All Forum Posts by: Ximing Feng

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Hi BP families! 

    Hope this finds you well.     

    Just got my real estate sales person license this year. I would like to start off as a part-time agent since I currently have 9-5 W2 job that could provide me a stable income. Have never had any sale's experience so I would like to go somewhere that could provide me with some trainings (I assume that reading books might not enough? but I might be wrong). My question:

1. which broker would you recommend for newly licensed agent?
2. what suggestions would you give for people who start off with 0 experience like me? Dos and Do nots? Books? Video Trainings?

  Any help is much appreciated. Thank you very much!! 

Hi, Hope this finds you well! :) I am planning to rent my single family house to a group of people. They are one couple and 2 person. They are friends to each other and they are all adults. My questions are:

• Should I ask everyone to sign the lease?
• Can I ask only one person in the group to take charge of paying rent? Or I have to divide the rent and setup payment with each one of them?
• What is going to happen if one of the leave the house? Let's say they don't get along with each other no more. Are the rest of the people responsible for the full amount of the rent?
• Is this regulated by law or should I add special clause in my lease for this kind of situation?

I am asking because someone was asking me what if I just sign the lease with one person in the group. That way no matter what happen to the group, I just turn to this one single person. I am trying to see the trade off. Any help is appreciated. Thank you very much!

Great advice! Will do! Thank you very much! 

It is a triplex but I think it might be. Below the lease states that once the lease expires, the tenant has to move out (shown in the picture below). However, if I accept the rent after the expiration date. It will automatically transfer to Month to Month

I am having a hard time finding the law about sending notice for nonrenewal. I checked the ARS and Landlord Tenant Act but still could not find any guide on this part. It could be that I somehow skipped it though. Or maybe it all depends on the lease?

@Nathan Gesner 

On the lease, which I got from BP, it states that once the lease expires, the tenant has to move out (shown in the picture below). However, if I accept the rent after the expiration date. It will automatically transfer to Month to Month. I guess that means I don't even have to give the notice if I don't want to? I will still give them notice but I am just curious about how this works. 

@Debbie C.

You are right! I realized that the link that I shared are actually for mobile homes. The lease will end on Aug 31 this year. Now I am planning to give the notice in mid-July. Thank you very much, Debbie!  

@Matt Ziegler 

Thank you very much! And I agree! I will definitely screen my tenant more carefully! :) 

I have a question about my current tenant. They are inherited tenants from the previous owner. There is quite a bit of damage on the unit before I bought the property. We plan not to renew their lease because we would like to renovate their unit after the lease expires. I found this page https://www.azleg.gov/ars/33/02143.htm which states that I have to give them a reason for nonrenewal and there are different requirements on the notice for different reasons. My question is

· For the reason part, how much detail do I have to put in. Can I say: Renovation of the unit

· How many days of notice do I have to give them?

· If it is 30 days, I understand that it is hard to find a rental right now, can I offer them 60 instead of 30 days?

Any help is appreciated. Thank you very much!

Hi,

Hope this finds you well! 

I am a new real estate investor trying to set up my QuickBooks online so that I can do my own bookkeeping. So, I have this final settlement statement from my title company. It lists all the money that is credited to me and what I need to pay (debit):

Credit:

1. Earnest Money
2. Loan Amount (Credited from my mortgage Company)
3. Tenant’s Security Deposit
4. Tenant’s rent (since the property is closed in the middle of the month)

Debit:

1. The sales price of the property
2. Fees that I need to pay to the mortgage company (processing fees, appraisal fees, etc.)
3. Fees that I need to pay to the title company (processing fees, title insurance)
4. First-year home owner’s insurance
5. …..

With that, we have Debit – Credit = $8224.81. And that is how much I paid out of my pocket to purchase the property. I have one checking account (for rental income and all the expenses) and one saving account (only for the security deposit of the tenants)

Back to my QuickBooks online, in my chart of accounts, I have:

• Fixed asset account: added first journey entry as increase. The amount is the sale price of my property
• Long-term liability account: added first journey entry as increase, the amount is the loan amount.

My question is, how should I categorize the $8224.81? It is supper convoluted (to me). Especially the tenants' rent and their security deposit.

I also transferred security deposit money from my checking account to my savings account, pretending that the previous owner transferred the money to me (in reality, they are credited to me through the final settlement). How can I categorize this transaction? Do I need to create a chart of accounts for the security deposits?

Any help is appreciated! Thank you very much!