All Forum Posts by: Kyle J.

I was also wondering how you managed to get a 0% interest rate?

I had a somewhat similar situation. I really liked the tenants and they seemed very nice. In fact, they're still nice but once they moved into the unit I got all kinds of calls/texts for really minor issues. The house was completely remodeled so I knew the house was solid.

Some of the issues I responded to immediately, like the garbage disposal that just unfortunately went out shortly after they moved in (I replaced it with a brand new one). But with other "nitpicky" issues - like wanting the gardener to come more often - I just told them that I wasn't going to pay for that.

Pretty soon, after a week or two of being firm (but fair) with them and politely explaining to them that I wasn't going to do certain things and/or everything they asked, they stopped asking.

So my advice is to be firm (but fair) with them and explain to them what you will or won't do for future reference.

Also, since you say your tenant is telling you that she's "unhappy", she may just not want to live there any more for whatever reason and is trying to build a case against you and get out of her lease (if there is one). My suggestion would be to start logging every complaint, when/how it was received, how you responded and/or who you sent to fix the "problem", and what the final outcome was. That way, you can show that you didn't ignore her requests and/or fail to repair something that would legally allow her to withhold rent (if it gets to that point).

Wow, that story is amazing. Hard to believe someone's property can just be sold out from under them without their permission and the lender's permission.

I use Craigslist along with a for rent sign in the front yard. I would say that 50% of the calls I get come from Craigslist, and the other 50% come from the sign (people driving around the area they want to live in).

I think in general consumers are always looking for the best deal. With that being said, I personally place a higher priority on service. Not that I want to pay a bunch of extra money unnecessarily, but if I'm getting a FAIR price from someone and EXCELLENT customer service to go with it then I'm more likely to be a loyal customer forever.

Thank you all for your informative responses.

I'm sure I could figure out the amount just fine. I guess I was mainly concerned with whether or not I need to complete an actual form (either a 1099 or 1098) to actually prove I paid the interest and to account for who it was paid to for tax deduction purposes.

I have a tax attorney, but I haven't asked him yet. Figured it'd be just as easy to get the answer from all the people here who must have run into the issue before.

If I get a loan from a friend/family member/private investor, how do I account for the interest on the loan I pay to that investor? I know if I were borrowing from a bank they would issue me a 1099-INT form at the end of the year for tax purposes to show how much interest I paid and who I paid it to, but how does it work with private investors? I'm sure there must be someway to account for it, but I'm not sure what it is or what information is needed (i.e. do I need the person's social security or tax ID #). Thanks.

Eric Nickelson I currently have 2 SFR in Stockton and am about to close on #3. Personally, I think Stockton gets a bad rap in the media. It's not as bad as the news would like you to believe. I personally haven't had any problems with any of my properties/tenants.

As far as areas to avoid - I won't completely rule out any area if I can make money there. However, with that being said, there are definitely some areas that are "rougher" than others (primarily the south part of the city - approx the area south of Harding Way).

I have not found any local REI clubs. I wish there was one. In fact, I'm surprised there isn't one with all the rentals/investment properties in the city. Every property I bid on gets numerous offers, so I know people are buying there.