Residential Property Management - Apartment Living/Rental - Real Estate

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About Stefani Nachatilo
(Top Expert on this page)

Expertise
I can answer basic beginner questions like "How do I get started buying my 1st rental property" and "What to look for when taking an application on a tennant." "Here`s what capital I have to work with -- what are my options?"

Experience
I started purchasing rental properties in 1995 with my husband, part-time, while working a full time job. We started with very little seed money. One year we purchased 11 single family units. Recently we bought 5 properties in 2 months. We purchased our 1st small apartment building in 2004. I am now managing our units and doing property investing and management full time.

Publications
My Husband and I have written a book for the new real estate investor, "Weekend Warrior's Guide to Real Estate Investing", published by Tate Publishing. Can be purchased from TatePublishing.com or Amazon.com. Have been published in Real Profits by Carlton Sheets and Discount Buyer's Association monthly magazine.

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Questions Answered By Expert Stefani Nachatilo
In Category Residential Property Management

Subject	Date Asked

I have a petition of over 51% of community support against my Homeowner Association Rulings can I win?	11/12/2009
Q: I am being cited for several violations that my homeowners have placed against me for having an ... A: 2nd, the board thought it enough of a violation to write you a notice. You probably need to speak ...
carpets in apartment	11/10/2009
Q: One year ago, I and my husband, no children, moved into an apartment. Everything went ok. Now, 1 ... A: I'm sure your lease says that you have quiet enjoyment of your property and that means you are ...
leaving on short notice and sec deposit	10/31/2009
Q: "I have a problem: I live in New York. (This is not the problem, haha, my problem follows...) I ... A: Usually when you leave on short notice, it is grounds for a manager to keep your deposit. You can ...
renting an apartment	10/30/2009
Q: The last 4 years I lived abroad with my husband. When my husband died, I returned to the US. I want ... A: I can assure you, that someone would love to have you as a renter. Some companies are run by policy ...
3 day pay or quit notice and unlawful detainer	10/24/2009
Q: My father-in-law served his tenant a 3 day pay rent or quit notice . then an unlawful detainer ... A: I'm not certain of the laws or procedures in your state. First make sure the tenant didn't just ...
Security deposit	9/9/2009
Q: I have been given a security deposit for a commercial property do I bank it and hold on to it or ... A: but we do have one commercial building. We keep our deposits in a trust account. Which is a ...
Seniors Rights	9/5/2009
Q: I recently rented a house in Southern California with my 84 year old dad, 5 month old ... A: If so, the landlord is responsible for having it in working condition. YOu can send them a written ...
notice to landlord	9/3/2009
Q: "Dear Madam, I have a month-to-month tenancy with an oral lease, no written lease. So, this is ... A: You might do a google serach and see if you can find a written copy of the laws. You might also be ...
notice to landlord	9/2/2009
Q: I have a month-to-month tenancy with an oral lease, no written lease. So, this is actually a ... A: so please disregard this if it's a duplicate. I'm not familiar with the landlord laws of New York. ...
want to begin property management consulting company	8/11/2009
Q: Someone had asked you the question on how to start a consulting firm for property management. One of ... A: however, it would be better if you had a license if for no other reason than for "show & tell." It ...
Insuring rental properties held in an LLC	7/28/2009
Q: After transferring my investment home into an LLC, who should be listed as Insured on the home ... A: We have most of our properties insuranced in the name of the llc they are owed by. Your operating ...
renting an apartment	7/14/2009
Q: How are you? I would first like to thank you for taking the time out to answer my question. Okay. I ... A: I would say three weeks is adequate time for someone to run your application and get you a firm ...
My tenant is not paying the rent!!	6/16/2009
Q: My tenant has not paid the rent for the last two months. I have a house rented in Miami, but i live ... A: Find a property manager in the area of the property and begin eviction proceedings. if the tenants ...
Property management fees	6/13/2009
Q: What percentage of rental income should I use to estimate property management fees for a high end ... A: I would say you should allow 10% of the monthly income for fees, plus you will have a leasing fee to ...
PM responsibilities	6/10/2009
Q: I used a property manager for one year (I had signed a 12 month agreement) that did not provide ... A: It's jerks like that that make my job harder. Personally, for 300, it's not worth your time or your ...
Duties of a Property Manager	6/8/2009
Q: What routine duties should an owner be able to expect of a Property Manager for the payment of the ... A: we show the property, take apps, sign leases, check credit, coordinate with the renter on repairs ...
forcible entry and detainer-Ohio	6/3/2009
Q: Can a property Manager evict a tenant if the property is ownwd by someone else? A: of course I'm not a lawyer so this is not legal advice. My answer is yes. That's why one would ...
buying a rental property	5/18/2009
Q: im wanting to buy maybe a 4 family apartment complex to rent out as a long term investment. do i ... A: The buildings would vary in price by the location and condition and size of a property. You can ...
Apartment Complex - Site Manager	5/16/2009
Q: First I would like to say that I've been reading your Q&A's and have learned so much! "Thank You" ... A: So I wouldn't expect that the 1099 would be for employment income, only the apartment. In that ...
forecloser	5/15/2009
Q: ANSWER: Hi Louise -- I'm not totally sure what would happen, but usually, the bank is not in the ... A: those of you who live in the units could experience problems associated with a change of ownership, ...
forecloser	5/15/2009
Q: Hello what happens when a condo complex 4 buildings 16 unit each with only half of them completed ... A: but usually, the bank is not in the business of completing a project of that nature. They would ...
rental	5/13/2009
Q: I owe a home in Alabama, I moved to Georgia for work. I had the house on the market to sell after a ... A: If they are late and the rent, you can terminate with an eviction and a 5/10 day notice. You will ...
Lease Renewal Agreement	4/20/2009
Q: I just wanted to clarify I few things from my previousI am an out of State (NY) landlord who owns a ... A: so I've been weighing the question carefully. I would not wait. I think you need to get the lease ...
Lease Agreement Renewal	4/18/2009
Q: My current tenant's lease expires in a little over 30 days. The original realtor who found the ... A: Is this a residential property? As a property manager, I lease the property and maintain contact ...
Licensing requirement for Property managers	4/16/2009
Q: I had read the previous answer to a question posted regarding Property Managers needing to be a ... A: so I really cannot answer that question directly. My guess is it has something to do with the ...
Bad Management	3/31/2009
Q: One of the units in our small 8-unit building has been delinquent on their maintenance fees for ... A: I'm no attorney so not sure I can be much help here. As for the tenant protected --I think you ...
Property tax	3/19/2009
Q: I was actually browsing when I happened upon a response of yours to someone else's question, so ... A: I certainly can feel your pain. We have similar problems year after year. Here in Oklahoma they ...
Rental Properties	3/16/2009
Q: My husband and I are interested in renting out our house. We don't really want to pay a management ... A: In fact, it's what I recommend, even though we are paid property managers! You can find a lease ...
interested in becoming a property manager soon	3/13/2009
Q: I've recently past the real estate exam, so therefore that makes me a provisional broker. I don't ... A: This can be an apartment complex or a private investor or a real estate office that manages ...
Primary home / Rental property tax	3/3/2009
Q: I own a condo. However for a temp assignment I moved out and rented it for 10 months. Now I am ... A: first, I'm not a cpa, so I'm not certain of the tax consequences of my answer. There is no ...
Title and Loan on Property into LLC Name	2/19/2009
Q: My husband and I purchased a tri-plex in May of 2006. In late 2006 we established our LLC and would ... A: You said you established the llc in 2006 after purchase. Does that mean that you actually filed ...
Title and Loan on Property into LLC Name	2/18/2009
Q: My husband and I purchased a tri-plex in May of 2006. In late 2006 we established our LLC and would ... A: you will not be able to transfer the loan. You may be able to refinance into the llc name, but you ...
