All Forum Posts by: Amanda Janes

@John Kilhafner - officially they are contractually obliged to honor the lease agreement terms, but YOU are the enforcer.

IMO: If they’ve been great tenants otherwise and you don’t have to do much, if anything, to get it re-rented, then get it advertised ASAP as coming soon and get another tenant secured to move in within a week of the other’s departure.

@Jimmyhee Quach - I’ve absolutely loved using WaveApps for accounting purposes.

For expenses you make personally, you can send in receipts to your “business” for reimbursement.

But I would consider opening a joint bank account account and business credit card to streamline and keep personal separate from business.

@Eric McCusker - raising rent should be expected after a year or two. They’ve got quite the gift so far!

I would send them a 60-90 day notice, instead of the usual 30 (assuming in your local area and current lease agreement, you only need to give 30).

You can start with letting them know how great they’ve been as a resident and appreciate their timely payments. Note that you’ve not raised the rent thus far, note to them the current market value, and split the difference.

Then maybe in another year or two, raise the remaining or keep splitting the difference.

Raising more than $200 can be shocking to many. Giving them plenty of time to plan is key.

@Hjiorst Fjioords - one single 1099 for all rents within the portfolio for that particular owner / entity.

Issuing more than one would be confusing for the recipient and the IRS and could lead to audits.

@Mason Sligar - always looking to connect and learn and share ideas. Hope to see you around!