All Forum Posts by: Alex Scotte

I rented an apartment ages ago. When I finished my lease and left, the landlord deducted an amount for professional cleaners from the security deposit, although I did not leave the place excessively filthy. Now, I am on the other side as the landlord. Is it common practice 
deducted an amount for professional cleaners from the security deposit? Thanks in advance.

@John Warren I wouldn't spend it but use it offset the increasing costs of maintaining the place. I spoke with them today and they were affected by the pandemic but now getting back to normal. I realize it looks bad to raise rent during a crisis but I never thought "because it looks bad" is a good reason, especially if they are on their feet financially.

@Dick Rosen "Don't judge your rent based on your cost, judge your rent based on market rent." I noticed that!

@John Warren
I am $50-$75 / mo under comparable condo rentals (which is what I have). More than that compared to comparable apartment homes.

My tenants have not missed a payment despite COVID-19 and their lease is up in a couple months. I will be asking them to renew. For awhile, I was planning to raise rent a little because costs for the unit have gone up a lot for a couple years, and I did not raise rent last year. At the same time, I am thinking I should keep rent the same considering the pandemic. Any advice?

@Charles Carillo

I can make the payments to the bank if necessary. 

How will you all be handling the situation if your tenants come to you saying they cannot make this month's rent due to COVID-19? Either if they have had reduced wages because they can't work, have a loved one who is ill, or they themselves are ill? I was thinking I could extend the grace period 2 weeks. Will that be enough time? I figure they can borrow from parents (both have active parents in their lives) and/or if they get a stimulus check, they should be able to cover rent. It hasn't happened to me yet but I want to know how to respond if it does. Of course, I would let them initiate the discussion rather than me bringing it up to them.

Thanks in advance for the responses!

Follow up question: all appliance are more than 10 years old (except the central air conditioner/heater). Would they essentially be worth $0 at the time they were placed in service?

rental property tax question: Do appliance within the property count for depreciation? Do I list each one and calculate depreciation or is it all part of the rental property?

I have a rental property which nets only $200/month when factoring loan and property taxes. How would I calculate my debt to income ratio?

Option A

DTI = (Mortgage + Car Loan) / (Wages from Job + $200 from Rental)

Option B

DTI = (Mortgage + Car Loan + Rental Property Loan) / (Wages from Job + Rental Property Income)