All Forum Posts by: Account Closed

How many miles do you drive a year for maintaining and everything else that involves your rental property, Repairs, maint, rent collection, inspections?

Does same go for last month since I got first last and security up front?

No on a renewal, not randomly. Im asking how would I do it? If the rent goes up at the end of their lease and they choose to renew it. I would still need a full month of last month and security but would be short the difference it went up.

Hey everyone,

Just wanted to see how everyone else does this. If I have a rental just say 1000 a month, around figure with first, last and security upfront which is 3000. Rent goes up 25 a month. So would tenant need to pay upfront, next month the remaining 25 for last month and also 25 for security so next month rent would be 1075 or how do you do it?

Hello again, thanks for the input.

Yes the house is safe. Im just a little worried now days with everyone sue happy. In the basement which is unfinished and has a ground floor and is damp and dark, which is unlivable and does have black mold on the concrete walls. Also another property does have asbestos wrapped in the heating pipes which is common in old houses. There is NO MOLD in any of the living areas. I did consult and attorney and they said to disclouse it and have them sign a paper and ill be fine.

Hello

Anyone have an addendum to their lease which includes mold and asbestos to prevent tenant from suing the landlord if mold or asbestos is present before they take possession or if it appears after. Im being to be a little concerned with all the horror stories. Will a disclosure hold up in court?

I have a rental property with a HELOC. Its with Lafayette Ambassador bank, only downside is that the interest rate is 5.99 since its a investment property and that's with excellent credit. $500 in fees to open the line for $30,000. Max loan value is 75%

Well I have 3 rental properties and always pick up the rent in person every month. I was thinking of getting a P.O Box and having them mail it there instead of my home address. I never gave any of my tenants my home address but its not hard if the want to find it. All they need to do is go to the county website. Just wanted to see how you guys do it. I plan on keeping my rental for a very long time and don't want a crazy tenant who put in a little bit of effort to be banging on my door one day, which brings me to my next questions. Would I need to have my properties in a LLC to change over the deed address from my home to my P.O. Box and all the mail I get from the borough as well, Water, Sewer, Trash since they are all my home address as well. I would really like to keep all my rental separate from my home address but not exactly sure where to start.

Thanks for the advice in advance.

Nate

How do you keep track of multiple rental properties? Do you use some type of software or just use a excel template to keep track of the income and expenses. Currently I am using excel just to keep checking accounts balanced. Not sure if its bad to ask, but if anyone had a good excel blank template that they would not mind sharing that would also be greatly appreciated. I did try googleing but have not found any that I really like.

Is there any guideline or goal of how much a monthly profit anyone makes on 1 property?

I have a property worth 70k and rented for $990 and stick $400 a month in my pocket. I think thats pretty good (got a good deal on a shortsale) If anyone was to post how much they make I was always wondering.

Nate