All Forum Posts by: Tammy Mason

I have a lease ending in 30 days. I sent a rent increase notice by mail 60 days ago, but they never received it. Assuming they're telling the truth what are my options. Property is in Nevada which requires 60 day notice.

If I renew lease with the tenant for another year, but increase rent on 2nd month, would that satisfy the 60 day notice?

Currently, I own 3 MF properties. 1 duplex in a B neighborhood and 2 duplexes in C neighborhoods. I am realizing that my B duplex has been performing much better. My tenants have been good, 1 inherited tenant has been staying there for over 4 years now. Rents have gone up considerably and cash flow is great. On the other hand, my C duplexes have phenomenal cashflow, but I seem to always keep getting hit with tenant issues and stuff breaking down. 

Based on my experience, I feel that focusing on duplexes in A/B areas fit my goals better. Cashflow may be less in the beginning, but much less headaches. But I also realize this is based on 3 duplexes. I was wondering what other investor's experience has been like? What are you opinions on investing in small multifamily in A/B vs C neighborhoods? I know neighborhood grades are subjective, but I generally classify them by tenant quality, rents, and home prices.

I just had a discussion with my CPA regarding writing off expenses year 1 of ownership. I purchased a rental this year and have already incurred about 7k in repairs. He says I cannot write these off this year, but need to depreciate it over the years. Is this correct? I thought depreciation was a writeoff for 27.5 years for the value of building?

I am getting bids to get a vacant unit rent ready and this is the bid. Do these prices seem reasonable for a duplex? Most of the work is for one side only.

1 set smart lock -100

paint front porch railing -385

Pressure wash entire exterior -385

scrape and paint soffits 24 side only -785

scrape and paint window trim/ frames -610

repair screen door -110

repair deck to code (stairs rail) -685

stain deck to code 550

remove unused lockbox -15

remove pile of firewood -85

paint interior window trim/frames -485

prime and paint cabinets to repair under sink -810

run proper 220-595

smokes x1 -35

CO2x3 -135

repair sink to be sturdy -85

paint trim on stairwell -55

toilet running-replace components -110

paint door that has crayon marks -70

repair and paint door to bed 1 -120

repair door to bed 2 -120

adjust both doors to close and latch -120

repair utility room door -120

filter sway and HVAC checkup -185

@Nathan Barshinger

Real estate is all local. Rentometer is a great resource to get a rough estimate on rents. Also check for active rentals on Zillow and FB Marketplace. Aside from the condition of the property and possible repairs, you also have to analyze the neighborhood from every angle such as crime rate, employment rate etc.. Neighborhoodscout and scopeout are some good resource for this.

Thank you all. I called the authorities and surrender the cash, the sheriff told us to bag their things and put it outside and try not to break all their stuff. I have sent out a notice for reclaiming the property to one of the relatives. I've check with the county law and failure to reclaim property prior to deadline constitutes legal abandonment. Landlord may offer legally abandoned property for sale to the public.

@Anne Caldwell 

I have been here before. This is how I worked it out. My tenants split up, she left. I talked to her about getting off of the lease. What she wanted to do with the deposit. She didn’t want to be on there, there is no benefit to someone not living at the property but being on the lease. It is a liability. Have her sign a release talking about the deposit, date she left, etc. I would probably make it an addendum to the original Lease agreement

If he can qualify on his own then I would continue to rent to him but just clean up the paperwork.

Good luck!

I evicted a tenant. He left the property about 3 days ago. I came to the house today and it looks like nothing has been moved. I'm changing the locks but it looks like a lot of the stuff is still there, furniture, few clothes, food packs etc... And I notice part of the ceiling was damaged, my husband went up to check and to our surprise, there was a bundle of cash wrapped in plastic! roughly about $200. I tried calling the previous tenant but he is not picking up. What do you think is the best thing to do with all these stuff left behind?

@Kyle Domini this is where compassion kicks in. If they get sick enough where they can't pay, be patient, but also see if they have family or any special services can help out. 

Don't jump the gun. The landlording business is full of stress, don't worry about things until there is something to worry about. You will drive yourself nuts.

@Haley Thornton

For Price and HOA I generally look at Zillow.com, Redfin.com, etc. For rental estimates I use rentometer.com. For demographics/income I use scopeout.io. If you're looking for general market data on metro level, redfin.com has a great dashboard in their data center.