All Forum Posts by: Rick Lucette

@Steve R. Steve, how would this work with the sec deposit? Should I do a leaae end walk through, assess any issues there might be or does the current tenant takes over all liability regarding walkthrough?

@Steve R. Perfect. Thanks Steve!

@Jason Hirko thank you!

@Anthony Wick agreed and absolutely. That’s her plan. Thanks!

Thanks Steve. That's reassuring. Are you implying that a "RELEASE OF RIGHTS TO POSSESSION" form would be sufficient, rather than terminating the lease and creating a new one? Or should I do both the termination and the form? 

Thank you! 

Hi fellow investors, 

I'm running into a situation, certainly not that uncommon but I would like to make sure I've thought about it correctly. We have a place that was rented to 2 tenants a little bit over a year ago - they're now in a month to month contract. Year has been great, no issues from tenants whatsoever. Over the year, they got married, and had baby. Now, the tenant I've been talking to the most (the mom), called to let me know that they were going through some tough time and would most likely been divorcing. She was initially the only one with income as the spouse was a student. 

Question: She asked me if we could terminate the existing lease so that other spouse can be released from it (spouse got their own place) and do a new month-to-month lease. I do not see any problem with this other than doing the paperwork. Keeps the tenant happy, gives her a chance to find a new place or decide on what to do and doesn't cost me anything. Am I missing something? Only thing I'm thinking of doing is including a 60-day notice for when she leaves (although I'm not sure whether it is legal). 

I'd love to hear if you'd have any concerns over something like this. 

Thank you! 

Thank you all! I appreciate the help. I'm working on setting up all the accounts. 

thank you @Kim Meredith Hampton!! I'm just surprised that it wouldn't be more widely defined. 

I appreciate the help :) 

Hi, 

I have searched online and tried to find a definition of a Florida banking institution but couldn't find a good definition for it. Could that be a large banking institution with branches in FL or does it have to be a bank headquarted in FL? I was hoping I could use an online bank but it does not seem to be the case (Ally or similar). 

Thanks! 

Sorry I had family in town for a couple weeks and never closed the loop. Thank you both for the advice. I switched the insurance (went up $30 for the year). 

@James Triano since you mentioned it: I do intend on depreciating the fixed assets. The only thing we bought was a new fridge (about 3 years ago). I'll look into it but would the depreciation start as a straight line from the date we bought it? Same with new wood floors throughout the house? (same period). 

I've got a couple more questions: 1. before our tenants moved in, we repainted the entire house (3 levels, needed some scaffold) for $1,500, change the tile on balcony while fixing a leak for $400, clean the air duct ($250) and did a full home cleaning ($200). Are these items I would be able to deduct at the end of the year? 2. since the house was last appraised the value went up, likely from $320k to $350k. Would it be worth getting a new appraisal to have a new value to start the depreciation? 

Thanks again!