Roaches problem

currently I am using combination of Maxforce FC Magnum gel bait, and Gentrol IGR Concentrate on a ULV fogger, I am planning switch to this...running a fogging machine just too much work..




Vendetta Plus combines two modes-of-action to kill German Cockroaches where they hide, and prevent future re-infestation. Effective on both averse and non-averse German Cockroaches Breaks the life cycle of German Cockroaches contains NyGuard IGR reduces the population by preventing reproduction. For use in commercial, industrial and residential areas.

Amazon link:
http://www.amazon.com/Vendetta-Plus-Roach-Bait-tubes/dp/B00HLP5C2S

Reviews:

Recommended, but a bit expensive

on August 18, 2014

Verified Purchase

I was recommended by a friend and tried a used one in kitchen, pretty impressive result, all roaches gone the second day morning. One application can last around 5-6 weeks. One tube can barely enough for a 2 bedroom house 2 times. So it is kind of expensive if you have a large house but worth it if you really get frustrated with roaches in city

Comment  Was this review helpful to you?  YesNo

Excellent product!!! Worth testing in your home/apartment! I recommend it.

on October 16, 2014

This is an excellent product. It kills small roaches effectively!!!

I have been using sprays for several months. Although it killed countable number of roaches it did not remove the infestations completely. Spraying caused contamination with the insecticide everywhere and is not useful to control the infestation. It is good only to kill few roaches roaming around.

I applied only in the kitchen and bathroom of my apartment and could kill 95-98% of roaches in three days. Since it is applied as gel, it is much safer than sprays even kids and pets are around.

Section 179, the famous “Hummer Tax Loophole” for 2014

The current deduction limit is $25,000 plus an adjustment for inflation. This means businesses can deduct the full cost of qualifying equipment from their 2014 taxes, up to $25,000. The equipment must be purchased and put into use by midnight, 12/31/2014.

10 Awesome Vehicles That Qualify as a Business Write Off

http://www.section179.org/awesome_vehicles_that_qualify_as_a_write_off.html

As you may know, the Section 179 Deduction can be used for businesses to write off vehicles. Also and affectionately called the "Hummer Loophole", this law also allows you businesses to purchase SUVs and write them off. However, there were limits put in place to try to avoid abuse of the deduction. (Darn!)

So now if you purchase a large SUV with a Gross Vehicle Weight (GVW) of 6,000 pounds or more, you can only claim a limit of $25,000 instead of the normal limit of $250,000. But, something's better than nothing at all. Of course, SUVs aren't the only thing that's covered. Vehicles with nine or more seats behind the driver's seat qualify and pickup trucks with cargo beds that are six feet in length or longer qualify.

The main purpose of the deduction is for vehicles specifically used for businesses, like you passenger vans can be deducted. Now, if you're going to get a van, then the best on the market is the GMC Savana. However, the title of this article is "10 Awesome Vehicles..." so you won't see any vans on the list. Vans are practical, yes, but they're not awesome.

1. Chevy Tahoe

At the top of the list is Motor Week's "Best Large Utility Vehicle" for 2008, the Chevy Tahoe. The performance is awesome, but its greatest features have to do with safety as it's scored high on crash tests. This will make you feel great when driving around your family - er - "business passengers".

2. Cadillac Escalade

Like the Chevy Tahoe, the Cadillac Escalade scores very high on crash tests. It also looks fantastic inside and out, but of course that's what we expect from Cadillac. With a sticker price that's more than double the $25,000 deduction limit, the Escalade is pricey, but well worth it.

3. Chevy Suburban

This old favorite has been around for what seems like the beginning of time. Like the older versions of the Chevy Suburban, the 2008 models are great too. With an upgraded suspension and the StabiliTrac, the Suburban ranks great in safety. Like all Chevy Suburbans, the exterior looks rugged, solid and sharp.

4. Ford Expedition

Like the other vehicles listed so far, the Ford Expedition's best attributes lie within its safety features. With the AdvanceTrac with Roll Stability Control, you can't go wrong. You will be able to write off almost the full amount of the Ford Expedition, but you'll need to hold onto your savings because your gas tank will eat it all up. The estimated EPA for the Expedition is only 12 mpg in the city and 18 mpg on the highway.

5. GMC Yukon

With an awesome 320-horsepower, 5.3-liter V8 engine, the performance of the GMC Yukon is great, but more importantly, you guessed it - safety again. GMC makes an awesome SUV and it just had to be on the top ten list.

