All Forum Posts by: Travis W Condon

My wife and I control a property in Mandan ND. It's a probate property and is owned by a distant relative of hers. The power of attorney, a distant uncle, has not finished the probate since 2019, and we have a suspicion he never will. He's very busy and has a host of health issues. He wants nothing to do with the home. We have a purchase agreement contract in place and have controlled the property since 2020, renting it out during this entire time. Talking with our CPA initially about this deal, he informed us not to pay taxes because the seller will eventually pay them when the property is rightfully sold to us, which is yet to happen. This tax issue has always been in the back of our minds as we are not the rightful owners yet. 

We had a new tenant move into the property Nov 2022. On May 1st the sheriff delivered a foreclosure notice to the tenant due to back taxes for 2020. We have contacted the city and county and are remedying this issue. We will pay any and all back taxes and currently have our personal residence listed as the forwarding mailing address. 

The tenant signed a 1 year lease with us, but due to this issue they became worried and decided to move out of the property, understandably so. However, according to the terms of the lease they lose their security deposit if they don't fulfill their one year obligation. He stated that the foreclosure notice nullified any lease agreement in place, something I'm not so sure about as I don't have much legal expertise? Due to our blunder we are a bit embarrassed by the whole issue. After they moved out the property needs obvious work: carpets weren't cleaned, there's holes in the walls due to fixtures and wear and tear. They removed our old door bell and replaced it with their own, but took it when they moved out. They didn't clean properly, etc. So it's gonna take a bit of money to fix these issues. 

I'm concerned about the tenant raising a stink if he doesn't get his full security deposit back, perhaps thinking he's entitled to the entire amount without fixing the home. Is anybody able to help clarify these problems for me? Specifically the question at issue is this: does a foreclosure notice nullify a lease agreement in place, thereby allowing the tenant to retain the entire security deposit amount?

Thank you to all who read this and help clarify the issue!

That's a great idea of checking with a CPA that has this benefit for their customers. I'll definitely look into as it makes a lot of sense. Thank you. I have read Tax Free Wealth and am considering reading it again as it has been a few years. Appreciate your input!

I currently own 2 long term rentals. Closing on a 3rd rental mid February. I've decided to start a side hustle involving wood fire pizzas. I bought a mobile oven trailer that can cater and be a food vendor for various local activities. I've only used Excel and Word for bookkeeping. I'm wondering about Quickbooks or other resources? Which option is best with my rental income plus the family business? The pizza side hustle will ultimately be used to purchase more real estate. I'm looking to save tax dollars, while employing my wife and kids, with best business practices. 

Thanks in advance. 

 What are your thoughts about a monthly pet fee?

A long time tenant is moving out and we just posted the home will be available for rent. The first family that responded is asking about allowing a cat. I realize most people will say they wouldn't allow pets. However my question is how does one maximize pet allowances? Add on an additional $50-100 per month? A one time pet deposit seems like it possibly can't cover the cost of damage a dog/cat is capable of doing. I've been investing for almost 3 years and haven't had to deal with pet issues. 

Thank You!

 Thank you Cody. My wife and I will be sure to check it out. 

Hello everyone! I'm wanting to wholesale and fix/flip in the Dakotas. Specifically the Bismarck-Mandan area to start with. Does anybody have some good connections, or experience, or some general advice how to start seriously in the Bis-Man area of North Dakota? I have a couple years experience as a landlord and had 2 accidental flips this year where I've made good profit. I have specific criteria on what I want to hold long term, but am looking to make the most out of deals that come my way. I've let contracts walk because I was unsure of myself and how I could accomplish a wholesale deal. Thank you for taking the time to read my post!

Travis