All Forum Posts by: Justin Fox

If the law allows, vertically trim that bad boy all the way to the top from the property line.  Afterwards, have a bonfire and relax knowing you won't have to pay roof sweepers for a long, long time. 

At least you owned your time, right?

Economic opportunity.  Don't have a strong workforce in need of housing?  Then you don't have a housing market, much less a rental market.  At least not a very good one.  There should also be a distinction between different colleges.  The economic impact of College Station and its desirability is very much different than that of Lamar University.  

Oh, so the penalty is only applied to Adjusted Gross Incomes of 150k or greater?  Being poor ain't so bad after all.

Thanks!

Sweet.

I was looking to claim 9 allowances on my w-4.  According to TurboTax's calculator I would still have a refund coming in of 1500 but that's just considering my W-2 income. 

I was researching about others who claim more allowances to minimize refunds and some started talking about underpayment penalties and interest charges by the IRS.

Then I got to thinking, should I be reporting/paying my rental income taxes quarterly?  Or should I just make sure that my refund from my w-2 pay and the taxes I estimate I will pay on the rental income be the same?

If your maintenance allotment will not cover the carpet replacement and you have to dip into CF, then yes, I would increase rent at lease renewal.  No need to get mad at her for requesting repairs.  They all seem pretty straight forward and reasonable.  Don't get emotional.  You need to make money, so if the repairs you made/will make are hurting your bottom line then raise rents when you legally can. 

Like stated before, if you have a legal obligation to honor this tenancy, DO NOT give them the keys until they pay you the first month's rent, security deposit and $450 for painting.  Make sure the deposit amount is inline with your tenant laws.  

If they won't meet you in the low to mid 170's, I'd walk. PMI or something must be eating up a lot of CF as well because 199,000 with nothing down over 30 years @ 4.5% is $1,008.00/month.

** I would look into 5% down conventional loans as well. The PMI will be lower and most lenders will let you reassess it after so many years for a nominal fee, instead of having to refinance out of an FHA into a non-FHA insured loan.

Those minor issues are for the condition report and he can jot them down there.  When the tenant asked you about painting you should have simply said NO, and kept saying NO.  Or tell him, "Sure, but the rent will be (1350/12) more per month."

You shouldn't commit to any type of painting job unless you have a lease signed, deposit money in hand and in this case, the 450.

Get with an attorney and see what you can legally do.  This guy is already complaining about stuff and stiffing you money owed.  This guy is a real douche.

Unfortunately, this may be an expensive lesson for you : (.

Good luck!