All Forum Posts by: Prashant P.

You can do a quick market analysis.  You sites like Rentometer and zillow to determine what others are charging for similar properties in your area.  You can also use Craigslist.  Make sure the properties have similar features and offerings.

How is it outlined in your lease?  Do you have a late fee provision?

Where I invest the water bill has to be kept in the name of the property owner.  I take the years average rate and charge that on a monthly basis.  That way you are always getting the same amount.  Everything pretty much averages out.

I have used Cozy and Square.  I wouldn't recommend Square, the transaction fees are very high.  Cozy is nice they charge per transaction and it takes a few days to get into your account.  However, for an independent landlord its not a bad system because you can automatically send out reminders.

All the comments listed above are excellent. The only other thing I would check is seeing how much of an HOA increase has occurred over the last 5 years. Some HOA don't change the fee, while others change it every year. This could eat into your cash flow.

Congratulations.  You should include a utilities section or addendum to your lease.  Not sure how it works in MA but in PA certain utilities stay with the property.  So if the tenant leaves and they are paying for a utility, the owner may be on the hook for the balance.

@Troy Sheets Awesome job to you and the guys.  We need more people like you to help out the community.

As mentioned above you should check with your local housing authority or inspection office. I would never rent out a house with at least battery powered smoke alarms and a CO monitor. I record the testing process before someone moves in so I have proof they were working.

Welcome to Biggerpockets. I am also in Norristown.  Hope you find Biggerpockets helpful. It really is a great resource.

I usually tell people fill out applications to be completely honest.  Tell me upfront if they have any convictions or judgements against them.  If they tell me ahead of time and they are not too severe, I work with them.  If I find things they don;t tell me about, its an automatic rejection.

My advice would be to upfront and tell the person taking your application the same information you just mentioned.

What you are referring to is the Buy rehab and refinance strategy. There are a lot of good articles on this if you look around on bigger pockets