All Forum Posts by: Bienes Raices

OK thanks. It sounds like I don't have to deposit the application fees into the bank account. That's the main thing I was concerned about.

Bill G.

Bill G.

The fees are being paid by the applicants to the LLC.

I'm taking applications for a property owned in an LLC. They are always in cash. Do I need to deposit this cash into the LLC bank account in order to do things the right way in terms of the LLC, or is okay to just keep the cash? (I order my credit reports, etc. on the computer with a credit card, so the cash is not used directly).

I was also wondering if I have to declare these app fees as income on my tax return, since they are going (indirectly) towards the cost of tenant screening (i.e. not profit). Thanks.

ok thanks everyone, it's good to know how to handle it if it ever comes up again

I just met with a woman at the rental. Her source of income was SSI + child support. As it turns out, they did not meet my minimum income requirement (3X monthly rent), so they didn't apply.

I've dealt with SSI before but how do you get proof of child support payments? Is it considered discrimination not to accept it as a form of income? My only concern about it is that the father might stop paying at some point or fall behind.

I had already decided not to take him (although meeting was scheduled). While I was waiting at the house he called to tell me he found another place. So, NEXT!

It seems unreasonable to ask for a $400 mold test. Personally I would just tell them no and give them the option again of leaving and see how they react.

Who is managing the property locally? Has the PM been to the site to see if there is visible mold? If there's no PM maybe it's time to find one.

Thanks Bill. This person does not have a cosignor so I guess I should pass on this one.

Thanks Bill, but I'm not sure what you're saying--are you saying to get a cosignor?

A college student called who wanted to see the place. I asked him if one of his parents was going to be the cosignor and he said no. I told him that I needed gross income to be at least 3X the monthly rent and he said that his income comes from financial aid and scholarships. Should I just go ahead and evaluate the financial aid based on my criteria?