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All Forum Posts by: Shan Vincent

Shan Vincent has started 12 posts and replied 23 times.

Hi Everyone!  

We use our property as a vacation rental.  We had people there for 2 months that smoked in the house.  We found the evidence in the trash.  They denied smoking in the house and do not want to pay the cost of the remediation.  I did not do a walk through with them, shame on me. I did have several people come over and verify the smoke smell and we found the evidence in the trash which I sent to the guest. I spent about 6k to get rid of the smoke smell including painting, cleaning the vents, cleaning the furniture etc.  He has quoted the general codes stating that I cannot charge for these things.  He is saying that it has to be physical damage.  The lease says the following.  

14. SMOKING:A. (i) Tenant is responsible for all damage caused by smoking including, but not limited to stains, burns, odors and removal ofdebris; (ii) Tenant acknowledges that in order to remove odor caused by smoking, Housing Provider may need to replacecarpet and drapes and paint the entire premises regardless of when these items were last cleaned, replaced or repainted.Such actions and other necessary steps will impact the return of any security deposit.B. The Premises or common areas may be subject to a local non-smoking ordinance.C. NO SMOKING of any substance is allowed on the Premises or common areas. If smoking does occur on the Premises orcommon areas, (i) Tenant is in material breach of this Agreement; (ii) Tenant, guests, and all others may be required to leavethe Premises. Smoking of the following substances only is allowed:

He's threatening a lawsuit.  I'm thinking to let him sue us if he feels it's necessary and take my chances in court.

Thoughts?

Hi! I’m looking for an app to keep track of the time I am managing our rentals and selling real estate to keep track of my 700 hours required by the IRS annually, does anyone have a good one you would recommend.

Hi!  I'm looking for an insurance agent in Southern California to write my rental property insurance.  If you have a good one please respond.  Thank you!

Thank you Joe!  I'll try them and do the due diligence myself from now on!

Hi!
I wanted to let you know some information I just found out about Rentspree. I’ve been using them to screen my tenants to find out that the only service they use when looking at a tenant is Transunion credit reporting agency. If there is something in the background of the tenant that is not reported to Transunion then you will not see it on rent spree. I rented a property to a tenant 6 months ago that was squeaky clean according to RentSpree. The tenant was arrested on Thursday for dealing drugs out of our property in Newport Beach. I went online to look at whatever I could find and found an eviction that RentSpree missed. I don’t know what else was missed but I would not have rented to him if I had known he had an eviction on his record.

 I am in search of a company that actually does criminal and background checks that are better than my current experience.
I will not use Rentspree again. I think knowing what I know now is helpful for the future for all of us.
If you have a company you trust let me know. FYI Transunion Smart Move has the same processes as RentSpree. I will not use them either.

Post: Has anyone used WealthAbility?

Shan VincentPosted
  • Posts 23
  • Votes 47

Hi Damon! I found a great CPA firm. The guys name is Kevin Gibb. He does taxes for friends of our that own hundreds of rentals. Here’s his number. (805) 300-2518

@Mitch Brunette

Who was your lender?

Looking for the best refi rates for 4 investment properties and a jumbo SFR.

Thank you! We do have hazard ins and a current liability policy. I'm think the same way. Increase our umbrella policy instead of going the LLC route. Much simpler.

I've been considering putting our properties in LLC's using a land trust set up. My accountant mentioned that we could just increase our liability insurance policy instead of paying the fees every year for the LLC's and the accounting that go along with them. I live in CA. Even if I do my LLC's in Wyoming, I will still be on the hook $1150 per LLC per year to cover the California fee and the accounting. What would you do?