All Forum Posts by: Tiffany Tan

Thank you everyone for your valuable insights!

It's my first time hiring a property manager, so I'm still figuring things out. Quick update: They still haven't gotten back to me.

I've seen my place listed on Zillow and their site.The listing price is at a fair market rate, and given the proximity to two major universities, the rental market should have picked up already. So the issue is likely because of the security deposit. I'll continue trying to contact them to understand what might have gone wrong. If I don't hear back by next week, I may need to consider terminating our agreement. The contract doesn't outline the process for termination at this early stage though, again, it's my lesson to learn, I will be wiser and more careful about this the next time I sign a contract with any PM!

Hello everyone,

I need some help with my PM. Here's the situation:

I hired my PM in February and officially signed the contract in March. I understand that the rental market can be slow in winter, but since then, they have only shown my unit once. I previously managed the unit myself and rented it out for $1200 with a washer and dryer included. Due to my ex-tenants misusing the washer and dryer, I decided to remove them.

Initially, we listed the unit at $1200 (I know it's on the high end). We've since reduced the price to $995, but there haven't been any showings. I listed the unit myself on Facebook and my university's off-campus housing site and received many inquiries. I directed all these inquiries to my PM, but there's still no showing. My PM charges potential tenants a two-month security deposit—could this be why we are pushing people away?

Am I being too anxious? I'm seriously considering firing my PM. I've emailed them several times without a response. Our contract states a two-month notice for termination but doesn't mention any costs. Am I allowed to terminate their services at this stage? Am I liable for anything?

Thank you for your advice.

@Zach Whiting Thank you for clarifying things! Now that if I do end up hiring a CPA, I'll have a better understanding of what's going on. Appreciate your help!

Hello everyone, I need some help with my taxes. I own an owner-occupied duplex in Philadelphia, and each unit is equally 800 square feet. I want to make sure I'm doing everything right before I submit my taxes. 

Here's what I've been doing: I'm allocating 100% of the mortgage interest and half of the property tax as deductible. And the other 50% of the property tax and 50% of the utilities as rental expenses. Does this sound right to you?

One of the Turbotax people told me not to change the numbers on Form 1098. That's why I'm not sure about splitting the property tax. Should I allocate all 100% property tax as deductible (or rental expenses)?

Also, I included the cost of new kitchen appliances as depreciation. Turbotax asked me to put in the amount for Special Depreciation Allowance. How do I figure that out?

I'd really appreciate any help or advice you can give me. Apologize if these questions don't make sense, I just feel like the fact that I live in one unit and rent out the other unit makes things complicated!

Thanks so much!

 Why not?

That's great idea!! Thank you!!

Hello landlords,

I reside in an owner-occupied duplex and am considering including internet as one of the amenities. What should I include in the lease if I decide to do so (things like not being liable for any illegal web activities, download limitations etc)?

Thank you.

What is SD?

I appreciate your response. I am skeptical about their request too. Changing the lease to a month-to-month (M2M) arrangement would be the logical solution, but I'm faced with a mortgage clause that stipulates rentals must be for a minimum of 6 months. Given their consistent lateness with rent payments, I'm quite hesitant to commit to another 6-month term. In all honesty, I would prefer if they decided to move out.