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13 June 2024 | 5 replies
PM cannot make the tenant pay their rent but there should be a process on their side of what they are doing when the rent is not paid.
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13 June 2024 | 2 replies
Just like you would do with any non-family contractor working for you:- get them to complete Form W9 for you, as you will need their SSNs- have them provide receipts for materials/supplies and keep those receipts- have a written labor agreement (how much and for what) - pay for materials separately from labor- make all payments electronically rather than cash so you can trace them- pay out of your business account, not personal- issue them 1099s next year if you paid them $600 or more for labor (for the whole year, not per job): https://www.biggerpockets.com/forums/51/topics/1167632-expla...
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11 June 2024 | 21 replies
Is it beneficial and take some load of pressure off your back?
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13 June 2024 | 16 replies
His long term tenant recently moved out and is about to rent it to his adult son, who will be paying him enough to cover the monthly expenses.
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13 June 2024 | 4 replies
I pay for the insurance and we all split the bill 3 ways.
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14 June 2024 | 7 replies
However, I'm a bit confused about the process, specifically:Who is responsible for paying the closing costs, and how do you bring it up?
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13 June 2024 | 4 replies
Hi,I did a private lending, term was 1 year. there was a clause that borrowed can extend loan (if lender is ready) for 2 times, each time for 3 months. but borrower has to pay 1 point for each extension(3months). so extension can be done total 6 months.Now, after 1 year, borrower keep paying interest .3 years went like that.Now Borrower wants to pay off. in such case what should be Loan extension point added.Thanks
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13 June 2024 | 0 replies
3) Would it be a better idea to keep the utilities in landlord's name and have tenants pay the bill?
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13 June 2024 | 2 replies
We are seeing if this is an option as we have ourselves in a scaling-up phase - we have purchased a commercial property local to us and are borrowing from our retirement to do so, with the intent of paying back with the possible sale of this home.
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10 June 2024 | 15 replies
After renting out the finished basement and one of the main units, we'd be paying a very comfortable amount for our part of the mortgage, and upon moveout we'd be breaking even with PITI + maintenance, capex, vacancy which is what we wanted to achieve.