Property Management Issue	2/18/2009
Q: Who is the governing board over Property Managers in Nevada? Is it the Real Estate Board or do they ... A: Most managers have a real estate license and work under a broker. So the broker is the first person ...
rental property while living abroad	2/17/2009
Q: Right now im in the process of owning rental property in a different state in America but im ... A: The key would be finding a manager you trust -- and then making sure that all your agreements are in ...
Managing and Maintaining my own rental properties	2/9/2009
Q: I own a small Property Management and Maintenance company. I now want to own rental properties. ... A: but I would have you put your rental properties into an llc that is separate from your property ...
Property for beginners	1/31/2009
Q: i was really amazed with you answers. I have been searching for a way to enter the property ... A: 1 how to get into the real estate investment business and 2 how to get into the property management ...
Corporation vs Partnership	1/24/2009
Q: My husband and I own a 4 unit complex in CO. We filed the business with the state as a Corporation, ... A: I'm not a cpa so I don't really know all the tax implications of the company being a corporation vs. ...
tenant deposit	1/16/2009
Q: recently our landlord phoned to say his property managers closed there doors and ran with all of ... A: Of course, I'm not an attorney so this is not legal advice, only my opinion from my experience. ...
1st Rental Property	1/10/2009
Q: Stefani - Hello. I recently bought a home and turned my condo residence into a rental property. I ... A: I'm not an attorney nor a cpa, so you might want to get a second opinion from one of those that you ...
becoming a real estate agent	1/4/2009
Q: Nachatilo, I'm a student and I'm working on a project for my Careers course. I was hoping you could ... A: I'm a Mrs. I'm not really a real estate agent. I'm a real estate investor, which means that I ...
Frozen Pipes	12/20/2008
Q: more frozen pipes stuff. Our pipes have been frozen for 4 days now. The landlord has written into ... A: you are not responsible to fix the problem. We have had some pipes that were added in the back of a ...
Frozen Pipes	12/18/2008
Q: The heat was left on colder than what it should have been left at by then tenant (50-55 degrees). ... A: If you're the landlord -- If the lease states anything about repairs, then what the lease says takes ...
Rent Application Terms	12/13/2008
Q: I am an non-resident alien, having valid work permit having SSN. My wife and kid are with me as ... A: The new immigration laws make it a felony for a landlord to knowingly rent to an illegal alien as we ...
Starting Property Mgmt. Business	12/8/2008
Q: I have experience in the real estate market by flipping and remodeling homes. I would like to start ... A: but my guess is you do need a license. If you're acting as an agent and holding other's money, it ...
one year term	11/18/2008
Q: My friend and I signed an apartment lease. It says automatically renewing one year term. It didn't ... A: I'm not sure where you live and am not familiar with the landlord tenant laws in your state, but I ...
management	11/11/2008
Q: I own an apartment in Alhambra,Ca and will need someone to manage the apartment....What percent ... A: I don't know your background and the size of the apts and your proximity to them. If you're not ...
management	11/11/2008
Q: I own an apartment in Alhambra,Ca and will need someone to manage the apartment....What percent ... A: In our area, the management fee is bases on a percentage of the income collected. These are the ...
house	10/27/2008
Q: Can I create a LLC and move a second home into that LLC? do I need to re-mortgage? Will I be ... A: Normally, there is a clause in your mortgage agreement that you will notify the bank if you are ...
pet deposit	10/25/2008
Q: I need to seek your advice on an on going dispute with my apartment rental complex. I signed a lease ... A: I'm not an attorney so I can't say for certanity what the laws are. I would ask, did you and your ...
on site manager	10/25/2008
Q: In California is it required to have an on site property manager? A: I am not familiar with the management laws in california. You can check with your local real estate ...
Eviction due to foreclosure in CA	10/11/2008
Q: I'll keep this as brief as I can and get to the point. A Notice For Possession appeared on my door ... A: I can certainly understand your pain and frustration. I too have been in your position, newly ...
Lease up	10/10/2008
Q: I have a lease up coming up for income restricted housing. studios 1,2,3, bedroom brand new ... A: I would of course start advertising as soon as you have at lease one unit ready to show. You can ...
Lease up	10/9/2008
Q: I have a lease up coming up for income restricted housing. studios 1,2,3, bedroom brand new ... A: If you're saying that you are already living in the unit, and your lease expires on Dec 31, 2008? ...
assessment fees state of texas	10/8/2008
Q: all subdivisions in houston texas pay a assessment fee every year to maintain the subdivision, my ... A: I'm not sure what you question to me is. There certainly is no harm in asking for a reduction in the ...
Firing the property management company	9/25/2008
Q: I have been dealing with a property management company for a year and after getting a tenant after 9 ... A: Start wtih a letter to the management company stating that you are terminating your agreement and to ...
starting a property management company	9/22/2008
Q: I am interested in starting a property management company that deals mostly with vacant or ... A: so I cannot specifically answer your question. Most generally, though, it's not the fact that there ...
MN Rental Licensing Question	9/19/2008
Q: I administer/sign leases, show homes, collect rent for the management company I work for etc. I was ... A: so I cannot really answer your question. If you have questions like that, I'm sure your real estate ...
frustrated condo owner	9/15/2008
Q: I own a condominium in Queens, NY and I need some advice about what to do if my basement apartment ... A: Most condo have a Board of Directors and/or an association where one pays condo dues either mothnly ...
living next to rental property	9/2/2008
Q: Are there any rules regulating how many people and/or the number of automobiles that can reside in a ... A: The city code enforcement or neighborhood services in your area would be the ones to call. Check ...
RE: Do I need a license to be a Property Management?	8/30/2008
Q: I am planing in opening a property management company, but I am not sure if i need a license. I have ... A: you might start with becoming a leasing agent for an apartment or retirement home. A realtor course ...
Property Manager Misuse of Funds	8/29/2008
Q: I have a duplex in Oakland, CA. I have become suspicious of my property manager's accounting ... A: It sort of depends on what you wish to accomplish. If you're just wanting to terminate the ...
FORECLOSURE EVICTION	8/29/2008
Q: I have been living in an upper flat above my friends for approx 6 months now . we have had a ... A: but I do follow the landlord/tenant laws of my state so I have some idea of what they are. Your ...
tenant privacy rights	8/27/2008
Q: My husband and I took our 2 week vacation from the army so we could go see our families before he ... A: My first instinct is to tell you, to let the landlord know that you know "someone" went through your ...
Broker's Take	8/13/2008
Q: I know that the commission for a broker in relation to when an agent sells property is fixed, but I ... A: With a good team and a system, I do not see why there would be a limit. We have three people in the ...
rental house questions	8/12/2008
Q: Four of my friends and I are planning to move to New York City in the near future. Two weeks ago, ... A: it's not possible unless you get an entirely new loan. Sometimes there are provisions from the ...
finders fees	8/5/2008
Q: I manage a small complex (10 units) of townhouses in Northern California. We have a couple units ... A: You can call the board of realtors in your area and probably ask that question. You could also ...
payment to manager if tenant breaks lease	8/1/2008
Q: We are trying to rent out our condo for the 1st time. We signed a contract with an agent to find us ... A: Usually the payment is for a 12 month lease. Do you have a written contract with the agent? If so, ...
Rental home	7/31/2008
Q: My sister and I just acquired my mothers home from her trust and we have decided to rent it out. The ... A: creonline and do some looking for documents or links to purchase documents. We also started out ...
property management	7/30/2008
Q: im hoping you may give me some advice on setting up a property management business in grimsby.i need ... A: I'm wondering if you have no knowledge of the business aspect of setting up a business or you have ...
occupancy laws in Springfield, MO	7/27/2008
Q: Im looking for an apartment for myself, my 14 yr old daughter and 15 yr old son in Springfield, MO. ... A: I would say that unless you are under court supervision or getting government assistance with your ...
