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All Forum Posts by: Yan Kang

Yan Kang has started 9 posts and replied 19 times.

Hi Greg, thank you so much for your insightful response and advice. All the best! 

Dear BP Community,

Good evening!

Sorry for the lengthy post!

I'm a landlord facing a challenging situation regarding showing my rental property as the current tenant's lease is ending soon. They are refusing all showing requests, citing a health condition of their niece (who is not an approved occupant on the lease). Their message was: "Hello, not possible to show! My niece has immune deficiency and can't be compromised."

While I want to be considerate of potential health concerns, the lease includes a standard landlord access clause (quoted below), and I need to minimize vacancy.
< LANDLORD’S RIGHT TO SHOW AND INSPECT Landlord and its agents shall have free access to the Premises, at reasonable hours only, with 24 hours notice, for the purpose of examining the Premises to ascertain if same are in good condition and repair, for the purpose of making reasonable repairs which Landlord may be required to make hereunder and for the purpose of exhibiting the Premises to prospective purchasers or tenants.>

Adding some background, the current tenant has lived in the property for several years and recently made an extremely low offer to purchase it, which I declined as it was not a serious offer. So I intend to continue renting. I suspect their resistance to showings may stem from their disappointment about not being able to buy the property at their desired price and a potential desire to hinder the re-renting process.

To attempt a resolution, I'm considering the following:
1. Financial Incentive: Offering a small rent reduction for the final month or a gift card as a gesture of appreciation for their cooperation with showings.
2. Flexible Scheduling & Precautions: Allowing them to select specific, limited time slots for showings and implementing strict safety protocols (masks, limited attendees, ensuring the niece is not present).

However, I also have a significant concern about a potential holdover situation. Even if I successfully lease the property to a new tenant, I worry the current tenant might refuse to vacate after their lease expires, potentially leading to a difficult eviction process and jeopardizing the new lease agreement.

Given these complexities – the tenant's refusal based on a non-occupant's health, the potential underlying motivation, my need to show the property, and the risk of a holdover – I would greatly appreciate any advice, strategies, or insights on the following:

1. Best approaches to respectfully and effectively negotiate showing access with the current tenant.
2. Legal considerations regarding the tenant's refusal and my rights under the lease and local laws.
3. Strategies to mitigate the risk of a holdover tenant and protect myself and any future tenants.
4. Any alternative solutions I might not have considered.

Thank you in advance for your expertise and guidance.

Best regards,

Yan

Post: Home Warranty on Rental Property

Yan KangPosted
  • Homeowner
  • Plain City, OH
  • Posts 20
  • Votes 0

Hello all!

I am a new landlord, but have started feeling the hassles of dealing with rental property repairs, especially appliances and HVAC... I am struggling weighting between handling repairs on my own (stressfully understanding the issues and arranging contractors...) as they happen vs buying a home warranty (paying premium and service call fee). Could any pro please kindly share your thoughts and experience on the Pro and Con of having a home warranty for rental properties and your persona advice?

Any inputs are greatly appreciated!

Best regards,

Yan

Post: Form W-9 for renters

Yan KangPosted
  • Homeowner
  • Plain City, OH
  • Posts 20
  • Votes 0

Thanks Scott for your advice. Is there any negitivity or tax consequency if providing it? Thanks again. Yan

Post: Form W-9 for renters

Yan KangPosted
  • Homeowner
  • Plain City, OH
  • Posts 20
  • Votes 0

Dear BP experts,

Sorry to bother you with this, but I do need BP experts’ help in understanding the cons of providing a W-9 Form to renters.

I just got a request from my renter asking for a W9 Form for Covid-19 Impact Assistance application. I think I would support their application but am wondering what the negative sides would be from providing a W-9 Form to the renter.

What do you guys suggest? Any experience providing a Form W-9 to renters?

Any inputs would be greatly appreciated.

Regards,

Yan

Thanks Jonathan for your insightful advice. Great ideas!

Jonathan R McLaughlin

Thanks Jaron for your quick attention and kind advice. We have yet to have an application to look the details. Yes, be sure to treat all prospective candiates eqully and hope they will be very professional! 

Dear BP experts,

Sorry to bother you with this, but I do need BP experts’ help in understanding the cons of renting a SF property to an attorney.

We got an attorney who liked our property and would like to rent it for about 12-14 months, as they just sold their house for over 1.5m (about 5 times local average house price). However, my wife seems nervous a little bit to have a lawyer as a tenant, concerning their may abuse their professional advantage, victimizing the landlord and leading us to a possible vulnerable situation, as they may pick up on any tiny issue to make a big deal. Of course, these are assumed possible concerns, based on friends and other people's experiences.

What do you guys suggest? Any experience leasing a property to an attorney?

Any inputs would be greatly appreciated.

Regards,

Yan

Post: Property Tax on Tax Return

Yan KangPosted
  • Homeowner
  • Plain City, OH
  • Posts 20
  • Votes 0

Use Schedule E.

Hi Frank, thanks for your comments. To clarify: you bought the triplex in 1983, lived there for 10 years, and then rented it out in 1993, right? So you still used your original purchase price as the cost basis and the price of the building (total price - land value) in 1983 for depreciation value, instead of using the market value of the property in 1993? Thanks. Yan