bad terms or evict a non-payer is whether or not they are going to pull into my driveway when I'm not home and my kids are playing in the yard.

This is a business that usually has positive personal interactions, but the potential for disagreements and hurt feelings cannot be ignored.  A landlord was murdered here last weekend.  While the murder was at the rental property, all of you who have tenants stopping by should think twice about the risk you are unnecessarily taking.  If you are upset about them dropping off money, how are you going to feel when they show up mad that you are making them move?

And cash?  No way, no how am I accepting that.  If you stop by and pick up cash:

1.  You are showing the tenant you are willing to chase them for money.  NOPE.

2.  You are making yourself a target for crime.  NOPE.

By the way, if any of my tenants ask, I'm the manager, not the owner.  That's my story and I'm sticking to it.  :-)