All Forum Posts by: Johann Jells

At least the keyless deadbolts aren't as ridiculous as the door chains we're required to have. Most of them are absurdly flimsy.

It's not about the income but about the asset. My properties are virtually our entire retirement, I can't sell off what the higher education system thinks they should get of my worth to educate my kids.  Even if they go to Rutgers, a state school, it's still going to cost nearly $1/4m for the 2 if they live in the dorms.

 The one time I've done an upstairs laundry I had what was basically a tile shower base built, with a curb, so I would never see water running down the stairs. It couldn't be just piped to the drains since the trap would always be dry, but the plumber said since my basement had a sump pump it was legal to just run an emergency drain like this to the floor there. had I also installed a laundry valve that only opens when the washer is pulling current, and has a detector for the floor that cuts the water if it gets wet.

http://www.supplyhouse.com/Watts-0004640-1-2-A2C-M1-IntelliFlow-Automatic-Washing-Machine-Water-Shutoff-Valve-w-Leak-Sensor?gclid=CMbPoty2wcMCFXBp7Aod-RoA8Q

Also recommend the open house. Last very desirable apt I listed on Craigslist I didn't write anything down, I simply email responded that I would be scheduling an open house and would let them know when. When I held it, the 1st couple in saw the next couple very enthusiastic, so they quickly filled out an application and wrote on the bottom that they were willing to pay up to $130 more than the listed price! My soft hearted wife insisted we split the difference.

OK, I got a new one. HD has these sweet magnetic combo doorstop/hold open catches for self closing entry doors. One of my peeves is tenants and movers who think the way to hold a self closing door open is to jam a piece of crap into the hinges, which rips out the hinge screws in my old wooden buildings. This way there's a catch for them. Even so I've caught a mover putting a block in the hinges on the door with a catch, "uh, I didn't see it". F-ing moron. Whoever teaches mover this "trick" should be shot, along with the plumbers who set toilets on plaster so they don't rock.

Thanks @John Briggs. That helps some. 2 things still confusing me, you say an S has the same dissolution problem as a C? So that only leaves an LLC without this issue, and a straight rental holding LLC looks passive, which means ASSET!! to the colleges. Our goal is to "de-passive" the business. The other thing: what differences, if any, exist between a C or S, and an LLC electing to be taxed as one of them?

As for minimal C income, we could pull that off for the 10 years till my kids are out of college by reinvesting and perhaps feeding as much as possible to a retirement plan (please comment on that). But after that both I and the mortgages approach retirement, when cashflow will increase and it will be wanted. So the C fails at that point taxwise. Or not, depending on what capital gains is at that point, no?

I had a S8 tenant for 6 months as a legacy in a new purchase 4U. There is whole house steam heat, and in February she stood in her 70 degree living room complaining it was cold. She was wearing shorts and a tank top. Couple of months earlier we got a call from the authorities that her daughter had scalded the baby in the tub. WTF? No matter how hot the tap water who dumps the baby in the tub without testing it? They also complained they had maggots. I explained that maggots aren't migratory, they came from the garbage in their their own apartment! Nope, never again. I'd rather get lots less than do S8. But I'm getting more, and from more functional tenants.

 Welcome to the Twilight Zone Anna!  I've halfway concluded this is a taboo subject, the people who've figured it out don't talk about it for fear the colleges will figure it out too.

 Really? I've gotten burned enough by short lived compressors in used fridges I won't do it anymore, not to mention that most of my units are upstairs, sometimes 4th floor. New gets delivered and the old taken by the vendor. Used I've got to do it, or pay someone, as my back has told me it's not an option. But another big reason I stopped is so many appliances today have computers in them that cost a bundle to replace. An old school pilot light range is dead simple to fix, even in some electric lighting gas ranges the main thing that goes is the oven igniter or the burner sparkers.  But it cost me $400 for a new board in my 5 year old Samsung side by side.

 Actually, these days you can get black for the same price, and makes quite a nice looking kitchen. I've been reluctant to do stainless in my ~$1500 rentals for both expense and maintenance reasons. What do you consider a high enough rent to justify it?