All Forum Posts by: Filipe Pereira

 You may want to try the rookies BiggerPockets podcast. I imagine it is more in line with what you are looking for. I think at your age, mindset / business books are equally, if not more, important. “How to win friends and influence people”, “four hour work week”, “the e-myth”, etc.

The ABCs of real estate investing is also a good one. 

Hi @Dunn Dela Cruz

Welcome to BiggerPockets! Whether or not you will be able to buy a second house will likely depend on your debt to income ratio. Do you know what that is? If not any qualified lender will be able to help on that front.

In terms of renting versus selling, you should determine what your condo would rent for and see how much of your mortgage it covers. If you are losing money every month it probably makes more sense to take advantage of the seller's market most people are in.

Landlord responsibility to repair the door @Andrew P. but that doesn't mean you can't require them to file a police report. Heck, there is nothing stopping you from filing the police report yourself - they will interview the tenant in most cases, and if this is a stunt they pulled, that should shake them up pretty well. 

Don't blame yourself for not requiring renter's insurance. You can recommend it, but it's really up to the tenant to take action unless you require it. 

We had this happen last month. Tenant didn't have renter's insurance. I unfortunately had to point to the lease where we said we recommend it. Oddly enough - only his macbook was stolen by a guy who went in through his window...very strange if you ask me.

You know the right answer here @Travis Oakes! 

Move him out, move yourself to the 3rd floor to take advantage of the low rent condition and while you're sleeping well at night think about whether or not it's worth renovating the unit while you are living there. If the current unit you are living in would rent for more than 650 (hint: it probably will in that market) then you are doing yourself a disservice (in more ways than one!) by not moving upstairs.

For most small time landlords @Benjamin Rafaelov, cozy is sufficient. It's easy to use, free to both you and the tenants and covers all of the things you are looking to do. 

Some people swear about getting a LLC for every property, no matter what @Amber Krueger. Me personally, I'm not quite of that mindset, but to each their own. If you do transfer the property into the LLC double check how your LLC was set up at the state level, as you may need to make some changes. A LLC used for goods / services to be sold in my home state of CT is regarded differently than a LLC set up to hold real estate. The state expects to collect sales tax on the former. 

If you think you have a target on your back that someone would come after you to sue you, then the LLC probably makes sense at this time.

The easiest and cleanest way to do this is to close out the old lease and security deposit as you normally would and write a new one for the solo tenant. 

It's a bit more work, but from an organization standpoint moving forward, it's probably the cleanest.

This is massive @Nathan Gesner Hopefully it kicks the can far enough down the road that it will catch landlords up enough in the meantime so that they are standing on their own two feet come 9/3/22. I can't see why it wouldn't, that's a LONG way out. 

I remember when this all first started "just two more weeks"...

@Account Closed the problem is he probably can't just evict all willy-nilly right now due to ya know....covid. 

@Steve TotinoI hate to say it, but @Greg Scott is totally right here. You're letting your emotions get the best of you, and it's resulted in nothing thus far. You're making some serious claims and whether they are right or not, they aren't getting you what you want - to be paid.

Find out what the tenant wants or needs and approach it in a way that gets both of you what you want. 

IF they remain unapproachable and really are just deadbeats then be prepared to not get any more rent from them and begin the eviction. Just understand you could be in it for the long haul given the difficulties in evicting people in most areas right now. 

Tax returns, bank statements and 1099's from legitimate online payment providers is a great way to verify the income of someone who owns an online based business. I know of folks who run almost a 6 figure amazon business, but you would have no clue if you googled their name @Uri E.