Breaking a lease before it even starts	7/23/2008
Q: I'm a landlord who has had people who are subletting my unit at the moment sign a lease for August ... A: I"ve had a big project going and have not been into my office. A short answer, yes, you can. ...
Advance rent and notice period	7/21/2008
Q: I have been renting a place for the las six months, i have not signed a legal document or lease it ... A: it will be difficult to establish wether the money you gave was the last month's rent or a deposit. ...
land trust	7/19/2008
Q: Do you know any attorney who handles does land trusts? Thank you, Dee Smith A: but I have an attorney in Oklahoma who can do them. Contact me by email if you are interested in ...
Residental Property Management Insuance rates	7/13/2008
Q: Stefani, I am considering opening a small Property Management company in a small southern Illinois ... A: I think what you would need is some sort of umbrella coverage for yourself that would cover you as ...
lease	7/12/2008
Q: me and my roommate filled out an application to an apartment, however, she did not sign the lease ... A: I am not an attorney and this is not legal advice. I would say the roommate is not legally bound to ...
Insurance Liability on the Guarantor of loan for LLC property	7/2/2008
Q: I am the guarantor of the loan for a rental property that we quit claimed the deed to our family LLC ... A: so this isn't legal advice, but based on what we do in our property business. The whole purpose of ...
Tenant has installed a large pool without consent	6/26/2008
Q: My father owns and rents a single family home in Chicago. The tenants have erected a massive pool ... A: Can't you work something out with them to put up the proper fencing and keep them and the pool? I am ...
Starting a property management business	6/24/2008
Q: How do I start a property management business. Mainly managing homes while residents are out for ... A: Maria -- I'm not sure what the state/city requirements are where you are located. Call your local ...
Starting a property management business	6/24/2008
Q: How do I start a property management business. Mainly managing homes while residents are out for ... A: in terms of getting an llc going, having a telephone number, etc. The hardest part is getting ...
Property Management Field	6/19/2008
Q: I am 26 yrs old and live in NY. I am looking to go about finding job opportunities in property ... A: Are you looking to change areas? Check out www.craigslist.org. They have listings for all over the ...
NEED TO EVICT RENTERS...	6/14/2008
Q: We have renters in our home, they're now late for almost 3months. The renter told me that she's ... A: Legally, it will not get the tenants evicted. You must serve them proper notice, which is in ...
Starting my own PM consulting company	6/13/2008
Q: My name is Deidra I am would like to start my own property management consulting firm. I have ten ... A: You do sound like you're qualified. In most states, you do need a real estate license. Other than ...
30 Day Notice	6/11/2008
Q: My lease for an apartment ends July 31, 2008 and the contract says we need to give 30 days notice. ... A: the agent can sign up someone to move once you are out. You can always ask if you give your 30 day ...
Business License	6/11/2008
Q: Good day, Do I need a business license to own multi family properties via LLC? If yes do you know ... A: Here in Oklahoma if one owns a multi-family property and has it titled in an llc, there are no ...
Purchase Rental Property	6/10/2008
Q: Stefani, I purchased my first rental property in CT about 3 years ago for 189k. Since I saw that ... A: well, no wonder you're staring so early! Our market is Oklahoma where we have not had so much ...
Purchase Rental Property	6/9/2008
Q: Stefani, I purchased my first rental property in CT about 3 years ago for 189k. Since I saw that ... A: I think you will be immensely glad you did. As for the 30K. I don't know your other financial ...
Lawn Problem	6/8/2008
Q: Stefani, When we moved in to our apartment, the landlord verbally agreed that she would take care of ... A: as a landlord, I can tell you, getting the grass mowed is not always an easy job and it's usually ...
House Fire	6/7/2008
Q: I rented a property and there was a grease fire. It was our fault. The house I was renting was ... A: I'm not an attorney, but I believe the insurance company would have to prove that you were somehow ...
Becoming a Real Estate Manager	6/4/2008
Q: Can you please tell me what is required to become a Real Estate Property Manager. A: it takes a real estate license. Some experience in management or dealing with properties would be ...
verbal agreement - rent in exchange for work	6/1/2008
Q: I offered the carpenter who remodeled my kitchen the opportunity to move into an extra bedroom in my ... A: so he doesn't owe you any money for the rent, i.e., he's not late (which I would suggest a 5/10 ...
Realtor/manager repairs without ok from owner	5/30/2008
Q: Hey I know that you can probably answer this for me. situation with one of three OK houses that is ... A: The property manager has NO BUSINESS making a decision of that expense without your consent. It ...
Negligence repairs/carpet cleaning charges	5/27/2008
Q: Skyview was shattered by storm rental network,did not fix it for over 8 months plus,isn't it true ... A: but I'm imaging it's what we call a sky light. If it was broken and needed repair, you should ...
Starting my own Property Managemnt Company	5/23/2008
Q: I have been in the Property Management Industry in the Central Florida area for over 8 years for ... A: I'm not sure of the laws in Florida, but my guess would be that, yes, you do need a license. If for ...
compensation	5/3/2008
Q: Is there a "standard" rate of compensation for an on site residential apartment property manager ... A: but I am not familiar with on-site management. I would say it depends on the size of the complex. ...
complaint against my property manager	4/25/2008
Q: I own 2 condos in Las Vegas since 2003.I live in Massachusetts.I have had the same property manager ... A: Roma -- Yes, you can sue them for failure to perform, but my guess is there were notices and such ...
complaint against my property manager	4/25/2008
Q: I own 2 condos in Las Vegas since 2003.I live in Massachusetts.I have had the same property manager ... A: I am not a big fan of going to court for anything except evictions. When was the last time you ...
landlord/rental laws	4/24/2008
Q: Do you need a license in Indiana to be a property manager for multiple properties? A: Most states require some sort of realtor license when dealing with other people's money and creating ...
Property Management	4/17/2008
Q: You stated that a person does not need a license to rent and manage their own property. What are ... A: although I am not an attorney, the same goes. If you own a portion of the property and the other ...
Billboard Ground Rent	4/12/2008
Q: I own a house that has 45 acres of ground behind it that is currently being built into a Towne ... A: that's a tough question for me. I have no knowledge of property leasing for signage. I would ...
Kid going to College. What is the best way to buy a renal property for him to live-in and rent out?	4/8/2008
Q: I live in Oregon and my son will go to college in Arizona. I am considering buying a house so that ... A: My personal answer is if you wish to put the house in the name of the llc, you should create the llc ...
holding condo fees	4/7/2008
Q: Is it legal in ohio for me to put my condo fees into an escrow or holding account until negligent ... A: Sorry I cannot be more help to you. Do you have your association contract? Perhaps the contract ...
Figuring basis for properties moved to an LLC	4/6/2008
Q: My husband and I have owned and managed rental property for many years, and elected in June of this ... A: this is the way we do ours when converting from a personal rental and using the schedule e to ...
Rent to Own without being scammed	4/2/2008
Q: I would like to know the best way for me to get in a rent to own property without being scammed. ... A: that certainly is a problem. We have had renters come in with similar stories. My suggestion would ...
Condo pool question	4/2/2008
Q: I live in Arizona and I recently rented a condo in a complex that has a locked pool and exercise ... A: and you want to use the pool and exercise room, you should pay the deposit. If it's a fee, my guess ...
Land Trusts, refinancing	4/1/2008
Q: Stefani, My wife and I are primary Beneficiaries of a Home and property that are in a Land Trust. ... A: I am not an attorney but I did look up the texas laws. Who knew? This is the first time I ever ...
Behind on Mortgages	3/25/2008
Q: My wife and I have 8 rental units, plus our home. Over the past 6 months we've had one issue after ... A: If you have gotten letters about being late, the letter should have a phone umber you can call that ...