6. Toyota Land Cruiser

First of all, this vehicle is gorgeous. It has many amenities as it's classified as a luxury SUV. The price is classified as "luxury" too, as you'll find out. However, the quality you get in the Toyota Land Cruiser is worth the extra money. Did you know that the Land Cruiser hasn't had any recalls on any of its year models since 1993? Now, that's impressive!

7. Chevy Silverado

So, finally on a list of awesome vehicles, we get to a pickup truck. The list wouldn't be complete without at least one. The best attribute about the Chevy Silverado is that it's fun! The performance on this pickup is awesome. You will almost be able to write the entire amount off with the Section 179 Deduction, so go for it.

8. Mercedes-Benz GL-Class SUV

Of course, you know if it's Mercedes-Benz, then it's got to be classy. The GL-Class SUV is no different in that respect from all Mercedes-Benz vehicles. The other thing it has in common with other Mercedes-Benz vehicles is awesome performance and great convenience features. The gas mileage isn't bas at 24 mpg on the highway, but the sticker price is hefty.

9. Ford F-series Super Duty

While the F-150 doesn't qualify for the Section 179 Deduction, the Super Duty trucks do. Just remember that the cargo bed must be at least six feet long. This gives you a great excuse to go all the way and get the Super Duty. Ford has always had a great reputation for its trucks and the Super Duty is a great example as to why.

10. Hummer H2

Of course we couldn't have a top ten list for the best "Hummer Loophole" vehicles without a Hummer. As everyone knows, a Hummer looks great on the road, but this vehicle isn't all about status. We can't even hide that this might be for a business, so why even try? The Hummer H2 is amazing off-road. Hey, it's a Hummer. You can't hide it, so flaunt it.

Section 179 at a glance for Tax Year 2014

http://www.section179.org/section_179_deduction.html

Section 179 at a glance for Tax Year 2014

2014 Deduction Limit = $25,000
This is good on new and used equipment, as well as off-the-shelf software.

2014 Limit on equipment purchases = $200,000 
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced.

The above is an overall, "simplified" view of the Section 179 Deduction for 2014. For more details on limits and qualifying equipment, as well as Section 179 Qualified Financing, please read this entire website carefully.

at is the Section 179 Deduction?

Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn't, as you will see below.

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It's an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.

Several years ago, Section 179 was often referred to as the "SUV Tax Loophole" or the "Hummer Deduction" because many businesses have used this tax code to write-off the purchase of qualifying vehicles at the time (like SUV's and Hummers). But, that particular benefit of Section 179 has been severely reduced in recent years, see 'Vehicles & Section 179' for current limits on business vehicles.

Today, Section 179 is one of the few incentives included in any of the recent Stimulus Bills that actually helps small businesses. Although large businesses also benefit from Section 179 or Bonus Depreciation, the original target of this legislation was much needed tax relief for small businesses - and millions of small businesses are actually taking action and getting real benefits.

Essentially, Section 179 works like this:

When your business buys certain items of equipment, it typically gets to write them off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example).

Now, while it's true that this is better than no write-off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it.

In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting over the next few years. That's the whole purpose behind Section 179 - to motivate the American economy (and your business) to move in a positive direction. For most small businesses, the entire cost can be written-off on the 2014 tax return (up to $25,000).

Limits of Section 179

Section 179 does come with limits - there are caps to the total amount written off ($25,000 for 2014), and limits to the total amount of the equipment purchased ($200,000 in 2014). The deduction begins to phase out dollar-for-dollar after $200,000 is spent by a given business, so this makes it a true small and medium-sized business deduction.

Who Qualifies for Section 179?

All businesses that purchase, finance, and/or lease less than $200,000 in new or used business equipment during tax year 2014 should qualify for the Section 179 Deduction.

Most tangible goods including "off-the-shelf" software and business-use vehicles (restrictions apply) qualify for the Section 179 Deduction. For basic guidelines on what property is covered under the Section 179 tax code, please refer to this list of qualifying equipment. Also, to qualify for the Section 179 Deduction, the equipment and/or software purchased or financed must be placed into service between January 1, 2014 and December 31, 2014.

The deduction begins to phase out if more than $200,000 of equipment is purchased - in fact, the deduction decreases on a dollar for dollar scale after that, making Section 179 a deduction specifically for small and medium-sized businesses.

What's the difference between Section 179 and Bonus Depreciation?

