All Forum Posts by: Kyle Meyers

I'll look them up on facebook, but I don't friend them. I have a business relationship with my tenants, not a personal one. I don't want them to see everything on my facebook and I assume they feel the same way. I check what is public, but everyone is entitled to their privacy.

As for texting, I prefer to text tenants than to call, that way I can look back at what each of us said.

Debit cards can usually be used as credit cards and if there is not enough money in the account the banks sometimes allow the overdraft and charge fees. This could work for your tenant depending on what your late fees are and what their bank's fees are, but it is an option to get your money.

I include washer/dryer unless tenant has their own already. I require use of the braided hook up hoses.

I believe the IRS allows you to expense things that are cheap enough. I think the limit is $100, but I am not sure about that. As for which property, I believe you just pick one and depreciate it there.

What do you do when someone contacts you for information on a tenant? I had a call from an auto finance company today to verify residency and payment history on one of my tenants. What will you/won't you share when contacted? Do you require a signed authorization from the tenant?

Just finishing up a rehab for a new rental and I have a question about capitalizing installation charges for appliances. I had to have new wiring run for an electric range and an over the range microwave and needed a plumbing connection for a dishwasher. Do I capitalize these as installation charges with the appliances for 5 years or as a part of the overall rehab for 27.5 years? I am thinking it will be 27.5 since the end product from the new wiring and plumbing will still be there if the appliances are removed, but I wanted to get some input from others.

I accept ACH transfers only. I pay the fee since I require this form of payment. I am planning to start offering credit card payments as well, but the tenant would have to pay the transaction charge for that.

I just got some from Staples.com, the design interface was identical to VistaPrint, but the prices were a little cheaper.

21 now
I will consider myself retired when my rental income can cover my living expenses. 30 would be a good age for that.
1M would be nice
Only need about $3k/month to live on.

I don't plan to stop buying real estate and working as a landlord once I reach that point, but it will be nice to know I could. I see real estate for me fitting the saying about finding something you love to do so you never have to work.

I have had Dorfman recommended to me by some real estate agents, however I have heard some bad stories from residents about them. I have not worked with them myself, but I would suggest some additional research on the company.