All Forum Posts by: Shannon Slade

1. Cozy.co allows for LL and tenants to link bank accts for payment free of charge and take applications, credit and background checks( tenants pays for).  Easy website to navigate.

2. We also allow tenants the option of direct deposit in bank under my name.

What does the judgement say?  

Did the Judge award judgement in your favor?  

Does the judgement say they owe back rent or damages?  

If they moved out and you were awarded judgement  keep the payments last months rent and SD!  If the judgement does not specify what to do with the SD then look to the state property codes to get the answer, most likely Florida statutes will allow you to keep all money that will pay for things they tore up.  Make a list and send them a reason why you kept their SD.  Keep the last months rent cause i am assuming they owe it.  If the judgement will make you whole then block their number and forget about them, if not sell the awarded judgement to a collector and the collector will harass them. 

Document  Document Document all dealing with tenants especially rent money and repairs.  You never know when you will end up in court and need to prove negligence.  

Do not buy a home warranty service, unless you like arguing.  If you think you need a home warranty, you really don't.  If you know you need a home warranty, do not buy the house.  

Just cash flow any and all issues that may arise, before you buy the house make sure to put aside 3-4% for reserves.  If you do not have reserves then your asking for punishment.

Congrats on the new purchase.  

We allow tenants a few choices

1. Deposit in my bank acct. under my name ( tenant does not have my acct number)

2. Cozy.co

3. Mail money order

I enjoy reading about new land lords that are pumped up about this biz.  Congrats!

Good one @Matt R.

Nothing like getting it from the tap!

If you do not have the funds to separate the utility meters, then you have two options (which one is a PITA).

1. Each month when utility bills arrive separate the total by the number of tenants in each unit, then bill tenants.  This is your option if tenants are already in the unit with a lease in place or....

2. Call utility and get a 12 month average on both meters and add this amount to rent for new tenants or a new lease.  You will need to get a 12 month average each year so you are not paying a partial of their utilities.

Next time you purchase a rental make sure you have enough reserve funds to cover issues that are unforeseen.  Good Luck!

I think he made you a great deal, good for you taking it. 

Looking at your time line the house was off the market for an entire month, not sure if I would have been so generous. 

Good luck on your relocation.

Thanks Andrew!

Very nice!  Your points are well taken.  

Once you put the home in service, you can write off Depreciation, repair cost, maintenance, advertising, supplies, tools, taxes, insurance, mortgage interest, travel exp, home office (take precaution) cell phone usage.  Pretty much anything you do associated with being able to rent out the house.  

You will need to consult a tax professional on the difference between repairs vs improvements, repairs you can deduct in the year the work is done and improvements add value to the house and must be depreciated over time.

Consult the tax prof if you plan on rebuilding the deck completely, if you plan on just replacing framing or deck boards then you will deduct them as repairs.  

I am not a tax professional, just my opinion. 

Good luck on land lording.  Great way to build wealth.