The most important difference is both new and used equipment qualify for the Section 179 Deduction (as long as the used equipment is "new to you"), while Bonus Depreciation covers new equipment only.

Although Bonus Depreciation is not available in 2014 - in years when it is available, Bonus Depreciation is useful to very large businesses spending more than $2,000,000 on new capital equipment in tax years such a 2013. Also, businesses with a net loss in 2013 qualified to deduct some of the cost of new equipment and carry-forward the loss.

When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation - unless the business had no taxable profit in 2013 because the unprofitable business is allowed to carry the loss forward to future years.

Section 179's "More Than 50 Percent Business-Use" Requirement

The equipment, vehicle(s), and/or software must be used for business purposes more than 50% of the time to qualify for the Section 179 Deduction. Simply multiply the cost of the equipment, vehicle(s), and/or software by the percentage of business-use to arrive at the monetary amount eligible for Section 179.

NEWS ALERT: SECTION 179 RESTORED TO ORIGINAL LIMITS FOR 2014

Updated Nov 1, 2014 - Section 179 is alive and well for 2014. The current deduction limit is $25,000 plus an adjustment for inflation. This means businesses can deduct the full cost of qualifying equipment from their 2014 taxes, up to $25,000. The equipment must be purchased and put into use by midnight, 12/31/2014.


Section 179 Qualifying Property


Section 179 was designed with businesses in mind. That's why almost all types of "business equipment" qualify for the Section 179 deduction.

All businesses need equipment on an ongoing basis, be it machinery, computers, software, office furniture, vehicles, or other tangible goods. It's very likely that your business has purchased many of these goods during the past year, and will do so again and again. Section 179 is designed to make purchasing that equipment during this calendar year financially attractive.

Material goods that generally qualify for the Section 179 Deduction


Equipment (machines, etc) purchased for business use

Tangible personal property used in business

Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)

Computers

Computer "Off-the-Shelf" Software

Office Furniture

Office Equipment

Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)

Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).


What are the limits on Typical Passenger Vehicles?


For passenger vehicles, trucks, and vans (not meeting the guidelines below), that are used more than 50% in a qualified business use, the total deduction for depreciation including both the Section 179 expense deduction as well as Bonus Depreciation is limited to $11,060 for cars and $11,160 for trucks and vans.

Exceptions include the following vehicles:

Ambulance or hearse used specifically in your business;

Taxis, transport vans, and other vehicles used to specifically transport people or property for hire;

Qualified non-personal use vehicles specifically modified for business (i.e. van without seating behind driver, permanent shelving installed, and exterior painted with company’s name).


Limits for SUVs or Crossover Vehicles with GVWR above 6,000lbs

Certain vehicles (with a gross vehicle weight rating above 6,000 lbs but no more than 14,000 lbs) qualify for expensing up to $25,000 if the vehicle is financed and placed in service prior to December 31 and meet other conditions.


What Vehicles Qualify for the full Section 179 Deduction?


Many vehicles that by their nature are not likely to be used for personal purposes qualify for full Section 179 deduction including the following vehicles:


Heavy “non-SUV” vehicles with a cargo area at least six feet in interior length (this area must not be easily accessible from the passenger area.) To give an example, many pickups with full-sized cargo beds will qualify (although some "extended cab" pickups may have beds that are too small to qualify).

Vehicles that can seat nine-plus passengers behind the driver's seat (i.e.: Hotel / Airport shuttle vans, etc.).

Vehicles with: (1) a fully-enclosed driver's compartment / cargo area, (2) no seating at all behind the driver's seat, and (3) no body section protruding more than 30 inches ahead of the leading edge of the windshield. In other words, a classic cargo van.

Other Considerations

Vehicles can be new or used (“new to you” is the key).

The vehicle can be financed with certain leases and loans, or bought outright.

The vehicle in question must also be used for business at least 50% of the time - and these depreciation limits are reduced by the corresponding % of personal use if the vehicle is used for business less than 100% of the time.

Remember, you can only claim Section 179 in the tax year that the vehicle is "placed in service" - meaning when the vehicle is ready and available - even if you're not using the vehicle. Further, a vehicle first used for personal purposes doesn't qualify in a later year if its purpose changes to business.

connection to a municipal sewer varies, for 3k to 6k.

connection to a municipal sewer varies, for 3k to 6k.

