All Forum Posts by: Tom Server
Tom Server has started 52 posts and replied 117 times.
Quote from @Bob S.:
REALLY!!! show your accountant your payment to them.
what happens if i decide to pay cash?
I am a first-time property owner, and I just purchased a triplex; I kept the original landscaper. He doesn't send out invoices and just gets paid by zelle. How do I write that off at the end of the year, if i have no invoices?
Post: security of property
- Posts 117
- Votes 26
This could be a stupid question, but I want to install security cameras on my triplex property. The tenants have their own wifi . Is there a way to set up cameras ?
Post: non LLC , use personal checking account to pay mortgage and bills or open a separate
- Posts 117
- Votes 26
Quote from @Diego A.:
My story is similar, I started with a rental, it was a lot of hassle to open LLC as the mortgage at the beginning won't allow it, but it is always convenient to separate the accounts for book keeping.
You will see this as soon as you have to do your own taxes first time, it will be a nightmare to collect everything is you incur into maintenance cost or any other expenses even if small.
Post: non LLC , use personal checking account to pay mortgage and bills or open a separate
- Posts 117
- Votes 26
So I purchased a triplex in my name, do not have an LLC. Does it matter if I keep the rents in my personal accounts? Or should i open a separate checking and savings? I do I open a separate account and pay the bills and mortgage with that account.. or it doesnt matter if I use my personal account?
Post: Tenants not paying electric bill, owner is responsible
- Posts 117
- Votes 26
So just purchased my first rental property last week and during closing the seller of the property got stuck paying a lean on the property for $4000 dollars due to several different old tenants not paying their electric bill. Electric company put leans on the owner. So not sure if this is done every where, but the electric company puts a lean on the property if tenants don't pay, even though the electric is in tenants name. How does a landlord protect themself from this ? The electric company has a form that can be filled out by the tenant and the landlord that allows a third party statement if the tenant doesn't pay their electric bill. But how can a landlord protect them self if they don't pay.. its not like you can shut their electric off ??
Post: Bill slip for envelope for money orders or personal checks payment
- Posts 117
- Votes 26
Post: Bill slip for envelope for money orders or personal checks payment
- Posts 117
- Votes 26
My tenants were used to paying cash, since the property manger used to live near by and would go collect. Now I am the landlord and live 2 hours away and switching the payment to be mailed to me by money order or personal checks. Im dropping off pre stamped and addressed envelopes, which I know is much , but figured ill try to make this as easy as possible. Does anyone use like a bill slip to add into the envelope ? something that has the month and they can write the amount they sent ?
Post: hired a property manager, should I still get a property manager application?
- Posts 117
- Votes 26
i guess my question is , if i have a property manager, what should I keep track of
Post: hired a property manager, should I still get a property manager application?
- Posts 117
- Votes 26
I was going originally going to be my own property manager and ended up hiring someone instead. Should I get any landlord or PM programs now /.?