
25 June 2024 | 30 replies
was the water damage visible in the basement when you bought?

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.

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 | 2 replies
But Milwaukee is really block by block in some parts, you drive 5 minutes and it looks and feels way different.

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?

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.

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.