Water is the common enemy of all constructions

Water is the common enemy of all constructions... 2009-04-25 22:58:39
by JY

well, besides the landlord business, I been a home builder over 10 years, also own an interest in a concrete/excavating business, so I know a few things about foundations.

usually before the house was build, there are footers, and along them footers, there are underslap drainage systems, which make up of perforated pipes or so call weeping tiles, these tiles are surround by stone or gravel and sand, not soil, they are interconnected, and paralleled run for load balance, just encase one of them is clogged, all the under water collected thru these tiles usually got a sump pump, and pump out to surface ground, but in your case, instead of a sump pump, they connected to the storm water line.

After the concrete walls are form, the outside perimeter tiles are then connected to underslap tiles, also important that the house should only back fill with gravel and sand, not dirt, some builders try to cut corner on that, which can cause flood later, this way there wouldn't be standing water surrounding the house.

now, there is not thing wrong with gravity feed system like you have, sewer lines are all done like that, but the problem is sewer lines are seal and tiles are not, over time, soil can get in the tile system and finally clog the line and eventually flood the basement.

now knowing this much, you now need to determent where is all these water coming out from, is it from where the wall joint the floor? or from concrete saw lines in the floor?

from the picture, these look like they are additional plumbing for future bathroom sewer, should have nothing todo with the tile system, the reason the water do down to it is because it is connect to the sewer system, which technically is illegal to drain surface water to sewer line.

Mold in basement? What to do?

1. if everything looks dry, it is possible moisture is humidity, because basement usually cooling and no vent, so maybe all you need is a dehumidifier.

2. if it is small leak thru the wall, you can fill it with concrete filler inside, and paint it over with oil base sealer.

3. if you notice water lines, the only permanent fix will be dig from outside and seal with rubber sealer.

Rat/Mice/Roden problems? Final Rodenticide Pellet!

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Not for Sale to: CA

REO experience

from my past experience on REO 2008-07-17 19:29:59 - by JY

1. when buy a REO, try go directly to the seller agent, once they know you well, they will let you know any great deal coming along, in my area, REO must list in the MLS 3 days before the agent can take in any offer, but if he is willing to work with you, he can twist that by listing the property on Friday before midnight, and take your offer first thing on Monday to meet the 3 day rule, then you for sure you get the first choice, this works out great back when flipping market were good, there are times I resell the property to the next buyer for 30k or 40k without touching the house (too bad those days are long gone).

2. if the bank list a new REO, bank tend to not discount alot, most will be 10%, then every 30 days, the seller agent will summit a market report and request to reduce price, so after 30 or 60 days, you have a better chance to bargain. and sometimes bank will change agent after 60 days if the house not sell.

3. try not to fall in love in any properties, investment is investment, not your primary home, always have an exit strategy and ready to walk or you may overbid the house that can't get out, there is always another deal.

About Flipping

flipping is only for short term gain, to reach 10m mark 2008-07-17 19:17:09
by JY

like Bro Stone, you must leverage, leverage and more leverage. but again, you can not reach maximum leverage when you have negative cash flow.
as I always said, if you have cash flow, credit crunch and depreciation is not thing to worry about.
I own and manage 90 units, all positive, generating 150k income and 350k appreciation per year for me.

Benefits of Eviction

haha, benefits of eviction........ 2010-09-10 07:56:19


By JY

1. you feel good that the law is finally on your side..
2. you feel even better that you can lawfully kick someone's ass.
3. and the high point of the whole process will be when you have the sheriff help thru all the tenant stuff out on street.
4. the side benefit is you will get a judgment.
5. the judgment will show up in their credit report.
6. they can't sell any real estate unless they pay you first, of course that day may never come.
7. and you may get to visit them in jail if you push the case all the way to the end..

haha.

but yes, you will lost couple months of rent, but compare the all the excitements you getter for free, it is well worth it...

My comments:
Eviction is very expensive in MA. Avoid bad tenants in the beginning.

About The Low Income Housing Tax Credit Program or LIHTC

About The Low Income Housing Tax Credit Program or LIHTC 2008-07-17 19:29:33
by JY

Uncle Sam does not build a complex himself for low income family, it is the investors that using one of the low income housing program to build such project.

you need to find out what program was it build with, section 8? Farm Home Credit? senior housing? or the newer LIHTC?

