Expenses for rental properties

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I am brand new to real estate and have some questions.

 - How do I find specific utility costs for my area so I can properly analyze deals?

 - What utilities are needed? Are these paid by me through the tenants monthly rent or is this a separate bill that the tenants need to deal with themselves?

 - How do I get the tenant set up with these bills?

While you're here, maybe you can help me out with a few other questions (: Any and all help is very appreciated!

 - How do I go about offering a lower price to the seller than what is being asked?

 - How much should I plan to set aside for extra monthly income besides rent?

 - Do hard money lenders work by lending you the money needed for a down payment or lending you the money for the entire property?

- What type of credit do I need to get a mortgage loan? 

THANK YOU! 

@Jonathan Bluth (any relation to George Bluth? lol) Lots of questions, I'll try to keep the answers short:

How do I find specific utility costs for my area so I can properly analyze deals?

Typically, the tenants are responsible for the utilities. The only utilities you should include in your calculations are ones you plan to pay. Gardener or sewer/ trash for example (sometimes included in property tax bill). or if your property has any common area utilities, like electricity or water that is not individually metered between the units. 

What utilities are needed? Are these paid by me through the tenants monthly rent or is this a separate bill that the tenants need to deal with themselves?

This is the tenants responsibility. The rents go to you. If you have any common-area utilities you're paying that you want to include as a flat fee to the tenants, include it in the rents. Everything else is on them. They will get sent the bills by the utility company and they'll pay it independent of you. 

How do I get the tenant set up with these bills?

Tenants handle this themselves, unless, again, there is some sort of shared meter. When they move-in (or sometimes before) they will call and have the utility turned on in their name. At that point, billing begins for the tenant, they pay it, and when they move out, they call to have it stopped. 

How do I go about offering a lower price to the seller than what is being asked?

GET AN AGENT. I can't stress this enough. Especially as a buyer, where you don't have to pay the cost of the agent (the seller does). Let the professionals do their job. 

How much should I plan to set aside for extra monthly income besides rent?

Not sure I understand this Q, so I apologize if I'm making assumptions. As a potential/ future landlord, be prepared for things like maintenance/ repairs and vacancy. These things sneak up on you, and if god forbid something big happens like a busted pipe in the water line, you can't leave your tenants hanging for months while you come up with the money for a repair. Always be prepared for the worst. 

Do hard money lenders work by lending you the money needed for a down payment or lending you the money for the entire property?

Hard Money lenders will loan you the funds for the property WITH YOUR down-payment. Hard Money is risk-based, not based on your ability to repay (the way standard mortgages that look at your income, taxes, etc. are). Hard Money will mainly look at the property and it's cash-flow. They'll want you to have a substantial equity/ down payment, much more than Fannie/Freddie lenders will require. Most of my Hard Money lenders want 25% down so you have some skin in the game, which balances out their risk, since they're not checking to make sure you make enough money to pay the loan back. 

What type of credit do I need to get a mortgage loan?

620 to get a Fannie Mae/ Freddie Mac loan. If you plan to live in the property (which it sounds like you don't) you can go lower on credit with an FHA loan, but FHA is only available for 1 property at a time -- the one you live in.

Feel free to PM me if you need help finding lenders :) There are options between Fannie/ Freddie and Hard Money.