All Forum Posts by: Danielle Scott

@ Jennifer - yes there is a late fee clause. $15 per day including weekends and holidays I have enforced it in one instance with one tenant. I have instructed them that since the mailing of checks is never on time to Venmo me the money from February until the lease is up. They agreed. Will be reminding them once in February because of the change in payment method that I have to have it by the 3rd or late fees will apply. I don't know anything about a waiver and it's not in the lease.

Greg, they are in a year lease that is up June 1. Selling would be my last option as I think having a PM would help with these issues. It's not that I'm not comfortable doing it because I'm sick of the late rent but I just don't know how to handle it.

Would it be legal for me to charge back late fees out of their security deposit?

Definitely planning on getting a property manager when their lease is up. I think kicking them out wouldn't work out for any of us. I meant kick out not lock out. Couldn't find a way to edit the post on my phone.

Also concerned for "retaliation" of sorts to my stuff or the house itself if I start enforcing the late fee. I have once before but it was really late.

I own a home in Little Rock AR and moved to Texas for work in June. The past three years I rented out my spare bedrooms to three other girls while still living there. Now that I've moved they're more like tenants but I still stay there when I go back home from time to time. A lot of my stuff is still in the home as I only brought bedroom furniture with me to texas. Ever since I've been here they never pay the rent on time! I've always given them a 2 day grace period if they needed the extra time which has translated into that's when it's due every month. The rent is mailed on the 1-2 of the month getting there around the 9/10 making it very late. When I went home last I found out that two of them were letting people use my bedroom (with all my stuff still in it) and a drunk person urinated all over my mattress. I had to replace the mattress which cost me $490 and a day off work when I really need the money. The one that let her drink friend sleep in there offered to pay and I told her to give me $350 and we'd call it even since the mattress was 8 years old. She hasn't reimbursed me and I'm just waiting for the rent to be late again this month. Its a tricky situation because a significant amount of my stuff is still in the home and I feel like I shouldn't have to harass grown women that are doctors and pharmacists to pay rent on time and don't let people crash in my room! Very frustrated with them and have the right to lock them out with how many times the rent has been late but don't want to deal with it. I bought a lock and put it on the door. Advice on how to handle getting repayment for the mattress or rent on time?

This home was purchased in a foreclosure auction and renovated so I actually have quite a bit of equity in it making my mortgage lower than it would have been if I would have bought it outright. Due to how I bought it the house is in an LLC. Could this benefit me in any way having tenants make the checks to the LLC? Would it be better to use almost all the money earned in a year towards the mortgage and upkeep instead of making a profit? My goal is to get it paid down so I can live mortgage free or have significant income sooner rather than later.

I own a home in Little Rock AR and moved to Texas for work in June. The past three years I rented out my spare bedrooms to three other girls. I never considered it to be "income" as 90% of it went to the mortgage or repairs/upkeep so never reported on taxes. Thinking about getting a property management company to take care of it when their lease is up but would be taking a loss! Let's say I rented it for $2000/month I'd have to pay $200 to the management company and then 25% passive income tax from what I've been told. I would be losing money and this is before any repairs. I can't seem to wrap my head around this...having someone live in my house adding to wear and tear then losing money. Can someone explain how they do this?

I just purchased a foreclosure home a few days ago with quite a bit of IRS tax leins against it. The taxes owed are more than I paid for the house at the auction, which I don't know if that's common with IRS leins. I know that I have to wait 120 days for their redemption period to expire, but I wanted to see if there was any way to speed this process up? I saw the form OBD 225 Application for Release of Right of Redemption in Respect of Federal Tax Liens. Has anyone filed these papers? If so, how long does it take to get an answer and what was the result? I am a novice, but it would seem to me like the IRS is so busy with so many other issues that they will most likely let the 120 days lapse without redemption, whether they forget about it or it's just not worth the trouble to them. This could be totally off, but wouldn't sending in this form just remind them of the fact that there is a quite a bit of money owed on it and they need to do something about it? It seems as if sending in this form or notifying them otherwise will just guarantee that you will have to pay them something when you could just wait the 120 days and they will more than likely just not do anything about it. After the 120 days have lapsed do they notify you that they're not going to claim the property? Or do you just know that when the 120 passes they aren't going to claim it?