All Forum Posts by: Account Closed

Haha ok I will, I also have copies of the checks and he usually pays on the 7th and 8th but I find that it was because the owner was in Cali and the house is in CT and he did give him to the 15th I feel that if I am strict he will tend not to slack and get it to me when its due. are you full time Bryan like MikeOH or do you still work and do this part-time?

I didn't realize I wasn't able to charge a late fee in any way possible. That gives the tenant no incentive to pay on time and I have a feeling I will be recieving checks on the 7th and 8th. I will get the mortgage due on the 15th. Also just another quick question the mortgage company requires the lease from my tenant but I am yet to actually go and talk to him and actually get my lease I want to use. The loan officer said I can make up one for now just to show the bank is that something that is ok? thanks

ok yes, I will tell the sellers about the 1.5% interest, and also what if I put the in the lease a 25$ more than I want but say if they pay by the first they can subtract the 25$ fee as an "incentive" to get them to pay on time. I have heard of other landlords doing this with some success just don't know how this would fit into my lease thanks!

ok another question is that the previous landlord was out of state and he typically paid on the 7th 8th of each month, guy gave him a grace period of 15 days! I plan to charge late fees after the first so should I give him a small grace peroid for the first month and then expect that rent on the first after that? and how does maintenance work on the property? as far as the things listed above snow, mowing lawn etc.

Ok so I am closing on my first property by next week and have alot of questions regarding the tenant who is living upstairs. They have been there for 7 years and pay 625 (rent is 725 but does "maintence" on the property so he saves 100) a month which I believe is under the market by $50. They are on a month to month lease so I can write my own lease now once I close.

First the seller is going to give me his security deposit? Is that something that is allowed or should I allow him to return it to the tenant and then he can give me the deposit himself and start over?

How should I go about getting the rent higher to market value or should i?

Also what exactly is this maintenance that he does? would it involve he is responsible for mowing the lawn, shoveling etc. ? Is this something you typically have one of your tenants do in your multi'families or not?

He also has some of his kids shoes, toys in the attic. To my understanding I should tell him that needs to be clear or charge him a storage space a month?

Also the same is with the garage he has tools etc. in there but I can either make that another charge or if not rent it to someone who wants to store their car?

Still nervous about actually being a landlord but also excited that I am taking on a new experience. I have done a bunch of research but still is a little intimating when you have an existing tenant instead of new ones thanks in advance!

Ok awesome now when I hire a CPA is this something that I just keep track of on my own than at the end of the year during tax season I would show these deductions? Also when applying for another rental will it hurt my chances of conventional loan since I am showing losses? I am going to keep a separate business checking account for these activites and will use it strictly to get gas to drive to property, deposit rents, pay mortgage, drive around for properties, reia memberships, repairs, etc. Don't know if I should form an Llc yet though?

Ok quick question regarding taxes. I purchased my first rental and on my earned income i make under 25k a year as a server (don't claim enough tips), basically I am looking at purchasing Albert Aiello's tax software, but would it be worth it? I am very inexperienced with taxes and am wondering a couple things.

He claims many people are saving a ton of money if doing your taxes right and setting it up under an LLC and C Corp. When he talks about people saving how does it work at the end of the year? Do you landlords show a loss on your taxes after you claim all your expenses and actually receive decent size tax returns off that? Or is this mostly for landlords with many properties who are saving themselves from being taxed alot on rental income.

My question is even with one rental can I benefit from a greater tax return by showing losses? thanks

Hey greg, thanks alot for your help and response. I am looking for the long term hold on Florida because I eventually want to move down there and have enough income to survive. The areas I am interested in is Hillsborough county and especially Tampa. I have looked at the REO's and some wholesalers on this site, but I am still confused on how much work these houses actually need. I would love to know if anyone has bought a house for 20-25k and put 5k in and has gotten 600 a month in rent. I also know the areas in Tampa have a higher rent then if I was to look in central florida like Kissimmee so that is why I like the area. The best plan I can think of, is to fly down for a few days and attend a REIA meeting and network to find someone who has experience with buying and holding.

Very nice I will check with local banks first and they can run my numbers so I know ahead of time I can get my $ back is the smartest move

Yea I meant you can get your original amount back and then have a property worth more than you owe. The above example
Was a great idea on how you just added 40k to your net worth