Behind on Mortgages	3/25/2008
Q: My wife and I have 8 rental units, plus our home. Over the past 6 months we've had one issue after ... A: I can completely understand your situation. I'm not sure if you're telling me that you're behind on ...
1st rental property - how to structure mgmt	3/20/2008
Q: Stefani, My wife and I bought 4 lots in TX and built a house on lot #1 and we want to rent it out ... A: Although I'm not an attorney, I have been to many and have faced the same struggle in our business. ...
California state law	3/14/2008
Q: Hi, In the past, the law in California required an on-site manager for 16 + units. Is that still ... A: as I know nothing about ca state law. I would tell you to contact the ca real estate board and ask ...
Should I do it	3/13/2008
Q: IF you saw this on a website, what questions would you ask and does anything sound strange? Hi, ... A: I would say, yes, this does sound plausible. We see situations like this all the time. Someone or ...
Personal Income	3/12/2008
Q: Another question here: Where is a good resource to start learning how to syndicate a residential ... A: but my belief is that unless you have a securities license, you cannot syndicate money for real ...
Personal Income	3/12/2008
Q: My goal is to own a fourplex within the next 6 months. I am 23 years old. My question is actually ... A: I cannot answer your question about which job to keep. I will tell you that when we first started, ...
Property taxes	3/12/2008
Q: I am currently planning to build a duplex as my first attempt at being a landlord. I have set up a ... A: your assessed value will not decrease by the amount of depreciation. That's a totally separate ...
rental properties	3/10/2008
Q: I was curious, how did you buy your first investment properties with very little down payment? Did ... A: We live and invest in Oklahoma city, Oklahoma. Our real estate prices are considerable less than ...
rental properties	3/10/2008
Q: I was curious, how did you buy your first investment properties with very little down payment? Did ... A: we looked for a seller who was flexible and willing to carry part of the note. We bought 2 duplexes ...
Property management company	3/10/2008
Q: My wife and I reside in NY. We purchased in investment home in Tampa, FL and another with her ... A: but I'm certain that you do not need to be a real estate agent to manage your own property or ...
thinking about renting out home	3/1/2008
Q: I've got a lakefront house in the mountains of TN. I'm from NJ and having made the full-time ... A: Is there some reason you really want to keep the property? If the rental value is so much higher ...
rent besides downpayment	2/29/2008
Q: I found an amortization schedule online. I play with it just to see how it works. Here is the ... A: The rental phase, where all payments are ONLY rent and then some condition is met (usually a down ...
rent to own	2/28/2008
Q: How does a rent to own property work exactly? Let's say that I would like to either sell my house ... A: but we offer a rental price per month and a three year option. So for your example we would rent ...
pet agreement	2/24/2008
Q: I would like to know how much landlords charge for pet fee each month usually, and how much is the ... A: So, it is a negotiable item. We charge 100 - 200 per pet for a move in fee and it is ...
Rental property	2/21/2008
Q: I have a house in Florida that is being rented and I have a Rental Property Management Company ... A: where I send the deposit back to the owner, (who is supposed to keep it in an escrow account) or I ...
Rental property	2/20/2008
Q: I have a house in Florida that is being rented and I have a Rental Property Management Company ... A: I'm not an attorney and not familiar with FL law, so really can't answer that for certain. My guess ...
difficulty find a tenant	2/12/2008
Q: I live in Georgia (I understand you have the experiences in MO and KS, but I just would like your ... A: At one time my husband and I bought a very cute little house in a neighborhood we knew nothing ...
Do I have a good case against my property management company	2/11/2008
Q: I entered into a property management agreement approximately 6 years ago. The first tenant occupied ... A: being a landlord and a property management company, this is a slippery slope for me to answer. Yes, ...
wear and tear or negligence?	2/9/2008
Q: I own a duplex. My husband and I live downstairs and rent the upstairs. We refinished the bathroom ... A: it's just normal wear and tear. Most tenants who have never owned a house just don't know or care ...
Investment home insurance when in land trust	2/8/2008
Q: How do I teach my insurance agent that they can insure my home now that I have placed it into a Land ... A: you cannot always turn a deaf ear -- you may have to get a different agent and/or different ...
New lease	2/8/2008
Q: We finalized an apartment and paid the initial non refundable deposit of $ 400 and also faxed our ... A: Once a deposit is paid and application accepted (if they called you back to say you were approved) ...
Purchasing a new house and then renting it	2/7/2008
Q: I have been looking at mortgage companies website and noted that they provide different interest ... A: I really don't understand all the nuiances of that. I do think it matters how you fill out your tax ...
revocable land trusts	2/6/2008
Q: Stefani, We are looking to place a piece of land into a land trust. The mortgage is in our personal ... A: then you're using this land trust for investment purposes and the llc is going to be the beneficiary ...
revocable land trusts	2/6/2008
Q: Stefani, We are looking to place a piece of land into a land trust. The mortgage is in our personal ... A: yes! I'm not an attorney, but here is my best advise based on what we do. The mortgage co or bank ...
Question about deposit	1/31/2008
Q: I have just recently seen an apartment that I filled out an application for. I was approved. They ... A: I would say, yes, that's legal. And in our business, I would also say it's quite common. The apts ...
If I move my house into an LLC and charge rent, how does that effect my credit rating?	1/28/2008
Q: I own a house that my parents live in. I dont live with them, I live about 2 hours away. They have ... A: If you were to charge your parents rent you could show that on your taxes without or without putting ...
Actual First Step - Commercial Property	1/24/2008
Q: I have found a few CRE listings and have been reading up on the subject for the past few months. ... A: You could of course use an attorney, but unless that is their speciality, you would probably be ...
Actual First Step - Commercial Property	1/24/2008
Q: I have found a few CRE listings and have been reading up on the subject for the past few months. ... A: That's great. Once you find a property that you think fits your criteria for purchase (whatever ...
trying to buy parents house while renters are present	1/16/2008
Q: i am trying to buy my parents second home that they currently rent out a family in Maryland. they ... A: You want to make sure your loan is going to go through and you're able to purchase the house, before ...
Can I sue my property management company because I slipped on snow and ice covered sidwalks / drives	1/10/2008
Q: I am asking this question, because I pay a lot to live at my property and I firmly beleive that snow ... A: The question being, who had the responsibility to clear the walkways? On most single or two family ...
Suggestion	1/6/2008
Q: Before I ask my question, allow me to give detail to my aspirations. I am assuming that the housing ... A: My husband and I started similarly with the 2 family unit. After we had purchased 3 or 4 rent ...
Property Management	12/29/2007
Q: How do I become a licensed property manager? A: So start there. Also, you need to check with your state to see if there is a property manager ...
Renting a house	12/20/2007
Q: I just gave a deposit for a house that I will be renting in Feb. when I met with the property ... A: I have been in that position many years ago. Just moved in and 2 months later find out the house is ...
Gain/loss on rental property	12/19/2007
Q: This might be a more complex question but I need to find a right answer. If a rental property has ... A: but I can tell you what I believe. Yes, they can. The ownership is intent not necessarily ...
Tenant Foreclosure	12/19/2007
Q: I am living in SW Florida and have currently received a foreclosure notice on the house I am ... A: Now there is a possibility that there is some sort of mistake. You don't say if your landlord is ...
Using LLC to own RealEstate	12/17/2007
Q: I have 2 rental properties, a single and a duplex. There both rental and occupied right now. The ... A: I've heard many cases for it, but it's mostly for asset protection and there are ways to do that by ...
Lenders for buying property thro' an LLC	12/12/2007
Q: Who are the lenders who will provide loans to LLCs to purchase investment properties - single ... A: although generally speaking all members of the llc have to sign as personal guarantors for the loans ...
vacancy	12/10/2007
Q: I have a questione, and really appreciate your time and answere what does it mean when you ... A: one looks at the income potential and the amount of cash you would have to have out of your own ...
