All Forum Posts by: Amy H.

Nnabuenyi Anigbogu:

Thanks for the response. I think I've figured it out: I'm talking about background checks for potential tenants, so I think it likely fits into the "Advertising" section on the IRS Schedule E Form.  I see that you are from Chi-town. How I miss it! Also, Igbo? I have friends in Lagos and Jos -small world, no?

Thanks again for the help!

Amy

Newbie here. I'm looking at the Schedule E Form and trying to fit my expenses into the categories. I see "Advertising". Is this where I would expense Background Check fees? Thanks in advance!

Amy

Wow, everyone: Thank you for the prompt and informative responses! 

Steve V: I think that was about the most succinct way to let me know what I need to about Quit Claim Deeds! I really never thought that this site would be beneficial to me, as I'm such small potatoes in the REI field, but I've already learned some valuable things.

Charlie F: I wasn't aware of the BP ads and I'll look through them this weekend -thanks for the heads up.

Mark D: Thanks -I'll email you in the next couple of days.

David D: Thanks for letting me know to get a warranty deed at EVERY closing. 

I really can't believe how helpful everyone has been here at BP. Thanks again.

Amy

I am looking to acquire single family properties for "buy and holding". I'm very new to it, so am trying to understand the best methods to find properties. Of course, Craigslist is one of the first things to come to mind. I've done some reading about it, though, and see that many of these ads are scams  -such as wholesalers offering properties that aren't really available simply to generate lists of potential buyers to whom to sell to in the future or to simply sell the lists. However, I'm still not sure I have the hang of what to look for in a Craigslist ad.

There is an ad currently listed for a 3/2 in a Dallas suburb for what seems to be an exceptionally low price. It does not list the address of the property, or a direct contact for the poster. If you click "reply", it gives an email address that [email protected]. The ad does give a nice description of the property and ends like this: "Great investment property, market values expected to rise 4.5% in 2016. Priced for quick sale -Quit claim deed issued, ownership rights and possession are immediate."

I would so appreciate anyone willing to take a minute or two to give me an idea of what I'm looking at:  Genuine ad or bait-and-switch, list-generator, etc.

I've used RentPrep a few times. I don't have any experience with other companies, so I'm not sure my comments will be that useful -nothing to compare it to. However, from the reports I have received, I've chosen an excellent tenant (and believe escaped a nightmare.) on our first unit. The current tenant, screened by RentPrep, is going on two years and nary a problem. The one with the poor RentPrep report; however, I also Googled and, as above  -what a nightmare. So, so glad he's not my tenant, but sorry for his previous Landlord, an elderly gentleman who didn't receive rent for five years, and the tenant kept going to court to fight an eviction, brings various lawsuits against him, etc.

I just (today) purchased RentPrep's "Platinum Package" to screen two applicants for our new unit. The charge, which includes a basic credit check, as well as background/criminal/eviction, etc. checks, is about $45 per applicant. So far, so good. Seems like a good deal -easy, not expensive and complete. I hope this is helpful.

Everyone: Thanks for taking the time to respond. 

Hakim Ali -Your comments are a big help, as we are in the same part of the world here. Practically neighbors  -We have a house in Carrollton and one in Lewisville. 

Aaron Montague - That's what I was thinking -just adjust the lease one way or the other to get it to end when I want it to. My inclination, since this would be a new tenant, would be to have the lease be shorter, rather than longer, than the year lease, which is your example above. I have nightmares of bad tenants combined with long leases!

Dan Perrott - Thanks for the welcome! I'm so new at this, I hadn't even thought of getting it re-rented with the current tenant still in place. It sounds like you run a very tight ship. I hope I can develop those skills, such as tenant screening, to the point where I have that kind of vacancy/turnover!

My apologies in advance for what is likely an old subject; however, I can't seem to find this addressed in the forums anywhere:  

What are the best months in which to end a lease?  Also, we just purchased a property, so this will be the first lease:  If the best month in which to end the lease is several months off, what is the best way to approach it:  Make the first lease longer than one year or shorter?  Any ideas or old forums posts about this that anyone can point me to would be greatly appreciated!