All Forum Posts by: Jeff Duford

Thanks to everyone for chiming in here.  To clear up some confusion, yes...I did collect a standard one month rent sec deposit.  What I did not do, was collect any extra because they wanted to add a pet into the equation.  I opted instead to collect an extra few bucks a month figuring that will cover me if there's damage from the pet after they move out.  I didn't think about the pet dying mid stream here.   

In lieu of added security deposit I agreed to let my tenant have a dog for an extra $25/month.  The pet died 5 months into the lease and so the tenant no longer wants to pay that extra $25/month.  But if the dog has done damage that I need to repair at the end of the lease, then I really want the full years worth of those extra payments..  

So.....what would you do as a LL?   Push back and keep collecting or let it slide?  Visit the property and see if there's been damage?

Also, what would you do moving forward to avoid this awkward situation?  Just add more to the sec deposit and forget the extra monthly fee?

@Terrell Garren @Chris Youssi Terrell, Chris - thank you both for sharing your experience!!

@Terrell Garren @Chris Youssi ..... I'm curious how do you guys manage your portfolios of SFH's? Do you self-manage them and have a good team you've built over time & trust (good plumber you know, good handy-man you like, etc)? Or do you use a Property Manage service to just outsource the whole thing?

Also, are all your properties local to you?  Or do you invest out-of-market? 

Would love to know what model has worked for you guys to scale up your business as I try and build up my own from 2 SFH's at the moment, while maintaining some level of sanity...

I just bought a rental property that needed a new HVAC system. Total cost for new unit (and AC) is $6500. I could pay that from cash in my checking account, or... I could use a HELOC from my primary residence.

I'm curious if anyone has an opinion, from a tax perspective, which is the better route? If I use the HELOC, I can deduct it (with new tax law i wouldn't be able to deduct HELOC if used on my own residence so maybe this is a good use for it), but if i pay cash then clearly i don't hurt my cash flow quite as much....