All Forum Posts by: Dennis Maynard

Ask for a referral from your realtors here.  Many times they have relationships or can source someone for you there.

@Ted Sung it's a great question. First, I recommend you speak with an accountant on the matter. Generally, it won't save you money until you are exceeding a certain amount of income, somewhere around 100k a year. This is why I recommend you speak to your accountant. I would also inquire as to a list of deductions. You should be tracking your expenses and mileage regardless. A quick tip on this, log each travel expense location in your calendar with address every time. Then you can go back later and document in a spreadsheet. LLC's are typically for asset protection. I personally prefer S-Corps for what you are describing of personal income and business. I'm not an attorney, so please consult with one. Hope this helps.

You should speak with an accountant to review your tax implications.  Tax codes change and there are strategies that may be employed.  Typically you will not receive the $250k/$500k deduction from selling a primary residence early.  Investment property is subject to capital gains regardless, but will fall under short term or long term gains.  I would speak to an accountant for clarity.

Permit it.  

@Bill B. Now surely you would suggest that politicians are playing politics with our lives and buying votes would you?  (Sarcasm)

Unfortunately, per my current understanding, they are still protected.  You have brought up another issue which I was not aware of that the state rental relief is income based.  Whether or not it is proper, it is par for the course for the political agenda of this state. Unfortunately I would advise seeking legal counsel.  One of my clients just used these attorneys and recommended them highly.  https://www.fastevictionservic...

Hope this helps.

@Rich Bergstrom carpet has a useful life if 7 years if I remember correctly. So you would take the replacement cost and divide by 7.  Then multiple by 2 and bill. 

All of these replies are subject to local rent laws.  In LA we have RSO laws that have additional criteria and requirements.  Furthermore,  I saw some responses that suggested the contract expiration causes the contract to be null and void of terms.  This is not the case.  With rental contract law, a continuation of the contract aka month to month tenancy continues the contract under the same terms and conditions that were originally established.  You wouldn't keep the deposit because the contract was expired would you?  No.  It is a continuation under the terms established.  

With regards to the tenants, 5 1/2 years tenants is an awesome run.  Let them go and thank them for being tenants.  Don't forget to offer a pre-inspection move out to notify them of items in need of repair or you will need to bill them for it.

I hope this clarifies some items.

When a landlord is giving notice to a tenant, State law says 60 days.  When a tenant is giving notice to a landlord, it is subject to the contract.

Nope.  Just a broker of 17 years with a lot of experience.  I have one client looking in the area up there currently.  Very small town.  You should be able to meet some people just by spending time there.