All Forum Posts by: Shaun Hunt

So, what happens when a home is built next to my vacant lot and the lot is used as a dumping ground for the contractor?

  A field fence was removed so that they could build a block wall.  The fence was discarded in a big pile on my side of the block wall.

When the foundation was poured, they emptied the remaining cement and cleaned out the trucks on my lot.

As they worked on the wall, they dug a trench and piled the dirt on my side.  

The mortar and cement from the block wall was also dumped on my side.

I sent a text to the general contractor and left a message with the city building inspector.  

What else has anyone done in the same situation?

Thanks!

I own a rental that has a storage shed. It isn’t very big, doesn’t have power, it leaks and isn’t insulated. I rent to college kids that don’t need to store much. They use the front half.

When it comes time to rent to someone else, should I move my things out and allow next tenant full access?

I would expect that as a tenant.

I want to know how common it is to either include full shed access to new tenant when new tenant arrives, to charge tenant extra for storage shed or to move everything out except my things and not allow access to tenant in order to store my things for my business.

Thanks!

The market in my area has seemed to peak. I placed one of seven homes up for sale. If/when it sells. I have an offer of 195K on the home. The money will be used to pay off one HELCO of $20K. I owe about $650K on several other loans and the remaining funds will be used to pay down those loans.

I purchased the home for about 120K. Rehab was about 15K. Down payment was 20%. I purchased home a little over two years ago. I ow about 85K. Home was depreciated each year on taxes.

What can I expect as far as taxes. 

I don't think I'll have to pay on the 200K. I think it will be 15% tax instead of 30% because I have owned it more than two years.

What are some things that I can expect to happen as far as depreciation recapture, tax and other things that I'm not expecting.

I did purchase another home this year and took a 15K hit on rehab.  Will this help to cancel some of the capital gains?

@Jaysen Medhurst

I was able to set up a DBA and we pay our kids through that. I will have to find out if that is the best way or if something works better.

Someone might relate to this and get a kick out of it.

We started a family business, acquiring seven properties over the past five years.  Since then my oldest daughter has married, my oldest son has graduated and moved to Oregon, my youngest son has Angelman's Syndrome and we haven't quite figured out the right job for him to do.

That leaves my second oldest son, a Junior in high school who is actively involved in Cross Country running and working as a life guard at the pool, along with a full load of classes. 

Remaining are my two daughters, one an eighth grader, the other a Freshman.

We take care of all of the property management.  We mow lawns, do yard work, shovel snow, do rehabs on newly purchased properties, etc. all in our "spare" time.  My W2 job keeps me busy, my summer job is wildland firefighting working with airtankers.

So, on Saturday, we were tasked with mowing lawns at the rentals.  My daughter ran a 5K in one location and my son competed in the SUU invitational Cross Country Meet.  They were both just a little spent.  My son's shoes didn't quite gel with him that day and he wore two blisters on his Achilles heel.  They both popped about 2/3 the way into the race.

I was scheduled to be out of town for the rest of the day.

My beautiful wife and the kids loaded the trailer with all of the mowing equipment and off they went.

When I got home, my wife said that my eighth grade daughter was a little out of sorts while mowing and had asked "Do you think dad will buy any more rentals?" Mom said, "probably." I think she was bummed about that.

When I heard this, I got a good laugh out of it.  She is one of the sweetest girls I know.

I then spent a few minutes mentioning that her brother, too, will be moving out in two years, then it will just leave her and her sister to do all of the mowing on current and future rentals.  She didn't like that too much.

Anyway, this was a little side note to all of the other things going on in our lives that I had to stop and mention.

I have great kids and they have learned how to work.  I tell them that I'm only going to raise you once, so hopefully I do a good job the first time.

I meant Thanks Brandon, but can't fix it. :)

subletting, smoking in non-smoking, late payments, no payments, refusal to pay just one, out of what should have been many, late fees, lug bolts in walls, new boat, new car, new motorcycle, no money for rent, etc., and now I am the bad guy?

I have been overly patient with current tenant and I have given him lots of breaks, that's my own fault.

I issued first late fee, which he refuses to pay and has called me three times to tell me that I'm a bad guy. 

I spoke with eviction lawyer, thanks to #Brandon Turner's book. The lawyer gave me some ideas and would be happy to help, if needed.

I offered $200 cash, plus deposit if he leaves by the end of the month, which happens to be three days from now.

I have so far avoided three day pay or vacate and eviction process. 

My fingers are crossed hoping he doesn't bust up the place.

Tenant thought I was charging way too much. I listed the home minutes after I got his notice to vacate, in writing. Within 3 business hours, I had five emails. Of those five, I scheduled a showing. Tenant insisted on a 24 hour notice. The notice was given at 1:53 p.m. By 2:00 the next day, I showed it to two people. Of the two, both wanted it, so I gave it to the person who asked first. He brought me a $1,000 deposit. I even increased the rent $150/month to catch up with CMV. After negotiations, I dropped $50 off per month. 

The new tenant wants to do automatic payments on first day of each month. They rent over forty homes in area. They house special needs adults. Some are violent and break things, the company fixes those things at their expense.

Current tenant is the 20% of the 80/20 rule. He has been fired. If Tuesday rolls around and the place hasn't been busted up, the I will be back to 98% good in all seven homes.

Not sure where I'm going with this, other than to say that the last year and a half have been interesting.  I shouldn't be so afraid of three day pay or quite, etc. New tenants will be awesome to have and cut down on my stress levels.

Although 7 is insignificant to many, it is very significant to me. :)  I just closed on my 7th property in about six years.

I now owe a truck load of money (relative), but the bank keeps on letting me have it.

I found out about Bigger Pockets right around their 120th podcast.  I have listened to almost every podcast, some more than five times.

Brandon and Josh have built a great platform, for people like me.

@Frank Chin I had the opportunity to travel to NY a few years ago with my son and his middle school.

I hear that just owning a car, in many parts, costs thousands of $$ just for parking.

The last car we purchased was our fourth vehicle.  All vehicles are paid for. Car #3 cost $800.  It is a Ford Focus with 225K miles, purchased for our teenage driver.  Car #4 is the Saturn purchased for another teenage driver.  They are both involved in sports and it is convenient to have them drive instead of us being chauffeurs.

Car #1 is the family car for all eight of us. 2003 Suburban 180,000 miles $9,000

Car #2 was pretty much given to us by my father-in-law. $4,500 Chevy Impala.

Some day, we may even buy a car that has less than 100K miles. :)

The peeling paint cracks me up.  When the guy sold me the car, he started talking about the clear coat coming off, the sun roof doesn't work and it leaks, but the stereo works great.  :)

I have. Great book! :)