Updated about 9 years ago on . Most recent reply
New Member from Long Island new york
Hi - I am a new member and completely new to real estate investing, except for being a homeowner myself. I am interested in buying a property(s) to rent out to start generating some passive income. I would like a high ranch where I could rent the top and bottom floor seperate. I think my parents would be interested in renting one floor long term. Where do I even begin? How do you legally establish a house to rent out? Are the taxes and expenses a write off even though it is second home? Is there a place that folks can recommend with information for beginners? From a cost prospective what I am looking at is a purchase price of about $350k and 14k in annual taxes. How do I determine my break even point? Any info is greatly appreciated! Am I watching too much hgtv or is this doable for a busy mom? I can put down 20-30% down payment. #dontknowwheretobegin