Property management issue	12/5/2007
Q: I currently have a property manager that has been collecting rent and sending me some, but not all. ... A: I would send him the 45 day notice to terminate. If you can find something in the contract with him ...
LLC on title	12/3/2007
Q: I am investing in a property with another person and wanted to do so through an llc. Can I do the ... A: but different banks have different rules so you may want to visit with the banker. At closing, the ...
LLC and SSDI	11/30/2007
Q: My wife and I own rental property in our own names. We are looking at purchasing more but with an ... A: this is a tough question for me, as I am not a CPA nor an attorney. But here's my 2 cents -- and ...
First LLC investment purchase	11/30/2007
Q: My wife and I formed a home-based California LLC and recently attended an auction and purchased ... A: the llc is the way to go for personal asset protection. And yes, I think you're on the right track. ...
Credit Application Process for new Tenants	11/19/2007
Q: I belive that some of my potential new tenants are using false SS#'s on my application. So I'd like ... A: I also make sure I've got a middle name or initial. I always check for criminal records and ...
tenat suing for security	11/8/2007
Q: I am holding 2nd Fl tenant security because they left behind abused, discolored & filthy carpet. ... A: I would say you did nothing wrong in keeping the deposit. I don't understand from your note how ...
APARTMENT LEASE AGREEMENT	11/8/2007
Q: MY GIRLFRIEND HAS A ROOMMATE THAT BRING STRANGE GUYS TO THE APARTMENT AND MULTIPLE GUYS AT THAT AND ... A: the apartments can evict just the one roomate if they want to. It would be best for your girlfriend ...
Exploring Idea of Renting out my Condo	11/7/2007
Q: I currently own a 2-BR 2-BA condo, but I am considering renting it out to help cover the mortgage ... A: Doing a little bit of research will help you get a feel for what rents are in your area adn how ...
15 and wants to invest in first rental property	11/7/2007
Q: I live in Homestead florida and there are a lot of new buildings and homes being added to our small ... A: In most states, that is too young to contract for purchase of property. Do you have parental ...
Deposits	11/4/2007
Q: After a recent purchase I recieved deposit payments from the previous owner with one exception, ... A: Of course you have a right to receive a deposit from him. You also have a right to have the old ...
borrowing against a single family rental property	10/15/2007
Q: I have good credit and own 4 properties with very little debt ($350K total on $1MM in property - in ... A: I can tell you I understand your frustration. We've run into some sluggishness on the part of the ...
cancellation contract from landlord to property manager	10/13/2007
Q: i have a contract agreement with property manager 1 year,but when the tenant sign a lease to move ... A: that's frustrating. I would write to your manager and demand a copy of the lease and the invoices. ...
my tenant is not paying rent	10/9/2007
Q: I hired a property manager for renting out my condo. He rented to the owner of his agencies ... A: the manager should be filing for eviction. In our state it takes about 20 days after filing to get ...
owning or managing an apartment complex	10/5/2007
Q: I have no experience on managing or owning a complex of any type, but it sounds interesting and ... A: This way you have the "try before you buy" experience and if you end up not liking it, you have ZERO ...
Maintenance Upcharge	9/27/2007
Q: I have owned an apartment for 6 months and just discovered my property manager is charging me 17% ... A: sometimes management companies do charge an upcharge for maintenance. We do not, but it is not ...
additional uear-long lease after completion of the first	9/25/2007
Q: We are about to complete our one-year lease on an apartment, and our landlord has asked us if we ... A: See if you can find a copy on the web -- do a google search. Do you have a copy of your lease? ...
management responsibility	9/18/2007
Q: Two years ago we hired a local company to manage our rental property. The tenant was permitted to ... A: Being both a property manager and an investor, it's always frustrating when crummy tenants ruin new ...
Brokering Property Management	9/16/2007
Q: Being a California Lic. Realtor, can I be sponsored by 2 brokers, one for Sales, and one for ... A: Is it not possible to have one broker sponsor you for both types? I would think you might end up ...
"Rent Loss Insurance"????	9/12/2007
Q: I am just about to close on a refinance to my condo that I rent out (Not primary residence). The ... A: They should be able to offer you a "loss of rents" rider so that if the property is damaged by fire ...
Verbal agreement on leasing of a property.	9/10/2007
Q: Recently my girlfriend and I found a property in Ocean Beach CA. We went to view the house and ... A: I'm not an attorney, so this is not legal advice and I also don't know the landlord tenant laws in ...
Purchasing home	8/31/2007
Q: I am purchasing a home that is subject to existing financing. The owner wants to sign the deed over ... A: As you have the beneficial interest in the trust, generally, it should be someone other than you. I ...
Purchasing home	8/31/2007
Q: I am purchasing a home that is subject to existing financing. The owner wants to sign the deed over ... A: we will see more and more of this type of financing. Normally title companies and attorneys are ...
Land Trusts	8/31/2007
Q: We wanted to sell our property in SD in the traditional manner and we were approached by an ... A: like a cpa or attorney? Or is it the potential buyer's brother? Once you deed over property to a ...
Land Trusts	8/30/2007
Q: We wanted to sell our property in SD in the traditional manner and we were approached by an ... A: it makes sense and we do this on a regular basis. The purpose of moving the property to the Land ...
Question on Lease	8/23/2007
Q: My landlord just told me that my contract for renting a flat has expired on 1 July 2007 and that ... A: It is not here. However, if you are renting through a management company, they may expect a fee for ...
When to sell- if ever?	8/22/2007
Q: Stefani, I bought my rental property, a duplex in August of 2005. The housing market in the area is ... A: Is it for monthly cash flow, is it to offset non-passive activity gains, like your income, or is it ...
LLC Question?	8/22/2007
Q: Stefani, Read your background and figured I am at the beginning steps like you were several years ... A: this is my opinion -- and I only buy in my state, so it's based on my experience with that in mind. ...
Oklahoma Management Company	8/21/2007
Q: I am looking into starting a small property management company in Oklahoma after I inherited some ... A: You do not need a license to manage your own properties. If you want to manage others' properties, ...
problem tenant	8/19/2007
Q: In mid-April we had a new tenant move in with her daughter (age 28). The daughter was quick to ... A: Our lease states exactly how many adults and children we are renting to and there is a provision for ...
problem tenant	8/15/2007
Q: In mid-April we had a new tenant move in with her daughter (age 28). The daughter was quick to ... A: I guess you have a choice to make. When a tenant breaks the lease (in this case by having persons ...
Negotiating a Rental Lease	8/14/2007
Q: I recently began talking with a landlord through email about a room he had available in his house in ... A: I'm not an attorney so this isn't legal advice, but I would say, you are not under a contract with ...
Apartment purchase	8/10/2007
Q: I would like to buy a 8-family apartment bldg; what is the best way to determine the purchase price, ... A: Did you ask the lender if you needed seasoned funds? If not, you can borrow the 20% down in the ...
repair work	8/8/2007
Q: I HAVE A HOME REPAIR COMPANY AND HOPE TO BREAK IN TO THE REAL ESTATE REPAIR/REBUILD MARKET. MY ... A: hire most from outside sources. Everyone I know is always looking for a reputable source of repair ...
n/a	8/4/2007
Q: Can a tenant sue the hoa - a tenant attempted to sue by issuing a "cease and desist" order. A: and you're asking about a tenant, I'm going to assume a home owner within the subdivision (for lack ...
Vacation Rental	7/23/2007
Q: We live in San Francisco and the 3rd floor in our home has its own kitchen, living room, bedroom and ... A: you do not need a license (such as a realtor license) to rent out your own property. However, you ...
sales tax on work, not just on materials	7/19/2007
Q: Stefani! I just requested an estimate from the same guy who last time prepared the unit for a new ... A: again, I'm no cpa but it seems to me that you normally do not charge sales tax on labor and you ...
