All Forum Posts by: Alan DeRossett

what is considered a short term? I have a owned property with many of the same Tenants for last 10 years. if I transfer property into a LLC would I need to start over with short term income if I refinanced paid off property?

All banks now have Bill pay you only need to have their email or set one up just for bill pay I created an email just for receiving  and this account is sweep into operating account at end of each day. ACH is much cheaper then using Paypal or a Credit Card like in Tenant cloud.  

Not surprised by Equifax Databreech looks like an inside Job as in they left the backdoors unlocked. Security notices went out to them on March 4 th to patch security holes and they did not. I stopped requiring Credit reports on Renters 10 years ago. as my Worst Tenants all had near perfect credit. and my best had zero credit. Instead I use a debit report. I ask to tell me their prior landlord and verify they paid. I also look for other Positives like a high Ebay or Karma score of completed transaction. A Clean Car and Valid Drivers license is a good sign too. Also talk to prospective Tenant for 5 minutes will reveal enough data to confirm by Google. More importantly is all property owners are now likely to see Banks charging higher interest rates due to overall fraud loss. 

Also think it  will be kept or just renamed as all Congress members have likely used it and most of their Fund raising would be hurt it its eliminated. 

Sounds cheap maybe convert into a storage business. plenty of people need extra storage space. 

15 yrs is fine for Citrus you will get another 10 years of high productivity plus start the 15 year depreciation all over. Make sure your taxes as Agriculture and your water is billed as Agriculture big saving over normal homeowner water rates. In California we have highly productive trees at 30 years. From the fifth year onward, citrus trees enter their fruit-bearing stage. When they begin bearing fruit, they grow more slowly, especially during the winter. They reach their full size 10 to 14 years after planting. After 20 to 25 years, the trees reach their peak production and their yield of fruit declines We also have some that still produce nice after 45 years but past their peak.

I would cancel the landlord policy and tell your Brother not to sue you :) he should take out a renters policy to cover his stuff . your home owners should cover you. 

I always write up the best offer and then make acceptance conditions include inspection pest and water testing sometimes Soil and Geo in some areas with expansive soils that might break slabs. On one House i bought at $160k  6 days before foreclosure over $40,000 of work was written up by inspectors so i got that money off in escrow to do the work.. Some areas on ground water have toxic levels of Aresnic and if a Tenant ever decides to sue could own your property.

@JohnAndersen 

I've delt with people who plan on using the system to stay in a building without paying rent. as much as it hurts the quickest way I've found is to bribe them to move. if rent is $1,000 I know they could stall legally and stay 6 months and even while I'm in the right and would prevail if I sued them i know I would never collect from some. in these cases a quick bribe always has worked. i offer to pay them $!,000 to help them move out. then I'm only out$1,000 vs delay and court costs of $10k 

I also Test the Water supply before buying any properties. a nice DIY Water test kit for $99 will save your whole investment if you find something wrong in water supply determine if its your properties plumbing and fix it. This Prevents the type of thing we keep hearing about in lawsuits and in Cities like Detroit. If i see heavy metals in test results maybe avoid that city as a investment even if cheap. We trust City water Statementms but we will verify annually now that we have to be our own EPA. Its our jobs as landlords to only rent a unit we would consider safe and habitable.