All Forum Posts by: Shodhan Patel

@Nicholas Lohr. I have pictures and they support my claim

@Sue K. MD

All

Need some help/advice

My tenant who rented the house for half a decade left only giving 2 wk notice (contract said 3 months). He ruined the place, more than normal wear and tear on floors, walls and bathrooms. The stove we replace less then 2 years ago now needs to be replaced again as the cleaners can’t salvage it. That’s the back ground.

Now he has sent the PM and Us a threatening letter to take us to court over his security deposit and damages. He claims to be another Real Estate investor. Do I have any grounds to keep the security deposit? Any advice would be appreciated.

Thanks in advance.

@Michael Plaks. Thank you Sir

Hello my fellow BP’ers.

1st hope y’all are staying safe.

2nd. Are any of you putting young kids (5) on payroll? How are you handling this? I only have two properties, and wanted to get my kid some earned income to invest into his Roth IRA. So I need help on this matter. What is qualified as good work to pay for around the office. I won't be using his face in any marketing campaign. And I am not talking about $6k worth of work. Maybe $500 per property.

Thank you all

@Ned Carey. Do you maintain section 8 in your portfolio?

Thank you all!  I appreciate the feedback. Grant appreciate the link, good looking out and Daniel thanks for the inside tip of wholesale price. Can’t wait to get it set up properly so future time can be spent on hunting deals then worrying about back office items. 

Shodhan

Hello Fellow BPers I am in need for help! I have couple of rentals and currently use excel to track PL and B/S. Unfortunately I had many mistakes as this is first year that I own rentals. Fortunately I’ve a great accountant who fixed all my mistakes. They are recommending that I use QBO going forward as it will make things easy for me and them. Hence saving me in accounting fees. I wanted to get a sense from others on this idea. Is it worth spending $750 a year for QBO? I do hope to build my portfolio as time moves along. Thanks for your input! Sam

@Omar Khan. Great article posted by you

@Michael Plaks Thanks for your help. I’m being required to buy renters insurance because my primary house is under my parents name (their trust). Also, I’ve enjoyed your discussion on Series LLCs Thanks again.