The Low Income Housing Tax Credit (LIHTC or Tax Credit) program was created by the Tax Reform Act of 1986 for low- and moderate-income household, usually investors use either tax free bond or private loan to build the project and the project will receive a tax credit equal to 90% (Private funded project) or 40% (public funded project - tax free bond) of their hugely inflated cost (one project I saw was 95k per unit in Indiana, and that is crazy) over a 10 year period, most of the time, the owner of the property will not be able to use all of the tax credits, and therefore, many LIHTC properties are owned by limited partnership groups that are put together by syndicators, the sell the tax credit on 75 cents for each dollar to companies and private investors to against their federal tax liability in return.

there for, in 10 years, the project is paid for by the tax payers, and the project owner make millions on selling tax credit and still own the project, then at the end, they sell the project thru a non profit group to a third party buyer and still don't pay a dime in taxes on capital gain.

I did a lot of research on tit year ago, on one project I saw, 132 unit complex cost 12 mil, the developer makes 2mil in the beginning, builder makes 1.5 mil and each year tax credit can sale for almost 1mil, now that is huge money, but this market is dominated by big guys, they knows all the network and channel, they build project one after another, they really do not care about renting the units, because they make their money by selling tax credits.

80% of the apartment complex build today is under this program.

Question: 
Hi, JY. Just curious about this: sell the tax credit on 75 cents for each dollar to companies and private investors.
The tax credit should be attached to that low income project. How can the owner sell the credit to another company or investor, while still keep the property?

Answer:
 In an LP, there can be one or more general partner, all others “limited partners.” The general partner has full management responsibility runs the day-to-day operations of the business. A limited partner cannot incur obligations on behalf of the partnership and does not participate in the firm's daily operations or management. In fact, a limited partner's role usually involves nothing more than making an initial capital investment in exchange for a share of the firm's profits.

for example, if this project is private funded and qualify credit total is 12mil, IRS is allocated a tax credit equal to 90% of the qualify construction cost, which be 10.8mil over a period of 10 years. this tax credit is essentially an asset to the LP, and any investor wants to buy in, will become a limited partner, in exchange for their hard earn $$, they will receive a allocated tax credit, which they can apply to their own corp or personal tax return.

and remember, the LP can have thousands of limited partners, but only the general partner can operate the business, and the LP still responsible for repaying the 12mil loan.

so lets look at the number again, on this 12mil project, the developer makes 2mil, the builder makes 1.5 mil on the construction phase, then the general partners makes 7.5mil by selling tax credits, the LP repays the loan, mortgage holder makes 10+ mil in interest, 10 years later, they sell the project for 3mil.

usually these type of projects are put together by syndicators, for their investment of 12mil, their return over 10 year, is 24mil..

An Overview of a Quit Claim Deed

An Overview of a Quit Claim Deed - ZTed 2009-05-22 21:29:30

An Overview of a Quit Claim Deed

Quit claim deeds are a form of deed used in the transfer or sale of property when a grantor, a person who owns an interest in the property, is essentially allowing the transfer of that property to another person. The grantors do not actually own the property but rather simply have responsibility over it. For this reason, grantors have the legal right to sell the property but there is a catch.

The quit claim deed offers little protection for buyers down the road. Although the property will be transferred to the grantee from the grantor, the quit claim deed does not legally protect the grantee from future claims to the property. The grantor does not legally own the property and so that leaves a back door open for potential future problems regarding the property.

Quit claim deeds are often used in a couple situations due to their relative simplicity compared to many of the other forms that have to be filed during property transfer and/or sales. One, the quit claim deed is used to clear up a title. And two, quit claim deeds are effective for those who want to use a simplistic method for giving up their interests in a certain property.

When used in a sale of a property, quit claim deeds can result in significant risk to the buyers of the property. However, quit claim deeds still have other uses that are very beneficial. For instance, in the case where there are multiple people who have claims to a home, such as when a relative passes away, a quit claim deed is an effective way of one of these people to legally transfer their interests in the home to another person. A divorce can create a similar situation, making the quit claim deed very useful.

It is important to be smart about which form of deed you will be using and signing whether you are a seller or a buyer. Know what the potential risks are and the protections that are being offered by the deed so as to better be prepared.

I got sued by tenant for personal property left behind - The End

Did you win the case?
       yeah, insurance pay for the attorney, judge thru out the case...haha.

If you win, why insurance needs to pay? 
      each side pays for own defense, so insurance pays my attorney fees...

