All Forum Posts by: Wesley Kuo

Greetings BP family,

I anticipate my amateur story will bring harsh criticism, but I really need some help before the situation snowballs into catastrophe. Here it is:

One of the tenants in my duplex rental in Whittier, California is not paying rent for November.  I have been reminding the tenant via messages that the rent is due. Yet even with the tenant's promise to pay rent with the late charge, the rent is not received as of the 11th day of the month.

I am not sure what I should do next. A 3 day notice? The California Rental Agreement does not really elaborate on what comes after the late charge if tenant still does not pay rent.

Thank you all.

Wesley

Originally posted by @Andrew Fielder:

Wes, you should be using a different formula.

Total Return = income return + capital gain

CA total return is one of the best in this regard.

 Andrew, how do you determine capital gain in advanced?

Hi Nathan, Could you elaborate on what ACH is and how it fits into my scenario? Thank you! Cheers Wes

Thank you all for the inputs. I am thinking about using online bank statement detail as a proof of payment received since my tenants are direct depositing rents into my checking account. I will screen grab and crop the receipt portion and give it to tenants. Does this solution create problem? Cheers Wes

Greetings BP family!

I want to know how many landlords here give receipt or confirmation of any form to acknowledge rent received from tenants? From my perspective, it can be used to:

1. make tax reporting easier

2. resolve any dispute with tenant, if any.

I have my tenants direct deposit rent to my bank account. Does online bank statement suffice in this case?

I could be wrong, and a receipt is completely unnecessary.

Thank you!

Wes

Thank you guys for answering to my situation.

The toilet issue was dealt with by my plumber last week. The toilet is aging and it had blockage within hence the weak flush. We installed a new toilet. Tenant is happy.

Now I want to know if there is an agreement or acknowledgement between landlord and tenant that repair is done properly. I want tenant to know that any breakdown in the future (toilet in this case) will be his/her responsibility. Does this type of agreement exist or is it necessary at all?

Personally I'd like to keep the repair at minimum level at my rentals, and I could tell the tenant that we did the walk-thru before signing the agreement and the property is as-is. But at the same time if the tenant wanted to repair/modify the unit by his/herself I would like to supervise and make sure nothing goes wrong.

So realistically, how do you handle tenants who constantly report breakdown and request repair? I want to set up a criteria and a systematic solution for this. Any help is appreciated.

Cheers!

Wes

Greetings BP family, Weeks ago I posted a topic about screening tenants for rental property, and thanks to the immense knowledge from all who responded, I found the tenants and signed the agreements effective August 1st. So far my tenants have contacted me few times about the following items which leave me wonder for proper solutions as a landlord: 1. Changing wall color: I suppose this is the least complicated issue, but I still wonder if I handle it correctly. I told the tenants it is their option to repaint the house anytime during the tenancy as long as the property is returned to its original condition upon termination of the leasing agreement. 2. Hood in the kitchen: The property has a hood in the kitchen, but it does not have an exit pipe through the cabinets above and to the roof. The tenants want to open the path for it by modifying the cabinets and the roof. They know someone who can complete the job, but they want to have the permission to start. Should I allow them to proceed? Similar to #1, I could stick to the agreement and let them know the modification is allowed as long as the property is returned to the original condition at the end of leasing term, but is it the answer you will give? I am also concerned about tenants’ own handyperson; which party will be liable for possible injury, damages to the property, or bills for the job? 3. Toilet: Tenants said it doesn’t flush down at first attempt; the water just turns. They need to flush twice. I think the toilet flushes strongly or not is subjective, but I did make sure it takes one flush only before signing the agreements. Perhaps some wastes have been disposed down the pipe but I will not assume. What should be done in this case and which party should be responsible for the repair, if necessary? Thank you all :)

Theses are all valid inputs. Thank you all very much for letting me borrow the experiences. My beginner landlord handbook is expanding :)

I agree with you Cosmo Iannopollo As a rookie investor, I don't have years of knowledge and experience to rely upon but my hunch and first impression, but I definitely pick up more than a thing or two thanks to you all! BP family rocks

Thanks a lot Brendon Woirhaye ! These are very helpful. I also would like to know how long it usually take for a property from listed to rented? I have hosted 2 weekends of walk thru and met roughly 40 tenants. Out of those 40 I received 8 completed applications. The turn up seems low to me because my friend who has a condo in gated community in West Covina rented the place after first day of viewing.