All Forum Posts by: Peter Morgan

Hi,

After my previous tenants vacated the apartment,  I noticed the woodframe beneath the skylights turned moldy.

The tenant was not doing a good job with the exhaustion inside the bathroom especially last few months when they brought in additional members, the constant steam lingering inside the bathroom caused this issue. I will not be withholding any security deposit for this issue but would like to know how much can it cost to replace skylights or at least the wood beneath in a small full size bathroom. Also I would like to know if I can use any other synthetic water resistant material as a frame beneath instead of wooden frame. Appreciate your inputs on this. 

Thanks

Hi,

I have a new tenant and I processed all their requests soon after moving, the previous tenant never flagged these issues. Now they keep coming with petty requests,for example when a light bulb went off In the bathroom they raised a request for a bulb, is that my responsibility? Appreciate your inputs

Thanks

@Nathan Gesner

Thank you. It's an A Class property , I gave it to students this time and I took a small loss to quickly fill in as the previous m2m tenant did not provide ample time to find another one during winter time just before the holiday season. I think I can fix couple of those issues

and I will go ahead and replace the faucet for the one in bad shape.

Hello,

A new tenant moved in and pointed issues with multiple faucets. They are fully functional

but somewhat glitchy. The bathroom faucet seems tight but has no issues with cold and hot water, the kitchen faucet seemingly looks in bad shape but has absolutely no issues with hot and cold water. Another bath tub faucet has a loose handle but has no issues controlling water. Do I stoll need to replace these plumbing fixtures? Appreciate your inputs

Hello,

I recently changed my home insurance, it was getting very expensive this year and I chose $100,000 in liability insurance for my triplex when electing. Should I get Umbrella insurance on top of it? How much does that cost? Appreciate your inputs.

Thanks

Hello,

With the stock market doing so poorly, the 401k from my old employer took a beating this year and I realized I did not have much control to take over any damage control. So I initially was thinking about opening an SDIRA but now I am considering Solo 401k and perhaps eventually invest in syndications but I don't own any business except for my rental property that I earn rental income.Would it be a good idea to open an LLC with myself as the sole employer and employee (perhaps my wife will join me once she gets into a consulting job) I am also planning to do some side hustles such as teaching part time in a University and working as a part time tech consultant. With this back drop is it a good idea to form an LLC and direct all of my rental income to the LLC as business income, are there going to be any tax advantages with this approach.

Appreciate your input on this.

Thanks 

@Nate Sanow

Yes $7500 if I move out

@Joe Villeneuve

Great points Joe

#3 Makes lot of sense when the interest rates are identical, interest rates have almost tripled now.

#4 Transactional costs , depreciation recapture may add significant overhead

@Carini Rochester

Thanks Carini unfortunately it's a rate increase not appraisal increase not sure if I can take any steps to lower tax other than increasing rents

@Joe Villeneuve

Thanks Joe, please note I also live there comfortably with my family , same apartment I will have to pay at least $2500 per month in my market.