I got sued by tenant for personal property left behind - Pt 3

I got sued by tenant for personal property left behind - Pt 3

2008-11-12 14:49:09

by JY

 After 2 month of waiting, last week, my attorney which he was hire by my insurance company, call and said the tenant wants $1000 and drop the case, the insurance counter at $500 without informing me, but gladly the other side wants more, so we are going to trial.

so, today I sit thru a 2 and half hour trial, recall the all the witness and represent all the pictures as evident, now it is on the judge's hand, but I have the feeling we going to win because all the stuff in the pictures shown are all junks.

I got sued by tenant for personal property left behind - Part 2

I got sued by tenant for personal property left behind - Pt 2

2008-07-27 10:55:11

As I filed a motion to dismiss the case, the court granted a hearing on the dismissal on 8/20/08, if the motion is denied, then a contested trial hearing will be held on the same day.

My Landlord liability insurance company contacted me again on Friday after the receive a copy of the court summon, and reassured that their attorney will defend me on this case when that day comes.

This past week, I also came cross this blog on the same matter, from The Indiana Civil and Business Law Newsletter, here is the insert of it:

http://haslerlaw.blogspot.com/2008/07/landlord-tenant-abandoned-property.html

Monday, July 21, 2008
Landlord-Tenant: Abandoned Property

How long must a landlord hold onto a tenant's property? Indiana has a statute on this:

IC 32-31-4-2 Liability; abandoned property; court order allowing removal by landlord

a) A landlord has no liability for loss or damage to a tenant's personal property if the tenant's personal property has been abandoned by the tenant.
(b) For purposes of this section, a tenant's personal property is considered abandoned if a reasonable person would conclude that the tenant has vacated the premises and has surrendered possession of the personal property.
(c) An oral or a written rental agreement may not define abandonment differently than is provided in subsection (b).
(d) If a landlord is awarded possession of a dwelling unit by a court under IC 32-30-2, the landlord may seek an order from the court allowing removal of a tenant's personal property.
(e) If the tenant fails to remove the tenant's personal property before the date specified in the court's order issued under subsection (d), the landlord may remove the tenant's personal property in accordance with the order and deliver the personal property to a warehouseman under section 3 of this chapter or to a storage facility approved by the court.

Notice the statute uses the phrase "reasonable person" without defining that phrase. The statute leaves the phrase undefined because there can be no abstract definition of reasonableness. What is reasonable depends on the situation.

The best practice is to do nothing without a court order.

Can the landlord dispose of the items as the landlord sees fit? I would like to read Paragraph (e) as saying no but I cannot. The General Assembly made the procedure of (e) permissive rather than mandatory: "the landlord may remove...." The General Assembly left an open question about a landlord's ability and liability for disposing of the tenant's property in the following circumstances:

1. When the landlord has an order finding the property abandoned but does not send the property to a storage facility.
2. When the landlord does not seek to get an order finding the property abandoned.

I foresee more problems for a tenant successfully suing a landlord under #1 than #2 but it is still annoying that the General Assembly could not have made this simple statute a bit more certain.

I see landlords having liability in the following:

1. The property has sufficient value to justify a lawsuit;
2. The landlord does not seek a court order finding the property abandoned; and
3. The landlord acts unreasonably in declaring the property abandoned and then disposes of the property.

What is the bottom line? If you are a landlord, get a lawyer before disposing of a tenant's property.

I got sued by a tenant for personal property left behind

I got sued by a tenant for personal property left behind

2008-07-17 19:36:01

By JY

Back in January this year, I filed eviction thru small claims court on a tenant, she was 30 days behind, I got the court order procession, court ordered the tenant move out within 72 hrs.

After I had procession, the tenant move most of their furniture and personal belongings, left bunch of food, clothing and junks behind, so I donated whatever are decent to a charity and thru the rest a way, it took 4 days and 2 guys to finish that and 3 more days for cleaning and repair.

2nd court day come around for judgment on damage and back rent, tenant's parent hire an attorney to represent her, try to argue they did not have enough time to move, whatever left behind was valuable, and by law, I have to kept in storage for up to 90 days, the judge thru this portion of the argument out because the hearing was for back rent and damage.

The initial judgment awarded was $1780, which covers back rent and cleaning, so I appeal the case for additional late fee and others which later I won an additional $640, for total judgment of $2420 plus court cost.

July 1, I started the collection process thru court, file all the paperwork,
and the tenant's attorney file a counter sue for their personal property left behind for $2000 and I got the court summon July 15th.

