All Forum Posts by: Padam Neopane
Padam Neopane has started 19 posts and replied 42 times.
Post: Tax Return for Rental Property
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Thank You All for your valuable input. Appreciate very much
Post: Tax Return for Rental Property
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Hello BP Family,
My CPA has filed combined rental property LLC to my personal property . When I asked to file LLC account separately from my personal tax return, he says it is not necessary.
Post: Property Management Recommendation
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Quote from @Jeff Copeland:
The software you choose is not going to make or break you. Your level of expertise will.
You have to know a lot of stuff about a lot of stuff as a property manager, from privacy and fair housing laws, to bookkeeping and accounting, to construction and renovations, to landlord-tenant law and evictions, and hundreds of things in-between.
I'm not trying to discourage you or saying it can't be done. But one fair housing complaint, botched contractor job, or prolonged eviction can quickly cost you far more that a property manager, so don't sugar coat it: Go in with your eyes wide open.
One suggestion I have is to watch every video at http://www.evicttv.com/all-vid... (I have no affiliation with them, I just believe this is an incredible free repository of information for landlords and PMs - It's literally free education from a well renowned expert).
This will give an idea of the breadth and depth of knowledge you need to be a successful property manager. Some of the info is Florida-specific, but it will still give you an idea of what you need to learn and know about your local State (or District, in your case) and municipal rules and regs.
Thanks Jeff for links to video. I will leave it to the professional for management and focus on getting more properties. It makes sense on the long run.
Post: Property Management Recommendation
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Quote from @Eliott Elias:
Use a PM, if you are not well versed in handling tenants and are not knowledgeable on landlord/tenant laws it is not for you. It is not as simple as collecting a check every month. If you have more time on your hands than you know what to do with then do it.
Great point Elliot Thanks
Post: Property Management Recommendation
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Thanks @Drew Saygit
Agree with your perspective.
Post: Property Management Recommendation
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Hello BP Community
I wanted to manage a studio condo DC. I have used property management. It is just breaking even and not cost effective. It is located close to GW University and good for students due to its location and bigger than average condo size and it is furnished. I am concerned about frequent turnover from tenant and property management takes firs month and 8% monthly management const.
I would like to hear about self managing with soft ware like rend redi or avail or apartment.com, zillow.
Thank You
Post: How to Get Rid of Time Share
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Hello BP Community,
I bought a time share while visiting Arizona few years back. I have used only once. I have been trying to get rid of it so that I do not have to pay yearly fee which was 500 now 1000 $. I wanted to get rid of time share. Can any one share experience to get rid of it.
Thanks
Post: Pet policy for rental property
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Quote from @Hunter Terryn:
Did you know around 70% of US households have a pet? Definitely a good idea to consider allowing pets, in order to access those renters.
$250-300 is reasonable for the non-refundable deposit. It just gives you a little extra buffer for damages that the security deposit won’t cover.
Pet rent is a good idea too (anywhere from $10-50/mth/pet). We haven’t had so many people with the ESA thing, but I could see that being a challenge.
We always recommend you set limits/guidelines for the pets too. For example:
maximum of 2 dogs, no cats
1 dog maximum, less than 30 lbs
Cats only, no dogs
Those are just some examples but you can decide based on your preference.
Hope that helps!
Thanks for great tip. It was a cat, singed pet policy with $250 non refundable and $25 per month. Tenant was happy with policy.
Post: Lead Inspection in rental property
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Hello BP community,
Is there new rule for lead inspection in New Jersey
Post: Pet policy for rental property
- Investor
- West Orange, NJ
- Posts 42
- Votes 10
Very helpful suggestion Nathan.
300$ non refundable and 25$ monthly seems to be reasonable. What do you think.