All Forum Posts by: Kyle Meyers

Steven,

I know there is a rule about rehabs that things that could otherwise be classified as a repair are considered capital expenses if they are part of a large rehab. Does that rule effect the segregation at all?

It will depend a little on your market, but it is common for tenant to pay their own utilities. Look at some ads for rental in your area on craigslist and see what they say about utilities. It is in the landlord's best interest to have tenants pay utilities directly. Check your local laws and utility policies to see if any are required to stay in owners name and see if any can put a lien on the property if tenants don't pay.

I have been providing appliances for my units and including them in the rent. I have been considering charging extra for appliances in the future, so I could offer my units at a lower price if the tenants did not need appliances, but make some extra if they do.

What appliances to you include with your rentals? Do you charge extra for any appliances? How much is reasonable to charge monthly for appliances?

Lots of good advice, thanks everyone.

If an LLC, partnership, or other entity is owned by a corp, do they get a 1099?

And what about private utilities? If it were owned by the city I wouldn't send 1099, but if it is an LLC do I send one?

Also, if I pay a corp, do I have to have any kind of proof it was a corp?

As I understand it, 1099s are required for anyone I pay $600 or more during the year for my rental property investing. I have a few questions about the exceptions though.

1. Do 1099s have to be sent to cities or counties?

2. If I pay an LLC which is owned by a corporation, do I have to send a 1099?

3. Do I issue 1099s to non-profits?

I've used stamps.com before when I did a lot of internet sales, but haven't used it lately and I never investigated the certified mail. I think click2mail also has certified mail advertised as a service.

I think the reason many people go to certified mail for legal notices is that in many places the law specifies certified mail be used. I will be checking with my attorney, but I believe for my purposes there is no reason a different service with signature and/or delivery confirmation wouldn't work.

No option at usps.com to send certified. There are some third party services I discovered that will send certified for you and/or sell supplies so you can send from home. I haven't been able to verify if the supplies they sell are accepted by the post office though.

I'm investing in Indiana tax sales. I was at the Marion county sale, but bought all I wanted/could afford before the lunch break on the first day, so I missed the one you referred to (456 Spring Mill Ln). I actually have a condo in the area of that property and the bid seems very high.

I had success at the Henry county sale in 2010, bought 3 liens, none redeemed, I'm getting 2 deeds, the third property burned down.

There were very few higher value properties in the Marion county sale this year, but I was targeting some cheaper ones.

Indiana laws don't specify how the notice must be delivered, just that it should be personally served to the tenant. My attorney advised that first class mail is sufficient under the law, but the tenant can dispute that it was mailed. I was advised to send certified so I have proof of delivery.

Jon, I like your idea of sending it Priority, it would cost a couple bucks extra, but it would save me a trip to the post office. Today's trip involved waiting in line for about an hour.