All Forum Posts by: Priyanka K.

I have been using it for online applications and rent collection, I love it!

@Jim Cummings thank you for your input! Issue is they are at different addresses now, don't know where to send the check.

I like the signed statement approach, i'll ask for that.

thanks!!

@Greg H. thank you! But they are at different addresses and I am not sure where to send that one check with both the names! :(

They have provided their forwarding addresses but there is no agreement on amount!

Hello fellow landlords!

I have a bit of a situation, my tenants split up before the lease ended. One of them moved out and the other stayed to complete the lease term.

Now, I have to refund the security deposit and I sent an email to both asking where to send the check and they are fighting over it in that email.

30 days are fast approaching and I guess I need to do what is legally required in Texas - should I send a check to each split in half? I am not sure what other option I have.

@Lynn Cornell

It is usually the responsibility of the buyer and the buyer's agent to verify all information. Good idea is to pay the lowest option fee, I do $100. I have lost option/inspection money and time too on a few properties but it is cost of doing business. Keep option fee low and use the same inspector for discounts! 

Usually condos have these rules as they don't want investors to take over the community, best to work with an agent who is familiar with the local laws! Some HOAs also don't allow room or short term rentals like AirBnB. You can always call the HOAs and ask for a copy of CC&Rs.

Good luck with the next one!!

Hello dear friends!

I am a buy and hold investor. I know any expense before I buy my first rental can be treated as start up cost but I would like to get some input on tax treatment of expenses incurred  between two rentals. Since I am already in rental business after my first rental, how  do I treat these costs before I buy my second rental, expenses on deals that did not work out. Examples-

- Car mileage for showings 

- Inspection

- Option money

Thanks for your input!!

priyanka

Disclaimer - not suggesting this will replace professions, just sharing my experience - As a landlord(lady) of multiple rentals, I need to understand the intricacies and this book has given me a very good understanding of rental taxes! It is well organized in chapters and details are well explained with examples! Highly recommended for my fellow landlords(and ladies, of course)!! Happy Renting!!

@Rachel Dixon

Do you not have ICE contacts for your tenants? I always take two.

Also, can you not ask the person who informed you of his passing? OR the hospital/hospice since they must have tried to reach someone for his remains.

Maybe contact his employer or references he filled in his lease application, they may have information on family/beneficiaries/next of kiln.

$300 in negative cash flow but some money is going towards your equity as well depending on where you are in your amortization cycle! California real estate in a desirable location is gold and good to hang on to it if you can afford it! 

If you want to keep your rentals long term, ditch the carpet and get affordable vinyl flooring.  A bit more expensive than carpet but will make your property pet and kid friendly and you will not have to get it cleaned each time a tenant moves out!