All Forum Posts by: Jesse M.

Haha, geez man no wonder you wanted your tenant to install his own tv bracket. I disagree with some people here; I think it's fine to not hit studs if you use the correct anchor and be mindful of the physics. Something like the EZAncor is overkill (and you won't ever get these out of the wall) but they will hold a lot of weight.

However for your specific installation, yes you should hit studs. I personally like using the Closet Maid system because they distribute weight load very well (along the entire length of the wall) and they are modular. Yeah, the white wire isn't beautiful but my closet is FULLY loaded, top to bottom, with mine and my lady's clothes and there are zero issues. Utility vs beauty I guess.

If I were you, I wouldn't get a contractor for this. This is good knowledge to have so try to figure it out yourself. Besides, it's your closet, not a tenant's, so you have time to fool around.

Congrats and thanks for sharing.

I will not do a increase when we resign in the spring but informed the tenant to expect it when we renew the 1 year (1.5 years from now). In my case, the enticement came from the fact that I was offering M2M initially, not necessarily the price.

I recently placed someone on Nov 1st and we're in a M2M and will start a 1 year lease in the spring.

Good Lord, tell him to terminate the month to month asap. Do it fast before they start hitting the hay together, if they haven't already. Then it'll really be too late.

EZlandlordforms.com

I simply would not trust a tenant to install because there's a chance he could do it incorrectly. What if he drills into the stud off-center and then tries to correct it by drilling on the other side and now you have over 50% of the stud drilled out? You think he would tell you about that? What if he drills off-center and hangs the tv and the mount falls out and now you have a hole in the drywall? Too risky for me.

Your last question seems to be the right direction. Pay for it yourself, do it yourself, and keep the mount for your successive tenants.

I absolutely would not let a tenant install a tv mount by themselves. These need to be anchored into a wall stud. If the tenant has already stated he won't stay longer than a year, I wouldn't mess around with it. I would require the tenant to pay for everything up front, if I did allow it.

My CPA told me, as long as the gifter doesn't go over their lifetime exclusion limit (2016 - $5,450,000), no tax will be owed.  I hope she's right.

Stop everything you're doing and start listening to the BP podcasts, specifically those related to buy & hold (rental) investing. There are lots of blogs here in the forum that you should read all the way through. If all of your questions aren't answered by doing that, you haven't read enough. I think you will be hard pressed to find something in downtown Chicago that will yield positive cash flow. Good luck.