First rental property	7/17/2007
Q: We'll be purchasing our first rental property within the month. Where can I obtain effective ... A: Yes. I have been investing our Roth IRA's and a 401K for about 3 years now. You can use any number ...
First rental property	7/15/2007
Q: We'll be purchasing our first rental property within the month. Where can I obtain effective ... A: creonline.com (creative real estate online) or if you can get it in time, carlton sheets has great ...
Renting for a neighbor	7/15/2007
Q: Is it illegal for an individual to rent property for a neighbor? A: I"m not sure if you're asking if it's okay for you to be the "manager" type person and rent out the ...
beginner	7/13/2007
Q: I read your profile and my situation simple. I just recently purchased an investment property, my ... A: but here are some suggestions. You can gather a ton of information by looking at other properties in ...
cost for property management	7/13/2007
Q: how much can I expect to pay a property manager to manager one residential unit? I am told the ... A: I think you are close. I'm sure if varies from place to place, but here, I normally collect 100% of ...
question	7/5/2007
Q: .. quick question... Is it possible to buy or lease apartment building in San Francisco,ca and ... A: Shuki -- I've never been involved in a tenancy in common, which means that property owners ...
Leasing signing	7/4/2007
Q: Please advise the steps required for a leasing signing/closing. What's the preferred lease start ... A: Are you a renter signing a lease or an owner signing with a tenant? Either way, the 1st is the best ...
question	7/3/2007
Q: .. quick question... Is it possible to buy or lease apartment building in San Francisco,ca and ... A: as far as legal, what makes it legal is that the zoning permits a "hotel" on that specific site. I ...
question	7/3/2007
Q: .. quick question... Is it possible to buy or lease apartment building in San Francisco,ca and ... A: it's possible. You would need to check with the zoning for the property to see if you can have a ...
verbal agreement	6/28/2007
Q: are verbal agreements a binding contract between landlord and tennant? A: Melinda -- I'm not an attorney so this is not legal advice, just my opinion. It sort of depends on ...
credit reports	6/6/2007
Q: I'm a landlord, and I would like to find out how to order credit reports on applicants, directly ... A: You can join a credit bureau agency in your local area. There is usually a per year fee and then a ...
summer lease	6/6/2007
Q: I rented my cottage last summer through a local real estate broker for the months of June and July. ... A: I'm not a real estate broker, so I don't really know the laws regarding that. I would think there ...
condo rental agreement	6/5/2007
Q: Condo is in Florida. One of the provisions in the property management agreement given to us for ... A: The first thing I would do when finding a property management company is to get a referral. Many of ...
Revocable Land Trust	6/1/2007
Q: I read your answer to Jae with regard to transfering investment property into a land trust. Is ... A: I cannot give you legal advice. Here's what we do -- We have a copy of a land trust document -- ...
condo rental agreement	5/31/2007
Q: Condo is in Florida. One of the provisions in the property management agreement given to us for ... A: For some reason the question ended up in my junk email. Any way -- In the past when I've managed ...
Title transfer	5/10/2007
Q: Recently, I bought an out of state rental property in TX . And I just formed a single member LLC to ... A: Just experience and what we've done in the past. As far as the land trust goes, normally that will ...
Starting a Property Management Business	5/8/2007
Q: What are some things to do when starting a property management business like a checklist? A: but generally have a plan for getting the properties in rent ready condtiion, which means having the ...
assignment of lease	5/4/2007
Q: I read this on eHow.com: Depending on the laws of your state, you may have the right to cancel the ... A: Do you have a copy of your lease? The right to transfer or assign the lease might be written into ...
Personal to LLC	5/2/2007
Q: My wife and I are about to purchase our first home (we are in ours 30's). We do not have the ... A: :) My husband and I actually did the same thing. Our duplex is two story with one family up and ...
Starting a Property Management Company	5/1/2007
Q: I am a Realtor and am looking at starting a property management company in Orlando, Florida and I'm ... A: Here in Oklahoma, to create the agency relationship between you and your property owners, being a ...
LLC Transfer	4/23/2007
Q: I was reading your answers about transferring real estate from yourself to a LLC. I get all of that, ... A: if you originated the note in your personal name and the lender you are using reports to the credit ...
HELP	4/22/2007
Q: I am looking to start my own property management company. I am a stay at home mom and have very ... A: You can pay pal me $16.00 and I'll send out an autographed copy!:) Snacho@swbell.net is my paypal ...
Land Trust/Quitclaim Deed	4/16/2007
Q: I have a problem. My properties are about to go into foreclosure and I am trying everything I can ... A: I would say this: First, I don't know the time line when you say they are about to be foreclosed on. ...
Parents won't move out of home	4/16/2007
Q: I rent my home in California to my parents and our agreement was that they would live there for one ... A: can't answer the legal part about what the California laws are for verbal agreements, but my guess ...
steps to getting started	4/8/2007
Q: I want to potential own a property that already has tenants in it and start out very small. My ... A: It is such a great way to grow wealth, that when you start young and can invest for 20 years, you ...
property insurance for an LLC	4/2/2007
Q: We have a rental property that we are thinking of converting into an LLC but our insurance ... A: Does your occurrence of problems double just because you're a company? That makes no sense. I have ...
Finding clients/owners/business	4/2/2007
Q: My first time on this site. Very impressive! I have been investing is real estate for a short time. ... A: I always got my clients through referrals. So of course telling everyone you know is a good start. ...
Duplex	4/1/2007
Q: I'd like to purchase or invest in a Duplex that is a fixer-upper. The duplex has been in foreclosure ... A: I'd love to be able to tell you how to get good tenants and keep them forever, but even I don't have ...
Rental property insurance	3/22/2007
Q: I made a few contacts already that I think may help us to find out a good CPA with rental property ... A: Ours would probably not cover something like that. Plus the deductible is high (some policies 2,500 ...
Benefits of creating an LLC	3/19/2007
Q: My ex and I recently did the 2006 taxes as a married couple since we were married for the whole ... A: I'm sorry, but this question is over my head. I depend on my CPA to help me with those rules and I ...
Rental Income - Do I have to claim it on taxes?	2/7/2007
Q: I bought a house in March of 2006 and lived there until July 30th. The house sat vacant for 3 ... A: I'm not a tax person and this is not legal advice. Technically, are you supposed to report ALL ...
gov. realestate info.	1/30/2007
Q: there is a property for sale and it is at another state from were i live an it is a tax lien ... A: If not the country treasurer, find out who one would pay the tax payment to, and contact that ...
license	1/26/2007
Q: Stefani, I want to manage my own townhouses, but I would like to know do you need a license to do ... A: you do not need a license to rent out and manage your own property. Having a license is to protect ...
How to notify bank about LLC formation	1/22/2007
Q: but I spoke with Countrywide and Citi Mortgage which own most of my mortgages, and they both said ... A: we are working with smaller banks, locally owned or operating in a small area, not like countrywide. ...
How to notify bank about LLC formation	1/20/2007
Q: I have a couple of rental properties in Arizona that have mortgages associated with them, and I want ... A: The note is simply stating that you are borrowing money, from who you're borrowing and the terms of ...
getting started	1/16/2007
Q: I'm tired of being "house poor". I want to get into real estate as a land lord because I'm quite ... A: I don't have much experience in the markets that are appreciating quickly but I know there are boot ...
Creating a Property Management company	1/10/2007
Q: I would like to thank you for your prompt reply and for the clarity on all the answers; I believe I ... A: it's not a problem. Even if the properties cash flow and actually show a profit in that regard, ...
