All Forum Posts by: Toben B.

If they are newer then it is good - you will likely not have any issues. If they are 40-50 years old then potentially it would be more expensive to maintain/repair them. I would not be bothered by this issue unless they are all end of life. 

I have had this issue on occasion and after verifying it with the HVAC company - let them know that AC's are only built to reduce temperature by 20 or so degrees. (older ones are closer to 20) However there is the very rare occasion when it may be reasonable to do something. We had some 110+ degree days and I provided a window unit for a newborn baby where the AC would not go under 85 and one house where one room was not getting adequately cooled by the central HVAC. Otherwise they can get their own window units or learn to live with it. My own house was hot when it was over 105.  

Where do property management fees go on IRS form 8825? Under commissions or Other?

Is a property management fee a commission?

When I started renting property I only charged a $20 late fee and the tenants didn't seem to care about this amount.  I changed it to $5 for every day late and this became a hassle to determine how many days late they were. I switched to a $50 late fee about 10 years ago and the tenants really tried to avoid it.   Lately it seems the tenants don't care about a $50 late fee and some will just pay $50 every month. 

Our local judge decided that any late fee above $25 is too much and will throw out the case over late fees. To avoid this most of the local apartments charge $100-$200 late fees, but in the event there is a court case with late fees, they will just drop the late fees when filing for a lawsuit for possession and back rent. 

What fee do you all charge for late fees? What is appropriate? FYI I live in a low rent area and my rents range from $575 to $1400. 

Thanks!

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Hello,

My apartment paint job is wearing out and I need to paint the upstairs tan portion and the door trim this week. 

What are some good colors to change to or should I leave it like this? I am not usually a design guy so I need some help here. One idea is to keep the tan and white but  change the orangish color to some other accent. 

I need options such as:

1. leave it the same color - this works. 

2. Change upstairs tan to X

3. Change Door to Y

4. Change Door Frame to Z

5. Change Orangish trim to A

6. Change the side of the building to B

I am not painting the bricks. 

The orange shingles were updated to a darker weathered wood color so ignore that color that works with the brick. 

Hello,

I have 3 duplexes to cash out refi on. All are worth $200K. One is free and clear, one I owe $5K and one I owe $35K.

What should closing fees, points, appraisals add up to? I am seeing $7400-$8400 in closing cost options.  That is around 4.5-5.2% of the loan and seems crazy high to me. Where should these number be?

At 6.75 % - $7330

$4,329.00 Closing costs
$25.89 prepaid costs
$2,975.00 discounts which I assume is another word for points

At 7.125 - $6281

$4,329.00 Closing costs
$27.33 prepaid costs
$1,925.00 discounts/points

Do these look right?

Thanks in advance!

 16 units

 16 units - not sure on comps I have to pay $ to pull commercial comps in my area

 16 units