All Forum Posts by: Travis Lloyd

Read your lease.

Any filters that need regular maintenance/replacement should be specified in your lease. Will it make them do it? No. But it will give you something to point to when you hand them the invoice for repairs.

If it is not listed in your lease, I would talk to them about it and see if you can get them to split 50/50 this time? And at the same time DRAW UP AN ADDENDUM to the lease stipulating future maintenance!

If you sell a house, they are buying the house. Any money you have in any bank account associated with the house is yours, and not included in the sale - with the exception of security deposits of course.

Different accounts for each house: for security deposits? I say not for each house, but open an account for all security deposits separate from operating expenses. For maintenance? That's completely up to you - more of a personal thing, but I would say its nothing more than an additional headache. You should be tracking the amount of maintenance reserve allocated to each house, but as long as you keep that straight in quickbooks/excel/ledger, there is no reason they cannot all be in one bank account.

For tax implications (FD - I'm not an accountant), its all about the ownership structure. In most cases, money that you set aside for maintenance reserve would still be taxed in the year it is earned.

My theory: first year you set aside a significant amount to establish a par value for maintenance reserve (we call it management reserve). That money is unfortunately taxed as income. The following year, we only add as much as necessary to replenish the maintenance reserve back to par value which allows for greater disbursements. 2 months before the end of each tax year, take stock of all major cap-x items in each property and decide what to replace - as we're going to get taxed on anything unspent and what good is it to pay taxes on money that may then get spent in January! And yes I'm the crazy one that replaces A/C condensers in November (when they're getting old) to avoid the expense in spring at the same time as taxes are due. But that's just me.

Absolutely 3x at minimum. In NYC we like to require 40 times rent (96,000 in this case), and yes that is pre-tax. How they handle uncle sam is their business (and the same goes for us!).

Even if you were able to engineer it to be legal (which will be tough), you are asking for a lawsuit. Think of it like crossing the street at a crosswalk. Cars are supposed to stop, but if they don't and hit you, you may be legally right, but also may be dead. Avoid the potential for a discrimination lawsuit.

@Leigh Ann Smith If you use the controls on their "Intranetix Viewer", it will repixelate after each zoom - allowing better clarity. Try this:

Go to the link

Under "Looking for a Flood Map?", type the full address - 123 anywhere st, fairfield, CT

When the next page loads, there will be a map on the right and buttons on the left. Make note of the approximate location of the house (red circle) on the map in relation to the boundaries, as this will help you find the house. Something like "lower left corner".

Click the "View Map" button on the left side. This will open a new window called Intranetix Viewer. I use the "Zoom Win" button on the left and draw a large rectangle in the approximate area, zooming the map. Then I try to locate main streets to figure out where the house is, and keep zooming in until I find it.

Good Luck

https://msc.fema.gov/portal

These are the actual FIRM maps that are used to evaluate areas. The demarcation lines are intentionally thick. It is a hassle to actually find your property, but well worth it. If the line touches ANY part of the house (deck, garage, anything), then you are in that zone - unless you can prove to FEMA that the lowest elevation of the house is above the level indicated for that zone on the map.

Where are the property taxes in your expenses???

Our lease states that all minor repairs under $100 are the responsibility of the tenant, and that the tenant should include proof of the issue and repair (photos and paid invoice) at the end of the month along with their FULL rent. The lease also states that the landlord is in no way obligated to reimburse them for those repairs, but may do so at their sole discretion.

Does it happen much? No. But it stays in the lease in case we need to deal with a problem (repair happy) tenant.

The answer above is very accurate as far as the process. But I can say from experience that in NYC it is tremendously challenging and expensive (for the landlord) as legislation was passed at the state level in New York a few years ago, and then enhanced even further in the city specifically.

1) 60% (or 51%? don't remember) of current tenants must agree to purchase their unit.

2) The price will be high, because the landlord is going to factor in the costs of the condo-conversion (it will cost the landlord 100-300k for a smaller building).

3) The landlord cannot vacate the building to convert to condos. Not anymore, and in your case it may pose a real problem. There is a percentage of vacancy limitation for the preceding 12 months (or 24 months?) from the date of application for the conversion. See, the landlord has to apply to the state's attorney general, and they will look at the occupancy. If more than 10% of the residents were "vacated" during that time, the landlords application will be denied.

So if all 4 of you agree to purchase the condos, other than the time it takes and the expense, it should go smoothly. If 1 of your neighbors does not want to buy, you may have a problem as 1 would equate to 25% of the occupants.

Now all of this is true and accurate from my experience having done this in the city - BUT, I never tried with less than 16 units. It is VERY possible that there are exceptions for buildings of 4 or less units. 4 or less units qualify for FHA mortgages under a federal guideline - so perhaps the prohibitive New York legislation only applies to 5+ units?

Adobe Acrobat Professional allows for you to create custom stamps. If you import a tiff file with your signature on a transparent background (use photoshop to make this) then you have a stamp for your signature (and you can make one for your initials as well). Acrobat Pro allows you to save the resulting pdf file as a jpg, which can then be "printed" back to a pdf. The whole process takes about 30 seconds on a mac, maybe a little longer with a pc. But the result is a pdf with your signature embedded, but without the notification "this document was signed electronically" which I have found some people to be weary of. I like that I can use an electronic signature that does not appear to be electronic.