All Forum Posts by: Victor N.

You should have been claiming depreciation for that duplex on your tax returns. If you did, there is a depreciation schedule in your income tax papers. Your taxable gain or loss will be calculated by subtracting the adjusted basis shown on that schedule from the net sale proceeds. Some of the gain will be section 1250 depreciation recapture and then maybe capital gain.

After you get the title commitment, consult an experienced real estate lawyer licensed in the same state where the property is located. Based on your description, it is very likely that there will need to be a probate proceeding or an interstate administration or a determination of descent to authorize someone to sell the property to you and convey merchantible title. There may be liens to deal with as well.

In addition to the items you mentioned, I have the HVAC serviced every spring including cleaning the condenser coils, lubricating the motors as needed and checking the refrigerant levels.

If they can't afford to pay you, they probably can't afford an attorney's retainer. They may be able to delay the eviction but even threatening such steps means you need to move forward asap. It doesn't get better with a litigious professional tenant.

Look for your local Consumer Credit Counseling Service. They are nonprofit and primarily funded by creditors. You can trust their advice. Also, if you set up a free Credit Karma account you can see your credit reports at no cost.

A provision in a contract that prohibits you from seeking legal advice or retaining a lawyer is not enforceable. It probably would violate your state's version of a consumer protection act. Consult an experienced real estate lawyer as soon as possible.

If you have the dish removed and the damage repaired, what could the tenant do based on an argument that he lacked notice? Claim trespass?? The police and the courts would most likely laugh at them assuming your lease prohibits satellite dishes or modifications without your consent. I suppose that the tenant could argue that they could have had it done cheaper. If so, I would just reduce the bill to the claimed amount. If this was my property, I would have contractor out there tomorrow and send the tenant the bill. Then apply the first funds to the repairs and give notice to quit or pay if they do not pay in full. Start eviction as necessary. I am not practicing as an attorney nor am I licensed in your state so this is business advice not legal advice. Consult your own counsel.

@Briana Bean @Zach Vaninger. I like Zach's suggestion. I would extend it to set up the operating account and restricted cash as sub accounts under your checking account cash account. Your reconciliation and balance sheet reporting should be simpler.

You will likely have great difficulty insuring a rental with a wood burning stove. I had 2 or 3 companies cancel the homeowners policy on my own home because they thought I had a woodstove. I finally had to prove I had a fireplace and not a woodstove with pictures. I agree with @Thomas S. remove it.

Do you mean no income at all for #1 or no income for the wife and more than 3 times the rent income for the husband? I would not rent to a tenant with no income at all regardless of credit. Recently had that come up with a potential tenant that wanted to pay first month and deposit from a settlement with the hope of finding a job by the second month.