I'm looking at buying a new home, and renting out my current one. It won't meet the 50% rule, but I would be wiling to do the landlording myself to save some cash. All the quotes I've gotten from property managers is first month's rent and 10% of the rent each month.
I'm in Orlando, and need to learn a lot. What are some good resources and how do I determine if I need an LLC? Would it be best to get a home warranty as well?
Rough numbers per month
Equals no margin and likely negative when vacancies and repairs are taken into account.
Fairly new home, built in 2006, and I just replaced the AC in 2013 for the downstairs.
My income can cover the two properties, and I'm ok doing this as long as I net money between the mortgage being paid down, and the tax breaks help me out.
@Eduardo C. ...It's an easy way to get started, but consider self manage to learn the business. Find a local RE meeting..The Ultimate Beginners Guide on BP has lots of info as well...I read as many RE books as possible for insight...Good luck!
That is how we are got started. Our first house only cleared $200 a month. We managed it ourselves and therefore helping us increase the buffer.
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