All Forum Posts by: Niman S.

I'd take it, along with a fat security deposit.

I would probably feel a lot better after speaking with her prior landlord/neighbor/etc...

Sometimes, I wish I could be a tenant again... think of all the fun they must have!

Hi Les,

Welcome to BP! Josh has put together a list of different options here:http://www.biggerpockets.com/online-property-management-software.html

Hi Dan,

Welcome to BP! Josh has done a great job of putting together a list of different options for you to choose from here:http://www.biggerpockets.com/online-property-management-software.html

SimplifyEm offers a free test drive (you don't need an email to try) I think you'll like how it handles leases. Within 5 minutes, you're sure to fall in love with it. Check it out, let me know what think!

I wrote a fat article about depreciation, nice little story. You can see it here on BP http://www.biggerpockets.com/articles/625

My bad.

I guess "I should have calibrated those words differently!" It was late last night and it didn't quite come out right.

Jon is right on, and you can't go wrong with his link. When I saw Appraisal Fees, I was thinking Abstract Fees for some reason, so that was a total blunder. And loan costs for sure do not get added to the basis for depreciation, they are amortized over the life of the loan. From pub 551 link:

The following items are some settlement fees and closing costs you cannot include in the basis of the property.

1.Fire insurance premiums.
2.Rent for occupancy of the property before closing.
3.Charges for utilities or other services related to occupancy of the property before closing.
4.Charges connected with getting a loan. The following are examples of these charges.
A.Points (discount points, loan origination fees).
B.Mortgage insurance premiums.
C.Loan assumption fees.
D.Cost of a credit report.
E.Fees for an appraisal required by a lender.
5.Fees for refinancing a mortgage.

If these costs relate to business property, items (1) through (3) are deductible as business expenses. Items (4) and (5) must be capitalized as costs of getting a loan and can be deducted over the period of the loan.

Points. If you pay points to obtain a loan (including a mortgage, second mortgage, line of credit, or a home equity loan), do not add the points to the basis of the related property. Generally, you deduct the points over the term of the loan. For more information on how to deduct points, see Points in chapter 5 of Publication 535.

Definitely agree you need to get a pro, but I feel you on wanting to do some research.

I don't mean to plug it, but I think you'll find a lot of your answers at DepreciateEm.com

Among many other things, the appraisal fee and loan origination fee (points) should be on your closing statement and should get included with the basis for depreciation.

Generally, I recommend DIY with everything.... except anything that involves an attorney :)

Forking out the cash up front can save you a lot of money and headache in the future.

But I guess it really depends on what you are trying to do. I typically use the state lease forms. Haven't had an issue yet... But if I were to draft my own, I'd certainly use a lawyer.

http://www.pioneerlocal.com/edisonpark/news/1651742,ed-stabbing-070309-s1.article

No charges, self defense...

My first reaction as I read these lines was that you were describing a really hot tenant, LOL.

And then you clarified there's nothing attractive about the situation, and it's so totally Un-Hot, to the extent that you would be willing to lose a paying tenant. Wow, it must be pretty bad!

Overall, I'd say Steve has great advice.

Other than that, my assumption is that you are not worried about hurting her feelings. In that case, I would tell her that she can find the answers to even the stupidest questions, including how to flush a toilet http://www.passionateamerica.com/idiot-proof-guide-how-to-flush-a-toilet/ by searching on Google.

At 30 years of age, she needs to start seeking her own answers instead of having you solve her problems. Unless you want to make a toilet-flushing guide for every factor in all of your tenant's lives, you need to let them know that you are their landlord, and not their mommy.

Make it clear that contacting you on your phone is for emergencies only, and that they can get in contact with you otherwise via mail/email.