Renters Credit	1/6/2007
Q: I am getting ready to rent my first rental and I have a question about checking the prospective ... A: maybe $25 or so. I never do that. We also have internet access to our local court files, (call ...
What insurance to get?	1/5/2007
Q: What insurance coverage do you recommend for single family rental houses, and what premiums and ... A: Lior -- First and foremost, you must have liability insurance. Some companies have that as a ...
Creating a Property Management company	1/5/2007
Q: I am getting divorced and my husband and I decided to keep/manage our four rental properties ... A: it seems I start all my answers with this -- I am not an attorney nor a CPA, but here's my opinion. ...
Dissatisfied With Property Management Company	1/3/2007
Q: The people I hired to manage my property located in another state are not satisfactory and I would ... A: Do you have a copy of the lease with the current tenant? I would contact the property manager with ...
Utilities overpassing rent	12/22/2006
Q: I would like to know how to better approach my tenants in the situation that way their utilities ... A: that's a tough situation. You don't say where you are located and which utilities you are paying, ...
Manage my own property	12/18/2006
Q: We had to dismiss our property manager. Now, we are transferring our property management to us. We ... A: L. -- I'm not sure what the laws are where you are and I'm not an attorney, yada yada yada -- ...
Starting My Own Managment Co	12/14/2006
Q: I work with a property management company now as an onsite supervisor of a high end condo that i ... A: I'm not an attorney and this is not legal advise. Is it my best opinion. Are you going to be an ...
rental property management company	12/9/2006
Q: I'm thinking about starting a rental property management company. Can a rental management company ... A: a rental management company can purchase rental properties. I am not a cpa so you might want to ...
Property Management- Beginner in Rental Real Estate	11/27/2006
Q: Your advice has decreased some of the fear and confusion already. I am definitely going to find a ... A: Nicole, you honor me with your words. :) It is my husband's and my sincere goal that we assist ...
Property Management- Beginner in Rental Real Estate	11/26/2006
Q: I totally agree with you that it in order to effectively manage a property you must know how to ... A: Nicole -- well, you're starting off ahead if you've got long-term tenants already in place and I ...
Property Management- Beginner in Rental Real Estate	11/25/2006
Q: I am a single woman who is on my way to buying my first multi-family (2-4units) property. I would ... A: that goes for laundry, shopping, house cleaning, etc. too. Cost wise, can you hire someone to do ...
Taking loan on Rental property	11/16/2006
Q: I wanted give some more clarification on my Scenario. The property I rent has a market value of ... A: I have decided if I were in your place and knowing what little I know about your financial ...
Taking loan on Rental property	11/14/2006
Q: Recently we moved from our town home to a new place.I have taken a mortgage to buy the new place. We ... A: but here's mho --I think it's going to be a tax wash either way you go. If the rental property pays ...
Renter's Rights	11/3/2006
Q: I have been living in an upper flat in St Clair Shores, Michigan for 3 years. It is 100 years old. I ... A: well, I can tell how frustrated you are. Although you're in another state and your laws will be ...
balancing rentals and being employed FT	10/26/2006
Q: My wife and I both work-I'm F/T, she's 30hrs/wk. We've owned two single family rentals for several ... A: When my husband and I started our business, we both worked full-time jobs and did the rental at ...
LLC for current properties	9/22/2006
Q: I own 1 townhouse that I live in and another single family in another state that I rent out to a ... A: I'm not sure about which state you should create the llc in, the state where you're living, or the ...
Rental Property Management	9/12/2006
Q: I have 12 rental houses now with a total of 18 units.(some of the homes are duplexes) I have an ... A: For building wealth, real estate is just such a great vehicle and when you combine it with building ...
Non-renewal of lease	8/3/2006
Q: I have a tenant that, when her lease is up Aug 2007 i wish not to renew her lease. She is ... A: there is definitely a correct way to go about it. You should check the landlord/tennant laws in ...
Slumlord, problematic property owner;	7/1/2006
Q: Please, direct (us) tenant's of the rental building/property in question to help where change's can ... A: Landlords have a duty to keep a property safe, clean and sanitary and in working order. They do not ...
no $ to start	6/25/2006
Q: .in my area there is 4 older mill houses 4 for sale on 1 lot..they are currently rented for ... A: it sound like a reasonable deal. A finaince company will usually make you come up with 20 - 30 % ...
want to buymy 1st rental property	6/9/2006
Q: How do I get started buying my 1st rental property" "Here`s what capital I have to work with $5,000 ... A: 1) taking over a note "subject to" or 2) getting an owner to help in the financing. What have you ...
buying an income property	5/28/2006
Q: I have 2-3 hundred thousand to invest and want to buy an investment property (or more). How do I get ... A: so you're already 50% ahead of the game. Good for you! What have you done so far? Have you read a ...
Management Companies	5/27/2006
Q: I'm looking at investing in my first investment property. The property will be out of state and I ... A: I think it's best for you to be close enough to check on the property yourself when necessary. That ...
terminating lease before lease end	5/15/2006
Q: I have a tenant who wishes to terminate his lease on July 31st. The lease he signed is untill ... A: That being said, it mostly depends on how your lease is written and what a judge in your county will ...
How did you do it?	5/14/2006
Q: Stefani, your profile states the following: "Experience in the area I started purchasing rental ... A: we used other people's money. The year we purchased 11 properties, we had a money partner. We ...
After the LLC, then what?	5/3/2006
Q: My siblings and I jointly own property which we want to rent out. We read your advice to set up an ... A: WHen contacting insurance companies, it's best to use one who is familiar with you. They can ...
I PURCHASED A CONDO IN THE...	4/16/2006
Q: I PURCHASED A CONDO IN THE BEGINING OF DECEMBER OF LAST YEAR. ON THE 28TH OF DECEMBER, THERE WAS A ... A: but I would tell you this: Our city department is very difficult to work with. We've had a fire ...
How to take 50	4/12/2006
Q: How do I take 50% depreciation in Turbo Tax? I used the percent calculation feature for expenses on ... A: First, turbo tax usually asks you what percentage of a property you own and then gives you an option ...
Renting agreement	4/4/2006
Q: Im considering buying a house in the furture to rent out but really have no idea on all the details ... A: If you are just starting to become interested in rental real estate, do some reading up. One good ...
I have the property-Now What!?	2/16/2006
Q: Less than 1 year ago I purcahsed a condo as my primary residence. In December on the morning of the ... A: My entire family has been down with the flu this past week. Well, first off, I would suggest you ...
opening a residential prop. management company	2/10/2006
Q: My husband and I own 4 rental properties and take care of renting them out along with the property ... A: That being said, here in Oklahoma you are supposed to have a real estate license to be a property ...
What Does a Property Manager Do	1/22/2006
Q: We are looking at investing in rental properties, but can't find information on how much it would ... A: In our area, customary is 10% of the rents collected. Generally, there is also a "leasing fee", ...
New Investment	1/20/2006
Q: My friend and I will be purchasing a home in Indiana that will be used as a rental. My question is ... A: It is not necessary to file for an LLC to “do” your real estate investing. You can accomplish all ...
Getting started in real estate	1/19/2006
Q: I was just browsing around and came across some comments you made on All Experts. Im a business ... A: First, I do not believe you need to get a credit card to establish yourself. You may have rental ...
early terminating lease and looking for new tenants	12/19/2005
Q: May be I may take advantage of your great knowledge again. My present tenant has lived in the house ... A: I guess you found out the hard way, the second most important aspect of a renter is stabilitiy. ...
cost disputes about telephone and gas	12/16/2005
Q: In August I purchased my first house to be rented out. The first tenant living there had to install ... A: I can give you what as a property manager is standard operating practice. Generally speaking, a ...
Investment property taxes	12/9/2005
Q: I just purchased a 6 unit investment property (in Florida) - the property will loss about $25,000 ... A: By you personally or in an LLC or company, etc. If the property is in your name personally (which ...
