All Forum Posts by: Peter Morgan

Hello,

Inspite of sending repeated requests my tenants who will be moving out soon have been abusing the centralized AC so I wish to introduce a process in my rental where I as a landlord am in control in setting the thermostat limits for my future tenants.

Are there any specific thermostats which will allow me to program high and low limits on the thermostat the tenants can't bypass. I will appreciate your inputs.

Thanks

@Joe Splitrock

Thanks Joe this is helpful and it is exactly what my HVAC technician mentioned during his tune-up,  this tenant moved in after the last tune up.

A problem I have in general when I attempt to educate is they generally tend to resist and come back with with an argument this is not how it used to be at my previous place so I've been trying back up the education part with some resources Online on HVAC for a more healthy debate hope I will find some online resources soon.

@Anthony Dooley

Let's consider a hypothetical scenario your tenant on top floor one fine day decides to shower outside of the bath tub  near the toilet causing a wet subfloor and keeps doing it repeatedly until you start seeing leaky ceiling on the lower level floor, would you dismiss it with a "not too broke" argument and endure the repairs out of pocket? Obviously not since it's a bad usecase to bath outside the bath tub. I understand this was an exaggerated scenario but a simple Google search showed me results that indicated it's a bad usecase to run AC when outside temperatures are under 65 as it can have a detrimental effect on the HVAC system ,I guess I should have posted this question in the HVAC forum.

Hello,

The weather outside my rental unit is 61F and my tenant has already started running his centralized AC perhaps he thinks we have already hit the summer. Is this normal? I am bit worried there may be adverse effects to the AC unit when running it while the outside temperatures are below 65F. How can I politely convey not to use AC when the whether outside is well under 65. Appreciate your inputs.

Thanks

@Rolly Weaver

Great point 👌 and I hear this a lot but in a red hot market I always wonder how a seller (motivated or not) would be willing to sell his property for anything less than his neighbors property which was sold through MLS with the help of an agent.

@Nicholas Aiola

Hi Nicholas,

My spouse who does not have a W-2 job has easily spent over 750 hours during the tax year managing the rental so can I qualify my spouse who with a Real Estate professional status to offset my W-2 income? We own a duplex we live in one unit and rent the other. In 2021 my spouse was actively managed the rental unit vetting tenants,charting lease document, handling repair, tenant issues, etc . If She qualifies as RE Professional what supporting documentation will I need to provide?

I will appreciate your inputs.

Thanks

@Dave Foster

Thanks a lot. Seems like with option # 1 there is no real asset protection.

Hello,

I currently own a triplex in my name and thinking about doing a 1031 exchange to reposition myself into a better investment. For my next investment I am planning to start an LLC and purchase through the LLC is 1031 exchange still possible if I am not buying subsequent investment in my name? Appreciate your inputs.

Thanks

@Joe Villeneuve

Great point 👌 the gain can potentially propel the OP to a next level investment but what is your take on the risk involved.Forvexanple say the next level investment ends up non performing while the sold property continues to grow in value. How can one cultivate that acumen to spot that next level investment that can grow  big while doing a full-time W-2 job?

@Arun V.

If OP doesn't have to pay capital gains tax or has to pay only half it probably is a sweet deal especially since in this market with rising interest rates it probably is a good idea to exit as the price may plateau sooner or later but great point 👌nevertheless and very interested to hear @Joe Villeneuve comments on this.