All Forum Posts by: Dan Vleck

Tenant said on 3rd day after signing lease that we have to modify it because her handicapped dad wants to move in. It's a 4/2. I approved them knowing 5 people would occupy, 2 adults and 3 kids. Can I request additional rent if I approve the dads application? 

It is a buy and hold and I just signed a lease.  Cashflow is $500/mo after piti if I let the little parcel go.  Much less cashflow if I keep it.  As a landlord, I don't like extra land because land can't be depreciated.  I'm letting it go if the survey shows that setbacks are adequate for the house.  If setbacks require me to keep the parcel, I'll follow your advice and try to get a reduction of liability.

Thanks.

@Ned Carey thank you for your response.  This is new territory for me.  I always pay my bills, so not paying something is awkward for me.  I know developers do it, so I thought I should consider this approach.  When I asked the city if I could negotiate the tax liability, they chuckled at me and said no.  

I bought the house and land through a title company on a line of credit cash purchase, and received title insurance.  I don't know why the assessments weren't due on sale.  I guess assessments are just put on the taxes and as long as payments are current, they aren't due on sale.  There were no back taxes, just current property taxes that included assessments for road and sewer and the deferred assessments on that little parcel next to the house, which the city said payments must begin now due to the purchase.

I'm just a bit concerned this might affect my credit or reputation in the community.

Anyone ever let a property go tax forfeit? 

We're there any bad repercussions?

I bought a house with two lots. The sale price was low due to $25,000 in assessments. The lot next to the house is smaller, but has $19,0000 of the total assessments for street and sewer. Reason is the previous owner put those assessments in deferral.  Interest caused the assessments to go up to where they exceed the land value. 

Any reason to not let that parcel go tax forfeit?

Who knows exactly why he was so mad. Obviously didn't want to pay rax on that money.  Could even be that the roofer won't be getting his unemployment check anymore. 

I just finished filling out my first 1099misc. My plumber suggested I do it when I asked him. Great guy. Not cheap, but honest family man.

Please keep in mind that you will likely need a good job in order to build a solid portfolio.  They look at debt to income.  So, focus on your studies. Remember that you are fortunate to get that education.  Work hard and earn a solid income,  it will help you build that big rental portfolio. 

They aren't experienced, they are just a bit smarter than some.

Sorry, but you are not good at this, nor am I. I dealt with a similar situation.  You will be rid of them soon enough. Just deal with it until they get behind by a month and then evict with good cause. 

There is a strategy to Monopoly. Look it up online. I have to intentionally lose to my son sometimes.  He would not play if I always win. 

Cashflow on iPad is a fun, quick game, but luck is a bigger factor. My family really started to understand re investing through cashflow.

Not socialism, but capitalism. 

I have worked with two new agents, by choice. The reason was that I did not want advice from agents, I only wanted someone who would answer their bleeping phone and let me in houses.