Apartment Buildings.	11/29/2005
Q: I am searching for an apartment complex to purchase. What should I look at in considering the ... A: I have been on both sides of this issue, 1) as a property owner bying an apartment complex with a ...
Advice needed on renting condo	10/4/2005
Q: I am planning to rent my condo out in about a month. I'm wondering if I can find a sample or generic ... A: you can find many boiler plate type leases easily on the web. Check www.creonline.com - creative ...
rental prices	9/6/2005
Q: I am a college student thinking about moving into my own apartment. I am on a very tight budget and ... A: sometimes you can talk down the rent. Probably not wtih a large corporate-owned apartment complex ...
late fees on rent	7/19/2005
Q: our rent is due the 3rd of each month.on the 4th there is a $25.00 late fee and each day after the ... A: Tina -- I don't know what state you're in and I'm not a lawyer, so I don't really know the law. ...
Purchasing residential property	6/30/2005
Q: I am looking into acquiring residental rental property in the Mississippi Gulf Coast area. I need to ... A: I'm goign to assume for this answer that you do not. If you have some qualified monies, i.e. a ...
property management	6/24/2005
Q: My husband and I bought our own properties and have been managing properties for a few clients ... A: The most common way I have gotten management jobs is through word of mouth, mostly from realtors. ...
Getting Started in Real Estate	6/22/2005
Q: My wife and I purchased our first home (we live in it) last August. We would like to purchase a ... A: sometimes, depending on where the property is. There are sometimes government programs for money ...
Looking at an apartment complex	6/8/2005
Q: Recently I saw an ad for an 11 bedroom apartment complex (a house converted into seperate ... A: First I would say, don't guess. If you're interested in the apartments, call and ask the monthly ...
max occ	4/13/2005
Q: I have a rental question. I live in Quincy California. I want to rent a two bedroom house. I have my ... A: I answered the question and then left out of town and put myself on vacation. Somehow, my answer ...
Residential Real Estate Investment	3/29/2005
Q: I have a bit of capital that I'd like to invest in residential real estate such as Condos, ... A: Given the "if everything could be ideal" I would stay local. It's much easier to manage property ...
Marketing Plan	3/16/2005
Q: I've found the property I want and I have a contract. My next step is to formulate a marketing plan ... A: Hugh -- Thank you for the question. Lazy? No way. Putting a sign in the yard is the ABSOLUTE best ...
Rental property - Income taxes	2/7/2005
Q: My sister and I own a rental property in Branson, MO that we purchased in mid-2004. We both live in ... A: I am not a cpa and I'm not giving you tax advice. That being said, here's what we do when we have ...
Finding properties	1/26/2005
Q: I have recently decided that I want to purchase one or several smaller income properties. (duplex, ... A: When we started in this business we did us a realtor. After talking with many, we found a realtor ...
Missouri real estate	12/27/2004
Q: We are new investors (we own a single family rental along with our own home in California) and we ... A: 99% are out of state owners. I see two options for you. If you are determined to purchase out of ...
Property Management	10/29/2004
Q: I am a Realtor working for a new real estate company. The owner has requested I look into starting a ... A: List property managment on your business card and when people as, always tell them realtor and ...
Buying my first rental property	10/3/2004
Q: Stefani, I am trying to buy my first rental property and I do not have any cash for a down payment. ... A: there are creative things you can do depending on the type of deal you're working. If you look for ...
Listing on the Internet	9/25/2004
Q: I was wondering what is a good website to list my property for rental? I am currently using ... A: I'm not familiar with many sites for listing rental property; however there are numerous ones. ...
1st Rental Property	9/15/2004
Q: I live in California. We just recently bought our 2nd house, and were intending to sell the first ... A: I would say sell it. You are in a negative cash flow situation. And even if you were breaking ...
General Questions	9/10/2004
Q: I am a college student in west texas that wants to get into property management. I have a few ... A: I would say they most costly repairs to make are roofing (when new decking is needed.) The cost of ...
NOI - Net operating Income.	9/10/2004
Q: I have seen this number, NOI - what does this mean. Does this mean after or before debt service? ... A: Operating income is net sales less direct and indirect operating costs and before deducting cost of ...
Rising Interest Rates??	8/21/2004
Q: I'm considering purchasing a second condo for rental purposes, although I have some serious ... A: Wow -- that's a lot of information for me to digest. I'll try to give you my best answer. 1st, as ...
Renting out my condo	6/30/2004
Q: I am relocating from Methuen, MA to Manhatten. I would like to rent out my condo rather than sell ... A: George -- I'm not sure of the distance you're moving but I'm guessing it's too far for you to look ...
Evicting a Tenant on a MTM contract	6/29/2004
Q: What steps should be taken when evicting a tenant with a MTM contract due to non-payment of rent ... A: A month to month lease is treated the same as a 12 month lease for eviction purposes. I'm telling ...
fixit ques	6/24/2004
Q: I am living in a rental house in California. My bedroom door is missing a doorknob, the bathroom ... A: I'm assuming that you're landlord has a deposit and these monies are coming out of that? You are not ...
fixit ques	6/24/2004
Q: I am living in a rental house in California. My bedroom door is missing a doorknob, the bathroom ... A: the landlord should replace/repair those. The light switches should also be repaired/replaced ...
What constitutes "bad credit" for a renter?	5/27/2004
Q: My husband and I got married in March, and we are looking for an apartment or house to rent. ... A: Andreia -- with the information you have given me my advice is to let your husbasnd fill out the ...
1st time landlord	5/20/2004
Q: I bought a small single family bungelow for investment purposes. It is a fixer-upper, but I can do ... A: I guess the first thing I would tell you is: trust your instincts. If you like someone that's ...
Property lease	4/28/2004
Q: Ms Nachatilo, You are where I want to be in 5 years. I am wanting to lease my current first ... A: My husband and I are in business together and he has studied extensively and gone to many many ...
Rental Payments	4/18/2004
Q: I'm thinking of setting up an "auto-payment" feature for my tentants. If they allow my property ... A: it sounds like a good idea. My guess is you would have to set the transactions up with each ...
Apt. Manager Credentials	4/15/2004
Q: I would love the opportunity to be a residential apartment manager to get experience in property ... A: 1st, (in Oklahoma anyway) you don't don't to be a realtor to manage an apartment if you live in one ...
Apartments/Furnished vs. Unfurnished	4/11/2004
Q: Nachatilo, I'll be looking real soon for an apartment in Nashville, Tennessee. I'm single/no ... A: Most landlords want a minimum of a 6 month lease because even though you might take good care of the ...
Renting Home/Apartment	2/27/2004
Q: Nachatilo, I'm moving to Nashville, Tennessee in April and will be looking preferrably for a two ... A: Did you have some problems with the apartment you are renting now? I would just say, make a list of ...
Cap Rate	1/9/2004
Q: What is the definition of cap rate from an income approach. My Real Estate mentor uses a 15% cap ... A: Mostly cap rate is used for commercial and multi-family properties. We don't use it, pe se-- what ...
asking realtor to rent our condo out	1/2/2004
Q: We plan to rent our townhouse out through a realtor. We talked with a few realtors. Is it normal ... A: it's normal to ask for some kind of contract, because as a manager, you don't want to go to a lot of ...
rental house - tax consequences	11/5/2003
Q: I live in MI. My sister lives in AZ. I am looking to buy a house in AZ and rent it out to my ... A: If you were to co-buy this house -- that is have her on the mortgage with you you would probably get ...
investment strategies	8/20/2003
Q: We are moderate income homeowners that wish to purchase a 6-8 unit multifamily building.We are ... A: Some strategies that come to mind are: If you are not tied to a particular mortgage lender -- SHOP ...

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