All Forum Posts by: Ama S.

@Apkesh Kumar If you have properties out of state or in your case out of country, you should have a property manager who would handle property management for you which would include security deposit deductions, mailing all required statements to the tenant regarding the deductions and being your agent in a lawsuit. 

Are you self-managing from out of the country? 

To answer your question, yes the tenant can sue you and the lawsuit will be in the jurisdiction where the property is located.

@Rousner E. You need to adopt a screening criteria that complies with your local landlord/tenant laws and stick to it.

And people saying they will never accept applicants with eviction records need to check what the law says in their market.

In Oregon for example, you can't deny an applicant due to an eviction that is 5 or more years

@Carolina Selva

I don't have a lender recommendation for you but if you are open to doing a lease-to-own, I will buy the property in cash and lease to you with an option to buy it from me in 2020. This is of course if it's truly a great deal. PM if interested

@Keyonte Summers Thank you for the information. Very helpful

@Zabrina Horton Yes that would be great. Thank you

Is anyone here buying from the Detroit Land Bank? Please share your experience. Thanks

This is from the IRS publication: https://www.irs.gov/taxtopics/tc511
"Travel expenses for conventions are deductible if you can show that your attendance benefits your trade or business. Special rules apply to conventions held outside the North American area.

...If you're self-employed, you can deduct travel expenses on Form 1040, Schedule C.pdf, Profit or Loss From Business (Sole Proprietorship) or Form 1040, Schedule C-EZ.pdf, Net Profit From Business (Sole Proprietorship), or if you're a farmer, on Form 1040, Schedule F.pdf, Profit or Loss From Farming."

I am not a CPA and no professional advice intended, but I think that if you are in the business of renting out properties to others for profit, and if you can show that your trip will benefit your business, then that trip should be deducted as business expense. And you don't have to have employees to be in business.

@Jeff S.

Will do. Thanks @Gary Carver

That would be awesome. Thank you @Jamiel Strickland

@Carson Plant What's more important is finding out what the market rent is for similar properties in your area. If the current rent is slightly lower than market rent, I wouldn't raise the rent. Vacancy and turnover kill cash flow. Plus, if you loose a paying tenant for $50/mo what's the guarantee that you will find another paying tenant for a higher rent