need advice on what to do

armchair_warrior

Is old leases still good for documentation? Alot of my tenants are on month to month these days, After their year long leases have expire. I offer them renewal or month to month. they always like the month to month.

Situation, I took out like 45k one day in cash. i didn't win auction for item i wanted. My mom put back like majority of cash few months later. now the bank wants documents. where i got the money. (might have been a different bank)

Should i go make new leases with those tenants or just have them sign something about them living month on month bases, bank wants something by the end of the week.

also forgot about tenants that are friends of tenants that never had leases to begin with. just verbal agreements. I trust my tenants. hmm i should get them to sign something lease or paper saying they are on a month to month thing.

also it's on personal checking.

also they called my mom, not me, her mandarin and English isn't that good. that's what they told her to bring in some sort of documentation. and lastly not sure which one, that she has to get a company or business account or something(I don't think she understood what they said)

MOD

Ay AW! Yes, please, cover yo a$$ and have all tenants sign new yearly leases AND follow up on renewing them every year , get new security/cleaning deposits for all people/friends who have piggy backed on all expired leases.

bohuma

First, you are supposed to be sending your tenants monthly invoices/statements, so you should have copies of these. Second, if the rent payments are being deposited regularly into a bank account, you can show the bank statements (you can get them from the bank). Third, if you took out $45k in cash, there will be a bank statement showing that.

It is not prudent to leave $45k in cash in your house or business premises for an extended period of time, even if it's locked in a really good safe.

The bank is required under federal law to report suspicious transactions (this was how Spitzer got caught), which basically means any large cash transaction. If you can't appropriately document this transaction, the US Government might seize the $45k as proceeds of crime (the most common crime for which seizure takes place is tax evasion). The government does not need to convict you of a crime to seize the money, they merely need to establish that the funds are more likely than not the proceeds of a crime (such as tax evasion).

Next time you need a large sum for an auction, consider buying travellers cheques (if the auction house will accept them). Also, if you do this again, redeposit the money into the same account as quickly as possible.

armchair_warrior

i got copies of all the checks tenants ever gave to me, that shouldn't be a problem as records of money received etc... I'm gonna go to the bank i think i went to get money out of to get some sort of statement.

and with old copies of leases etc.. that should do it unless they want up to date ones. then i'll ask all my tenants to get some.

armchair_warrior

i got copies of all the checks tenants ever gave to me, that shouldn't be a problem as records of money received etc... I'm gonna go to the bank i think i went to get money out of to get some sort of statement.

and with old copies of leases etc.. that should do it unless they want up to date ones. then i'll ask all my tenants to get some.

armchair_warrior

found the receipt thank the gods.

can i curse these bankers out?

happens to be the same jerk bank.

i took out that money from that same bank apparently and my mom put it into back into the same account.

they should know that it came from them!! it was lying around the house for 2+ months.

I have all the checks ready and old leases.

I have a few joint accounts with my mom for different investments for different accounts.

armchair_warrior

lack of sleep own me this morning. my mom wanted to do this first thing in the morning lol.

went there guy explain they notice i make alot of transactions as a landlord etc.. wanted to know if i would change it to a business account i said no. I told them I have a few accounts for separate transactions for deposits etc.. with some other banks. I told them my moms english and chinese isn't that good. they were like we had someone talk to her in mandarin.

apparently my mom mistranslated what the lady said. I told my mom if she doesn't understand just tell people, she'll typically say yes even if she really doesn't understand. instead of admitting she doesn't understand mandarin that well or any thing else. she has basic elementry school education from the countryside and my dad has no education at all. So its shameful for them to admit they don't understand!!!!

I had to update my phones with them, that's when i got owned. they ask me for ID. I had to go back home and couldn't find it still. recheck my wallet apparently i hid it with my business cards instead of my usually spot. Lack of sleep isn't good.

went back updated with new numbers.

apparently this whole deal is a misunderstanding. !@#$% my luck.

I should of went in the afternoon lol, thats when i normally wake up.

My mom still insist the lady told her that they are gonna close the accounts by Friday. I told her she misunderstood the girl, she won't admit she doesn't understand.

the manger said no such thing after i said not interested in new business accounts.