All Forum Posts by: Tony Savage

What is the name of the software that you use to send out auto-reminders?

I'm taking my own advice and I sent our discussion to my CPA.

Take Theresa's advice, keep it in your name and divide it by three every month.

Quote from @Bill B.:

I think you’ll be able to write off the costs of going after the rent but not the missing rent. Imagine if every landlord with a squatter suddenly declared the rent was $10,000/mo. And then they deducted $10k/mo is lost rent from their taxes. 

 Every year you have a vacancy rate from the year before.  Your rents weren't collected you will be able a deduction on your returns.  Of course it's not a 100% deduction.

Quote from @Colette Major:

Quote from @Tony Savage:

Just move on Rajib and write it off. It's not worth your time.

 When you say, "write it off", is there a way to "expense unpaid rent"? Thank you

Yes, in this case, Rajib did not collect five months of rent plus admin and legal fees in the calendar year. When you submit your income and expenses to your CPA it should be documented that you did not receive 5 months of rent plus your attorney fees which you should have receipts for.  Your CPA will walk you through it.

Just move on Rajib and write it off. It's not worth your time.

Hopefully my comments didn't come across as too critical Brian, That was not my intention. just wanted to give you some ideas.

Good Luck!

Real Estate Broker for a very long time and have been investing out of state for the last 10 years, I also self manage my rental units in Lansing MI.  Would love to come on your podcast and chat.

Brian,

Going forward, you need boots on the ground.  I self-manage my 9 doors in Lansing MI from San Diego.  If you don't want to hire a P.M then get a team in place... handyman, electrician, plumber, hvac, locksmith and whoever else you need. Give someone you trust there, copies of the keys and let your tennant know that you will give them 24hrs notice then you will have someone enter the premises.  

In this current situation have the police go by and conduct a welfare check.

Hey Jay,

Are you local? If you are you need to go and have a talk with this borrower.  Has he been making is mortgage payments since February?