All Forum Posts by: Troy B.

I just bought a duplex which one was rented and one not. Both units where in need of some repairs but I'm not sure what is a tax deduction and what I have to depreciate. I know the painting and cleaning can be deducted and that anything that adds value to the property is a improvement but it seems very confusing. For example the linoleum was ripped bad in places, the shower surround was cracked and all the faucets had leaky valves. These expenses just couldn't be repaired and had to be replaced. Would these then be deductions or still considered improvements?

I think I'm a little unsure about the best way to show a unit to prospective tenants. Do you have a rental application process with credit checks and criminal? Do you take reserve deposits or do you just have them sign the lease after a good verbal interview? I'm sure you all do it differently but it would be nice to hear all your thoughts.

The other day A 20yr college kid looked at a rental I had and immediately said he wanted to reserve it to move in on the first of the month. It was against my better judgement to rent to a college kid but he had a full time job on top of his schooling and his parents where going to co-sign with him.

Long story short he gave me $200 to hold the place and signed the reserve agreement. I met with his parents that night and they liked the place also but wanted a few changed such as a second lock on the door.

Now four days later the mother calls telling me her son found a better place and she wanted to get the reserve deposit back. I told her that it says the deposit is NON-refundable if tenant changes there mind in BOLD print just above her sons signature. In fact it is the reserve agreement form that is available on the Bigger Pockets forum. Now I lost four days of prospective tenants and also added the new lock as she requested.

I explained this all to her but She began yelling and said how dare I take money from a young college kid. She said she would call her lawyer. I knew I had the legal right, but I caved in and said I would send her a check, but I didn't say for how much. I know I don't have to do this, but being a new landlord, I just gave in.

So do you think I should give her all the reserve deposit back, part of it, or none?

In my area the water/sewage is billed to the landlord even if the meters are split and is ultimately the responsibility of the property owner. I wanted to include the water/sewage in the rent to avoid any issues but I don't want to be stuck with a huge bill if they abuse it.

Is it legal to include a statement in new leases that there is a maximum that will be paid by the landlord and anything over that will be billed to the tenant?

I just brought a 2 unit property with one existing tenant. My concern is if he moves out and I have no prior knowledge of the apartment prior to him moving in a year ago how can I legally keep any of his deposit if he moves to cover wear and tear?

He is a smoker and I know the apartment walls are very dirty because of it and will need painted. Would I have any rights to use his deposit for repainting costs?

I got the security deposit, but not the remainder of the months rent.

I just closed on my first property yesterday. I assumed the closing company would get a check for the remainder of the current tenants month rent from the owner, by they didn't. Since it closed six days before the end of the month shouldn't I have received a check for six days of rent the tenant paid to the owner?

Thanks everyone. Very helpful.

I'm a new landlord and live about 30 miles from my property. I have read that I can deduct travel expenses for property management but how do I prove the deduction? Is there mileage book keeping I would need to do or what other ways could you proved proof?

I'm about to close on my very first investment rental property in about five days. It is a two unit duplex and one is currently rented, the other needs a few repairs and should be ready to rent in a month. The current renter wants to stay, but is under paying for rent in this area. I assume getting him to sign a new lease would be my first priority. My question is what else should be done in the first few days after closing?