All Forum Posts by: Mic Nguyen

There are nothing about pet violations I guess because its in bold letters saying so pets and intialed. I forgot to mentioned that I live in the state of Florida if law differs here. I know for future leases I will add a huge penalty for violating these terms.

I have a tenant who is moving out this Friday and It has came to my attention that the tenant has had a dog in my property when the lease specifically states that I do not allow pets because Im am allergic to dogs and because I just did a complete remodel on this property before the tenant moved in last year. What can I do? The tenant wants her deposit refunded but I believe she owes my money for at least a pet fee and to clean the house back up. Any advice would be greatly appreciated. Thanks

Doug, did they loan to you personally or through a business entity?

I use the Hassle Free Group in Fort Myers and the normal rate is 10% plus 1/2 the first months rent.

If you buy in the Fort Myers/ Cape Coral area make sure you look into the sewer system. If the house is on well and septic tank find out when they are converting to public sewer water because they are charging somewhere around 20k for the tap. Therefore if you get a house already on public sewer you can bid a little more.

I was wondering if it would be beneficial to place my primary home into my LLC. I know that I would lose my homestead exemption, but I would be able to lower my tax liabilities because of depreciation and could show more income from rent proceeds. Just a quick thought I really haven't did the homework yet.

I've only tried 4 lenders. I think its because I just submit my 1040 and they don't ask for the schedules. They just look at the front page. I forget the line # but it will be like -400.00 for the year. So with a 39k income and 4 financed properties my debt to income ratio is already over the limit.

I wonder if I can place my primary home in the LLC and pay rent to it so I can boost income or would that mess up my homestead exemption.

OK, so I decided to walk away from this one. I just have the urge to buy something since I have some liquid cash available. I wanted to try something out of state for 2 reasons.
1st. Im noticing that my town is decrease by the minute and I don't need to invest any more money here.
2nd. I travel a lot, so I would like something where I could use as a getaway but be productive at the same time. Im having a hard time finding something that matches all the investment rules and still returns 15% of my money.

All of your comments are exactly what I'm dealing with. I don't understand banks either. Obviously If I were losing money with my 5 rentals, I wouldn't add more to my portfolio. All of my properties show a profit before depreciation. I was actually thinking about lying and say I make more income than I do just to get a loan.

Im offering 20k below list price. and yes can't get a loan because of max properties financed