
28 June 2024 | 12 replies
Obviously the security deposit is meant for a different purpose (towards damages and repairs)… but it acts as a goal post for us.

28 June 2024 | 46 replies
I just submitted another app for the fire damaged house to my left.

27 June 2024 | 9 replies
There's a real good chance that the lease requires them to do several things: upkeep on the unit is a big one (damage to property), weeds outside and landscaping (which encourage pests and insects to inhabit the property), pets authorized or not, additional tenants on the property that are not on the lease.

26 June 2024 | 4 replies
These tenants reported the wood porch floor being damaged, and since it is old, I replaced it with brand new boards.

26 June 2024 | 11 replies
Not saying you are wrong, but the metrics have a local element.

28 June 2024 | 5 replies
:A bad tenant can lead to thousands of dollars of losses via unpaid rents, legal fees and property damages.

26 June 2024 | 1 reply
Hi,I would return the deposit fully assuming no damages and this would be required in most states as you weren't actually 'damaged' by the early termination.

26 June 2024 | 4 replies
I come from a jurisdiction where you claim can be declined if you fail to show proof of tenant screening documentation especially for property damage by the tenant.
28 June 2024 | 10 replies
Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

26 June 2024 | 0 replies
Hi BiggerPockets Team,I have a tenant which hasn't paid rent for sometime and has damaged the property and local legalaid attorneys are helping the tenant by throwing the kitchen sink at me by false accusations :) Do you have recommendation for Eviction Lawyers in the area who I can talk to get advise and representation?