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Results (10,000+)
Ade Akingbade Not Going Well - Seeking Advice for Rental Property Challenges
25 June 2024 | 30 replies
was the water damage visible in the basement when you bought?
Shelley Peever Heavy Bag in half duplex
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. 
Rachelle Bisaillon Newbie to Screening Long Term tenants shady screening
28 June 2024 | 5 replies
:A bad tenant can lead to thousands of dollars of losses via unpaid rents, legal fees and property damages.
Jacob Beg Deficient notice to terminate lease question?
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.
Corey Reyment Where are the war zones?
26 June 2024 | 2 replies
But Milwaukee is really block by block in some parts, you drive 5 minutes and it looks and feels way different.
J Zhang Does Landlord Insurance policy requires tenant screening?
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. 
John Campbell LLC vs Umbrella Insurance vs Other Options
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.
Rian Ash Eviction attorney recommendation for Contra Costa CA
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?
James Carlson 18 offers, 12% over list price .... Market going bonkers again?
30 June 2024 | 54 replies
I doubt one of those posters has apologized to the lifelong damage they did to the financial lives of anyone that followed their advice.
Amy Lemaistre Contractor failing to complete work and making costly mistakes
26 June 2024 | 3 replies
Include a timeline for when you expect a response.Request for Repairs/Completion: Ask the contractor to either complete the work and reinstall the alarm system or provide compensation for the damages and incomplete work.