New to Rentals Low on Time
Hello,
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
Rent: 1600-1800
PITI: 1360
HOA: 75
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.