All Forum Posts by: Sacha LaCoss

Thank you all, I appreciate the Info/advice.  

So taxes and planning are finally getting outside my abilities I think.  We currently have:

W2 income with 401k  & live in CA 

Slow Live in flip in CA that will  done in about a year 

Sole Proprietorship in CA-very small side hustle but went legit as it is growing (hope to open a self directed IRA next year)

Rental properties in NM 

Vacant improved land to develop in NM-in the next few years 

Plans  to purchase additional rentals in the next few years in yet another state-undecided where. 

I want someone who can help me make good decisions now as we plan for the future.  

I’m an obsessive record keeper and use Quickbooks for the sole proprietorship and keep binders for each property so I would be able to hand over good books every year.  I don’t need help with that.  

I need help with understanding taxes and implications to make good decisions as we move forward and to complete federal and state taxes yearly in the most advantageous manner given our situation. 

 I  know enough to know I do not know enough and I do not have the time to learn enough to do it on my own anymore.  But I’d expect the professional to be willing to explain things and the pros and cons of each decision.  

Do I need two different professionals to accomplish my goal? 

Thank you both, they are a couple moving in together boyfriend/girlfriend which did also give me a little pause as we know that does not always work out.  I mention both incomes as to me it’s a sign they can afford this and are making good financial decisions in not spending more when they could.  Also because if things don’t work out applicant 1 has great credit and could easily afford the property on his own. 

Applicant pool has been smaller than usual but I expected that as we just did some upgrades/refreshes  to the home and raised the rent $350 a month, add in Covid and well here we are.  It was previously under market and needed a refresh after 9 years as a rental. 

I also wanted to bounce it off other landlords as I don’t want to allow my concern over getting it filled to allow me to make any unwise decisions when screening.  Just holding myself accountable here.  I want to stick to my guns and make sure I am diligent in screening. 

I think I wasn’t clear, they are applying together as a couple who does not currently live together but would be moving in together.  I’d never take applicant 2 over applicant 1 if they were applying separately.  I wouldn’t take applicant 2 on their own at all 

I was just wondering about others experiences when 1/2 of a couple meets requirements but the other doesn’t quite.  Together they gross over 100k for a home that has a rent of $1,300 a month.  

I have a set of applicants that are a couple moving in together.

Applicant 1 has a 773 credit score and can easily meet the 3x rent income on his own. Librarian for the city 

Applicant 2 has a 561 credit score but has obviously been improving as she has 100% on time payments, no evictions or judgments ect.. and can almost meet the 3x rent income on her own.  Graphic Designer 

both have very little debt 

Both have clean criminal ect...And have been in their current separate rentals for over 2 years each.  If I can verify that the second applicant has been current on rent ect and get a good landlord reference what do you guys think on renting to this couple? 

We received all of our rent-we are small time but I was very happy it all came in! 

Thank you everyone, we finally had movement and the hvac  install is complete -mind you he didn’t bother to tell me until I sent yet a another email and multiple calls.  Gas company is installing the meter tomorrow so it can be turned on.  

The contractor then tried to get another $600 to replace some of the wood flooring the floor guy couldn’t get a stain out and I had to remind him they already charged me to replace 223 square feet in the original quote.  Given that the patch area where the old floor heater was only 3’x2’ I had expected  those would have also been fixed.  When reminded he did say they would take care of it it then.  

I don’t think I’ll ever hire a contractor again. With the chasing him around I had to do I might as well have handled the subcontractors myself. 

We are in the middle of repairs on one of our properties from a fire, the contract we signed had a required completion date of 3.31.2020.  They were supposed to start on 3.2 but didn’t start until 3.9.20.  The contractor let me know last week they could not continue as they were having a problem getting the workers and some parts to get the electric hooked up the the new HVAC unit.  The ducting is in and the system is installed. 

I know and do understand Covid-19 has most likely caused this and I understand that and want to be understanding  but want to understand my rights.  I would not choose to use this contractor again as he has started every project late (he did smoke remediation under a different contract) and is not that great about answering questions.  I also feel he has taken advantage of the fact that we are out of state. 

  Do I have any wiggle room here to change who does the work.  The contract says:

Completion Time

A: The parties agree that time is of the essence and therefore the work to be performed under this contract shall be commenced on or before the 2nd day of March and shall be substantially completed on or before March 31st. 

B:The contractor will be responsible for the timely completion of work consistent with the time limits set out, subject to any variations due to but not limited to permit acquisition, permitting authority inspections, material availability, weather delays, change orders or other delays beyond the contractors control, where the date for the completion may vary accordingly.  

I’ve paid the 1st of 3 installments for the total cost of the work.  

The other project was repairing the wood floors where an old in floor heater used to be and then refinishing the homes wood floors. It was supposed to be done by 3.31 too but I was told it had to be done after the HVAC install. 

I did send an email to the contractor asking if this project could be started and I would stay with him if he can but I’m getting really nervous as this properties neighborhood has had very few rentals for a long time but I am seeing what I think are Airbnb owners starting to list their houses as a regular rental which given the current situation I get.

The insurance company may not continue to pay the lost rent (At least that’s what the adjuster suggested) so I am considering trying to find a floor guy myself and have them start work on that as it seems It’s a more conducive project to social distancing so I can at least get that done if the contractor cannot get workers. 

As we have never needed or used a contractor before I’m just not sure what we are held to at this point?  

We have a house under renovation and work has stopped at the new HVAC and ducting being installed.  Contractor says he can’t get the electrical done right now to hook it up even though that’s the last part that needs to be done.  Supposed to have the hardwood floors re-finished after.  

This is in New Mexico.  I’m still holding over 16k that’s due over two more payments so I’m hoping that will incentivize them to re-start as soon as they can. There was a fire at the property so insurance is covering the rent at least so far.  Not sure how much longer they will though.