All Forum Posts by: Troy F.

Hey Sam.  I don't know much about Beaver Dam.  I haven't done any business there.  In fact, I've had a hard time finding deals in WI in 2020.  I am still looking though.  

Good to know. The security deposit does cover the rent but not late fees or the utility bill. I probably went too soft on this one. Definitely a learning experience.

Good news, kind of.  I did exactly as you all said, text, phone call, and a certified "pay or quit" noticed.  I think the empathy filled text did the trick.  The tenants finally reached out to me.  They had moved on for various reasons.  They both cleaned their appartments and left on good terms.  I told them I would be keeping their security deposit since they did not give me notice.  I am bummed about two vacancies in a fourplex I just purchased two months ago but I am happy my place isn't damaged and I don't have to go through the eviction process.  Some have said I shouldn't let them off os easy and that I should at least charge them a prorated rent for the month.  Of course there is no guarantee they would pay the prorated rent after they are already gone.  What do you all think?

Awesome! Thanks everyone. Looking into LVP now.

I have a one bedroom in Lincoln, NE.  Tenant moved out and I'm looking to take advantage of the vacancy to update the flooring.  I'm looking for advise for the best flooring to put in throughout this one bedroom.  I would put the flooring in the kitchen, Livingroom, and bedroom approximately 700 square feet total.  I did a search in the forums and came up with 100's of results for flooring but they were posted 5-7 years ago.  I'm thinking there may be some updates on which is the best product.  Thanks for your time!

Thanks for the feedback. The property is in Nebraska. I sent them a rent reminder via text 5 days before the due date. Sent another text on the 5th, which is the end of the grace period. They are both usually very responsive through text. Then sent them an e-mail and text stating that they now owe an additional $50 due to the late payment. No response from either one.

I've owned the property for three months.  It was fully rented when I took it over.  Tenants paid right on time the first two months.  This month two of them did not pay.  I plan to send them a late payment notice.  I did tack on the water bill ($25) and one of the tenants lease expired and requested month to month which increased their rent by $50.  How would you handle this?  I've seen some suggestions to include a notice of potential eviction.  Is there a recommended format for notice of late payment?

Thanks,

Troy

That is exactly what I needed to know. It sounds like an LLC is a consideration for liability protection but does not change my tax deductions.

Thanks so much.

Troy

I am considering opening an LLC. Currently I have 7 doors, 3 properties all in my name. I'd like to know if having an LLC allows you more tax write-offs than if I were to just keep the properties in my name.

Thanks,

Troy

Sam, Did you buy the Beaver Dam or Wis Dells property? Send me the address in an IM and I can run numbers for you. It's kinda fun for me. I highly recommend using the BP calculator and BP insights (under tools) for rental analysis. Don't worry, if you send me your numbers I won't steal your deal. For one I'm not that kind of person and two, I already bought 6 doors this year. What!?!?! That's right, I took the leap. Hope it works out!