All Forum Posts by: Sergey A. Petrov

Unless there is something tricky in Texas (there is Seattle where landlords have to accept the first tenant that qualifies - yes, rental apps have to be date and time stamped), I see no issues. The usual standard screening was done and came back ok. Just a prepayment. No escrow account needed, just make you have enough money in case you need to evict mid-year and potentially refund a portion of it :)

Forgot to add that a slow toilet leak may not even be an insurable event especially under the property side of it….

even if you are "fully responsible", YOUR insurance won't pay 100% of the damages to someone else's property because your property insurance covers only your property. your liability policy would kick in if you are found "guilty" of damaging someone else's property (and will almost never cover all damages - this is not an auto accident) but their first line of defense is their own property insurance. all that aside notifying your carrier is a great first step as they will defend you if need be!

i've handled way too many small and large insurance claims in my life, but insurance pros, please jump in here :)

dear slumlords, please clean up your properties. in the meantime, effective today you need to start paying X in new licensing and registration fees, the property taxes are increasing by Y% as of next year, you'll need to submit some additional reports to our government entity (Seattle recently tried passing a regulation requiring landlords to submit detailed reports to include actual monthly rent on each of their rentals - I am exaggerating a bit but you get the point), the security deposit can no longer exceed this amount, move-in fees and cleaning fees are now banned as well.

And, oh by the way, forgot to mention that we also now have rent control capping your rent increases at 4% per year, evictions are banned during these months, and you must offer to pay your tenant's legal fees if you file for eviction.

But, I am so tired of all these slumlords in our area and I am going to do something about it!

all legitimate expenses are "write offs" because they get deducted from your income. capital expenditures / improvements are a bit of different story with a depreciation schedule attached.

was your purchase NOT subject to financing? Or did the financing contingency deadline come and go without a commitment to lend letter and you let it pass? How would you lose your earnest money if the deal was structured properly and fell apart due to financing? Something is missing here… and yes IRS transcripts do take forever. Did nobody really pay attention to anything on this deal?

Wow, this simple question certainly generated quite a discussion 😁

@Bill B. - landlords and investors are still required to complete the disclosures in the State of WA… some just answer “I don’t know” but most still provide information to the extent they are aware (I am sure an investor would know if the roof has been leaking for the years as they’d be paying someone to fix it)

Did you already pay the contractor in full or is there some hold back pending final inspections and sign offs? If no holdback and the contractor is blowing you off, in many cases some municipalities may allow you to permit it after the fact. I’d work with a professional on this (a trusted architect, a construction/ project manager, etc)

An estate sale is a common one. REOs as well.