All Forum Posts by: Richard Fields

I don't know about your area but in Philadelphia Water always stays with the property, electric goes with the tenant and gas is leinable against the property, BUT the gas company has what they call a landlord program. If you sign up for it, then the gas follows the tenant

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The paragraph after line 17 CYA

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If these are the same tenants who didn't pay their rent before, what makes you think they will now. I would give them notice, rehab the place, and screen, screen, screen for new tenants. JMO

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If you sell them, you STILL have to pay that 4% tax. The buyer and the seller usually split it

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Originally posted by @Steve Babiak:

Originally posted by @Richard Fields:

I wound up opening one account with checking for paying venders and mortgage on the property, savings for the rent checks, and a money market to hold the security deposits, so it's always active

There is nothing about a money market account that make it "always active"; the account holder has to make some transaction (either deposit or withdrawal) to constitute activity - the bank paying interest does not constitute account activity.

Money market accounts also usually have a downside to go with the upside of higher interest - to get that higher interest, a minimum deposit amount must be present at all times or else you get hit with a monthly fee that exceeds the interest earned. When you have a tenant move and pay out the deposit to the tenant, will the balance be sufficient to not pay the fees? What if multiple tenants move at the same time?

The money market account is tied to my checking and savings for the property, so there will be activity at least once a month. Also the credit union I have it with has no minimum, or fees

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For a rental I would leave things the way they are until they NEED replacing JMO

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I wound up opening one account with checking for paying venders and mortgage on the property, savings for the rent checks, and a money market to hold the security deposits, so it's always active

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Originally posted by @Crystal Dundas:

Do both units have to have gas? Why can't I heat one with electric and the other with gas.

You could do that. You still need separate meters for each unit though

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All Forum Posts by: Richard Fields

Richard Fields has started 16 posts and replied 236 times.

Post: How to prevent your AC from stolen while rehabbing?

Post: After the house is rehabbed

Post: Utility charges stay with the property

Post: How to handle mold reported by tenant

Post: My first Investment property

Post: can i sell to my LLC (philadelphia area investor)

Post: Security deposits

Post: Replace Countertops for Rental?

Post: Security deposits

Post: Heating optionS to prevent high turnover - philadelphia, pa