So, I filed a motion to dismiss the case as followed:

DEFENDANT’S MOTION TO DISMISS CASE

Comes now Defendant, Jy101 in the above captioned case and requests that the case be dismissed, without prejudice, and in support of this motion would show the Court the following:

1. That the defendant, as Landlord, took procession of the property at xxx st, xxx town, Indiana on Feb 8, 2008 after obtain a court ordered possession, Case No. 43D03-0801-SC-1 on Feb 1, 2008.
2. That the plaintiff was never given any forwarding addressing or phone number to landlord for further notices to be send.
3. That the defendant, as Landlord, under INDIANA CODE IC 32-31-4-2 (b) had determined that tenant has abandoned the premise and any personal property left behind, since she had sufficient time to move after appearing the hearing on Feb 1, 2008, and the defendant had left the premise open and unlock for an additional 7 days after possession in order for tenant to take their belongings.
4. That under INDIANA CODE IC 32-31-4-2 (a), A landlord has no liability for loss or damage to a tenant’s personal property if the tenant’s personal property has been abandoned by the tenant.

On the same day I got the court summon, I forwarded it to my insurance and file a claim under landlords liability, today, the insurance adjuster called, I told the insurance that I DO NOT want to settle with the tenant, so the adjuster said they will hire an attorney defend me on this case.

I currently have 24 open case on eviction, judgment, collection or civil warrant, I am in court once or twice a week. and I also got sued or counter sued numerals times, but so far I had not lost any cases.

more to come, as I post any updates.........

Rental Center AC - Use the most common and cheaper brand

Use the most common and cheaper brand.  The system is simpler than the high end units.  If the problem could not be easily fix, just replace the problem parts, i.e. compressor, coils.

tax lien auction

JY:

Its a huge topic...

My past experience on this topic, again, every state maybe different, a tax lien auction can't get you a title, if you win the auction, they will issue a certificate entitle you first position on the property. so yes tax lien is first lien, but you still need to foreclose the bank loan for clear title.

The worst story I know was, the guy bought some ground then found they were contaminated..

1. If there is mortgage, 99% of time, bank will not let it happen, they always pay the taxes so they not jeopardize the mortgage.
2. If there is no loan, owner mostly would redeem, they rather sale the property before let you own it for just few thousands bucks.
3. As investor you can't afford to research on all the properties...

Other:

as mentioned above, the primary lien holder such as mortgage companies or owners won't let it happen so easily. however when tax lien or tax deed auction scheduled, very like neither lien holder or owner really cares about the property. the chances are that these properties are really junk.
to my experience, the most properties are vacant lands in nowhere. the remaining improved properties are really old, small,with significant damage. the renovation cost will leave no profit margin.
occasionally you may find a few acceptable properties. however these properties could be redeemed by the owner at the last minute or you have to bid up significantly to win the bid.
overall speaking the chance of getting tax deed for good properties is like winning a lotto.

Flea problem - Raid Flea Bomb

* I spent a lot of money with Home Defence, flea killer etc, no use. Raid Bomb is really working.
* After 5 Raid flea bombs, no flea inside house after a few hours

RE investment story: 13 unit asking 550K

by JY

Part I:

New prospect- 13 unit asking 550k, 2008-07-17 19:09:53

13 unit asking 550k, counter at 425k and owner financing.
will entry at $475, 10k closing

Gross Income (Year) $77,400.00

Vacancy
Vacancy Rate @ 10% $7,740.00

Operating Expenses
Fixed
Property taxes $7,800.00
Insurance $4,200.00

Variable
Property management
Maintenance $4,200.00
Legal Fees $200.00
Accounting fees $800.00
Advertising $300.00
Administrative expenses $600.00
Utilities $600.00

Total Expenses $26,440.00

Net Operating Income $50,960.00

Mortgage
- First Mortgage 20yr@7% $44,192.04
- Second Mortgage

Profit or Lost $6,767.96

Ratios
Debt Coverage Ratio 1.15
Cap Rate 11.32%
Cash on Cash Return 67.68%
Break Even Point On Units 10.56

Part II: 

New prospect- 13 unit asking 550k part2 2008-07-17 19:13:10

13 unit asking 550k, after a month long counter and counter offer,final accepted price 456k, 56k cash down less tax credit and deposit, 400k owner finance at 7% amortize over 20 years, 5 year balloon.

