All Forum Posts by: Abhijit Roy choudhury

Financial Crime enforcement Network, requires reporting of Beneficial Ownership Information filing by 01/01/2025.

Does this apply to us, Rental LLC owners. What about Not-for-profit HOA's.

Anyone heard of this? Seems like a very strict penalty if this is not followed through.

The CTA provides that willfully reporting or attempting to report false or fraudulent beneficial ownership, or willfully failing to report or make updates to the reported data shall be punished with a civil penalty of up to $500/day while the violation continues (up to $10,000) and a criminal penalty of up to two years in prison.

Without any tangible help to the landlord, this is going to be terrible for the landlords. Even if the tenant falsify the affidavit, who is going to prove that. The landlord who is not getting paid will hardly have any chance to do so.

I think the government should have  given out the SBA loan money to the landlords to substitute for the rent and forgive the amount that the landlord fails to collect from the tenant who provides the affidavit.

Just wanted to give an update. The matter was solved amicably. I kept the 1 month rent and they left in 15 days. They had never moved in and the husband was just sleeping on a air mattress. I got back the apt as it was rented to them. I was able to put it in the market and rent it back in 5 days. Lucky for me.

Thanks for all your advises. 

Thanks. All good advises. Yes, I do not intend to go through the eviction process. It seems like a family matter and a dispute between husband and wife. The wife does not want to stay there and is living with her mother with her 2 kids and the husband wants to stay here and wants his family here. It seems like the husband gave  the wife to deposit the rent but she did not.I think the best will be to just get this resolved and keep the deposit. 

Just learned one nice lesson. 

I recently leased an apartment to a couple for whom all credit check and background check checked out fine through smartmove.com. They paid 1 month security deposit and said will pay the rent when they move in on 1st of October. They did not pay the rent and now have changed  their mind and have decided not to stay here and want out. It is a 12 month lease. Can I legally enforce the contract and require them to honor it? Is a legal step recommended? Any suggestion would be helpful.

I am looking at all the comments and feeling really Jealous. Here in Oswego the water is supplied by American Water company. My 4 unit building has one meter for the whole building. The monthly water bill for the building is around $450.00. The city water is so cheap compared to what we pay. I know American Water supplies water to Bollingbrook and other areas too.

Does anyone know why their rate is so high compared to city?

Unfortunately, there is no way out for us other than charging the tenant and that then puts us at a disadvantage. Any suggestions?

@Skylar Dejesus GREAT JOB Man. Keep going. Best wishes.

Before Bigger pockets, I did 5 single family deals. Two,  I financed completely and other 3,  50/50.

Needless to say, after listening to Bigger pockets podcast and Beardy Brandon and tons of reading finally I decide Multi Family is what I want to do and recently purchased two 4 unit buildings. It has been fun. Now I am all geared up and hunting for my next 4 unit building. Anyone has any lead near Aurora, IL let me know.

I am a newbie and trying to setup my rental units on wave.

I was trying to setup one business for the LLC. Then each property as a product & service and each renter as a customer. The idea is to invoice them each month for the service(rental unit) sold to them(renter).

So a rental xyz is a service that I sell to the renter(customer) of that property.

Do you know any gotchas on setting up this way.

I am very new to this and these is my first foray into using an accounting software.

BTW: will appreciate if someone who has been using wave apps for rentals post a how to setup rental business with wave app guide

Thanks Michael. That is what I feel too. The rents are low. I think there is a potential to get more.

Will post if I make any progress in this deal. 

Putting an offer on a duplex where both units are rented out till April 2018. What should I be looking for other than usual. Can I put contingencies like, 

1) need to pass city rental inspection(scheduling that will be tough with in 5 days).

2) Satisfactory review of all tenants related document, lease, income, criminal check, employment, rent payment history

Also any suggestion on what should I be looking for. This is my first multi family. Heavily influenced by podcast 285