It’s Not About Just Offering the “Right” Renewal Gift Don’t fall into the costly mistakes of thinking that simply offering residents the right gift at renewal time will greatly increase their desire to want to renew their lease. Many landlords think the trick to retention is simply figuring out the right renewal gift or incentive…
DetailsWhen it comes to tax deductions, there are a few schools of thoughts. There are the people who want to write off everything, whether it’s legal or not, and figure the cost of an IRS audit won’t be that bad. Or else they think they can’t ever get caught. They are invisible, or so they…
DetailsQuestion 1: I have a resident that is requesting permission to have a dog. She submitted a note from a doctor written on a doctor’s prescription slip. The note states “please allow my patient to have a small dog.” The building is a ‘no pet’ building, but the tenant is insisting she has the right…
DetailsMost of the apartment owners we have had the privilege to meet and work with are pretty frugal with their money. They rarely live in the most expensive homes, drive the most expensive cars or buy the most expensive designer clothes. They are the “millionaires next door,” who built a solid financial foundation on sound…
DetailsToday I want to address the soaring costs of healthcare, which are rising far more than the Obama administration and the Department of Health and Human Services will admit. While I personally don’t consider healthcare costs to be a political issue, many argue that it is indeed a political issue with regard to “Obamacare.”
QUESTION: I have a policy of charging new tenants a security deposit equal to one month’s rent. If a tenant has children, I add $50 extra per child to the security deposit since kids usually cause more damage than normal. Is this legal?
The point of the Uncle Sally series has been to introduce the interested novice to some of the elements of income property investing. The hope is that misunderstandings might be avoided by opening a dialogue on at least a few of the elements a newish investor might face. One of these points is when to…
DetailsHello everybody. Long time readers of this column may remember the article I wrote for the June 2011 issue of AOA Magazine entitled “Genital Herpes and Apartment Buildings – You Better Disclose!” The point of that discussion was that sellers of apartment buildings who know of hidden defects inherent in their property must disclose those…
DetailsQ. My tenant paid a security deposit of $2,120 for their one-year lease. At the end of the lease I deducted $650 for cleaning and damages. I sent the Security Deposit Itemization by certified mail to make sure my tenants received it and included a check for the remaining sum. My tenant is suing me…
DetailsWhen is a “repair” a repair and when is it a capital improvement for federal and state income tax purposes? This is a question that every small property owner contends with at tax time.
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