Gross Income (Year) $77,400.00

Vacancy
Vacancy Rate @ 10% $7,740.00

Operating Expenses
Fixed
Property taxes $7,800.00
Insurance $4,200.00

Variable
Property management
Maintenance $4,200.00
Legal Fees $200.00
Accounting fees $800.00
Advertising $300.00
Administrative expenses $600.00
Utilities $600.00

Total Expenses $26,440.00

Net Operating Income $50,960.00

Mortgage
- First Mortgage 20yr@7% $37,212
- Second Mortgage

Profit or Lost $13,748

Ratios
Debt Coverage Ratio 1.37
Cap Rate 11.75%
Cash on Cash Return 24.55%

 Part III:
New prospect- 13 unit asking 550k  part3 2008-07-18 09:20:12

5 month after closing on the property, with new round of tenant change and rent increase, monthly rent now at $7030 per month, increase from about $4800 when it was with previous landlord, expected vacancy down to 5% compare to previously expected 10%, positive cash flow expect to be $22,321 this year.

13 unit asking 550k, after a month long counter and counter offer,final accepted price 456k, 56k cash down less tax credit and deposit, 400k owner finance at 7% amortize over 20 years, 5 year balloon.

Gross Income (Year) $84,360.00

Vacancy
Vacancy Rate @ 5% $4,218.00

Operating Expenses
Fixed
Property taxes $7,800.00
Insurance $4,121.00

Variable
Property management
Maintenance $6,000.00
Legal Fees $200.00
Accounting fees $800.00
Advertising $300.00
Administrative expenses $200.00
Utilities $1,200.00

Total Expenses $24,839.00

Net Operating Income $59,521.00

Mortgage
- First Mortgage 20yr@7% $37,200
- Second Mortgage

Profit or Lost $22,321

Mechanical lien on your home

The topic of mechanical lien on your home.. 2010-03-06 19:23:17

by JY

Q: Recommendation needed: how to deal with building contractors.

 

A: It is a tough one, he can attach a mechanical lien to your home.

you may try these steps.

1. have a meeting with him, give him a demand letter stating a final time line for him to finish or pack his tool and leave.
2. if he refuse to cooperate or can not finish in a reasonable time line, tell him is fire, it is your property and you have right to prohibit him from entering.
3. he may put a mechanical lien in your property, each state is different on this, the original status was to protect laborer get paid when job is done, but it is been abuse so much over the years, the contractor can basically put a lien on you without any prove, and it is up to you to prove it is not.
4. if you get a notice from county recorder's office about the lien, you have several options,
4a.do nothing, usually you can request it to drop after 1 year if the contractor did not bring the case to court and win a judgment.
4b. send a certify letter with return receipt to him, simply stating SUE OR QUIT within 30 days, if you can prove the letter is delivered and he did not sue you, then present the letter to recorder's office request the lien to be drop.
4c. if he sue, then you need to present to court all your evident that he did not do the job and you already given him a reasonable time line to finish, then it is up to the judge.

or better yet, hire an attorney to take care the problem for you.

I had been there and done that.

good luck to you

Septic System - Life span and Replacing the septic tank and leach field

by JY:

the property is on a septic system, really common for residential property outside of city sewer, its life span usually about 25 years, if the property is over 20 years old, it may only have a 500 gal tank.

the new code depends on size of the lot and how many bedroom in the house, local health department usually require a minimum of 1000 gal tank, 100 feet of leach field per qualify bedroom, 50 feet away with any water source. if your lot is too small, you can seek a soil scientist test the soil simple and you may reduce the leach field requirement, or you may end up with a mount system if soil simple turn out bad.

a standard system with 300 feet of leach field, usually cost about $2800 to $3300. plus another $1000 for remove the old tank. a mount system will cost from $6000 to $8000.

if you buying it as-is, then you may end up paying for repair, talk to your lender or closing agent, most likely they can do an escrow account for repair after closing.

==============================
Replacing the septic tank and leach fields 2008-09-06 22:35:15

Septic Tanks and Leach Fields are common in northern states, depends on size of the house, how many bedroom / bath room, each state may have different requirement.

and it also depends on soil sample, your county health inspector need to come out and test the soil, and let you know what type of septic system you allow to install, then they will issue a permit for the work.

a typical gravity fed system on a 3 bedroom /2 bath house needs a 1000 gallon tank and 300 feet of leach fields, cost $3200 to $4000, plus time to dig out the old one.

if the soil test out bad, then you need a mounted system, it will cost $6000 to $8000.