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All Forum Posts by: Stan C.

Stan C. has started 21 posts and replied 96 times.

Greg, I don't know if that agency is good. I have to take a chance. But if someone can recommend me a known good one and I could go to them instead, why not? This would increase my chances if success. 

So, recent government order to stop evictions is basically an order to stop paying rent and live in our properties for free. 

In NYC landlords are about to go on strike and will not pay properly taxes in return. 

Are there similar actions investors taking in NC? Any petitions on that matter? Any organized efforts that you know? 

This is my first property and first eviction. 

One of the tenants was sued for non-payment after 2 years of paying with delays but never skipping a payment. Eviction was granted. 3 days before writ of possession (eviction by sherif), COVID quarantine kicked in with maratorium on evictions. If the maratorium is lifted on June 1, 2020 as anticipated, she will ewe 4 months worth of rent. 

My PM will transfer the debt to a collection agency that they work with. 

Questions. Do you know the best collection agency with good dept collection success record? Am I allowed to request my collection agency to take over the one that my PM works with? 

What are overall tips on trying collecting the rent debt? 

I've lost my W2 job due to COVID-19 quarantine in NYC. I'm applying for Unemployment from NY state. There a question in the application: 

Other than part-time work, on-call work, or owning a single-family rental unit, do you have a business or are you engaged in any activity which brings in or may bring in income?

Engaged in any activity (definition):
You are ineligible for unemployment insurance on any day in which you perform any services in employment or self-employment regardless of whether you are paid for these services.

In my tax return I report the income in Schedule E, I don't have a corporation. My cash flow is usually only $300 for both units and right the cash flow is zero because tenants are not paying due to pandemic.

Should answer "yes" to that question and will disqualify me from Unemployment?




Post: 1099 from Management. Box 1: gross rent or net rent?

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

Ouch... My bad! They actually gave me 10990-misc. Sorry about confusion. 

Can all these be reported as losses to IRS:

PM fees, Property review fees, Leasing fees, application fees, repairs.

Lastly, when a bank asks me about my income to determine how much credit to give me (when they don't do a hard pull but just include this in questionnaire) - should I submit cash flow only ($150 per door) or gross rent, if the property in financed via a conventional mortgage ? 

Post: 1099 from Management. Box 1: gross rent or net rent?

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

So is it correct to receive 1099-INT with a reported gross rent from Property Management? 

Also, can all these be reported as losses to IRS:

PM fees, Property review fees, Leasing fees, application fees, repairs. 

Post: 1099 from Management. Box 1: gross rent or net rent?

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

I see. So only gross rent from 1099-INT, and the PM fees, Property review fees, Leasing fees, application fees, repairs, etc - all that I was supposed to keep track of myself and submit as losses in my tax return?

Post: 1099 from Management. Box 1: gross rent or net rent?

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

Hi all. I received my first 1099-INT from a new PM. It has only one box filled in - box 1 - with a sum equal to gross rent received by them from tenants. Should it include net rent which takes into account losses due to PM fees, Property review fees, Leasing fees, application fees, etc? 

Originally posted by @Robert B.:

Yes you have to compensate for increases like inflation, taxes and insurance then you increase rents to cover; but if not and you want to increase rents based on the conditions of the property then it is HIT or MISS

Just because you put granite in doesn’t mean you will get an extra $25 or $50No.

All based on your market

I’m not calling you greedy I’m just saying be cautious of your market and don’t over leverage it because once you get use to it and then the economy drops (Jacksonville susceptible) rents will go down! Then what

Know your numbers and stick with what works; I know Turnkey companies that are $10-$25 below market so they have occupancy

Just to clarify. My friend has two duplexes there, two of four units are rented ot $750 but the other two are vacant for 2 months while they are asking $750 for them. 

My units are slightly over most others in the area not because I'm greedy but simply because value of my units is higher, since the property is completely rebuilt. Inflation affects equally owners of old worn out units just the same as ot affects me. 

I'm not defending my position to raise a bit, but simply adding some info. In fact I don't have a position. Obviously, if I knew what to do, I wouldn't have asked for your guy's advice here :) 

I'm still not sure what to do. I'm afraid if I don't increase even $10 every year, I won't be able to catch up later if tenants stay for long. 

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