All Forum Posts by: Edita D.

Hey everybody!

Our tenant owes us 900$ as the damages done to the property exceeded her 1100$ deposit (total for turn around was 3100$). Before turning this to collection, we would like to give the tenant a chance to pay us back. Any tips?

Pertinent info: this 2-bedroom was being rented for 750$ for the past 3 years; tenant had unauthorized dogs on the property for which we later collected a pet deposit once we found out about them. The property manager claims tenant did not turn in a 30 day move out notice, even though the tenant states that she did.

Thanks!

E 

Hey guys!

I submitted all requested paperwork to our accountant on March 30th, 2016. When I had my appointment, I explained that we need to ensure to submit the taxes ON TIME as we may owe in back taxes, in which case penalties accrue. We even discussed that if he doesn't have a chance to submit the taxes on time and ends up submitting an extension (he was supposed to be moving offices), he will have to run the numbers, and if numbers show we owed anything, we would send a check  to IRS before April 18, 2016, and then IRS would reimburse us (if there's balance left) once he gets a chance to complete the taxes and submit. I specifically said I did not want any penalties due to not submitting taxes on time.

I have been following up with the accountant since then, and finally today he emailed me he did not get a chance to even run the numbers, that he was too busy with personal matters and that he will run the numbers within the next week, and that if we do owe anything, we will have to pay penalties.

Apart from the fact that I am completely dissatisfied with his inability to deliver, I wonder if this has happened to any of you?

If we owe IRS 10K, how much penalty are we looking at?

I feel the accountant is responsible to pick up that penalty bill (obviously he does not think that). Or could you say I did not give him enough time to submit the taxes?! We only have 7 rental units and some stocks, our taxes are not that complicated. What would you do?

Thanks!

E ;)

@Robert Melcher, you mentioned there are service I could contact for evictions, inspections, etc. Do you have a name in mind or should I read the Texas Property Code section 92 to get further info?

@Missy H. Tenant's move out date is March 21, his rent due (with a grace period on March 12th), and he said he "did not send the check". 

Hey Guys!

It seems our tenant kept unauthorized dogs at our property, and there are extensive pet damages to the house (flooring, fence). We think the repairs will SIGNIFICANTLY exceed tenant's deposit. Of course, we would like to resolve this amicably, however we don't think it will happen (tenant did not send a check for this month once he found out that we may be sending him a bill if his deposit ends up not being enough).

We have a very strong lease with a clause that clearly indicates tenant is responsible for any pet damage. We have been managing the property ourselves from California.

Can we effectively deal with a collection agency (in case we have to send the bill to collection)? Or would you recommend getting a property management company? Initially, we were going to have our (amazing!) realtor from Lubbock  prepare and rent the property for us for a fee.

Thanks!

Hey there!

What would you recommend for a property management company in Lubbock, TX?

Any experience with Westmark Realtors Prop Mng?

Thanks!

Hey there!

I decided to obtain a real estate salesperson license in California to work under a broker. What online course would you recommend?

Thanks so much!

P.S. Please, disclose any affiliations with such suggested online websites running the course.

Hey guys,

Anybody tried NeighborhoodScout.com to research neighborhoods? Does it give reliable info that would help in purchasing real estate?

Thanks!

E

Hello guys!

Is anybody aware of any websites that offer free rent payments online? If you are aware of any, would you recommend it or do you prefer it the old-fashioned way: checks?

Thanks!

Edita

Hey guys!

We have property managers for all our rental units from whom we receive year-end cash flow and statements. I have been also logging all expenses into a "yearly expense journal" on Excel spread sheet that I created myself.

Now that we have a baby and MUCH less time, I was wondering if it's wise to quit keeping my own records since we have a PM. If IRS audits us, I can just request those records from our PM, right?

Thanks!

Edita