All Forum Posts by: Edward Rangel

How do you bill tenant if You cant change the water bill from your name  If you rent your house out??

First a little background info I am 24 and I just rented out my first Unit a house for 1350$ signed the lease today . I use a property management company .

My Mortgage is only about 510$ 

So After expensive and putting a little away for repairs, I think Il cash flow around 600$ every month.

I have no debt just my house and around 10k in the bank. 

So here where I need help I bought my first Unit aka house with a conventional loan , And now I wanna get a fha loan to get a 2,3 or 4 unit building .

I live in chicago  so should I go baby steps and get a 2 unit or look for 3 or 4 unit .

 let me know what you think I make around 39k a year so I still need to save for about 4 months for the downpayment for the next property !!

thanks for any advice you have  for me!! 

Thank you both!!!

I'm 23 and live in Illinois So I own 1 house  and going to buy this 4 unit building with fha loan.

I bought my first house with a conventional loan.  

Okay my question is if I am going to rent out the building. Do I need a specific type of insurance ?? Or will I be fine with the insurance from geico that I will get before I buy the Building or do I need 2 insurances???

plz help lol

Thanks for the info guys!!!

and Phillip idk but Im sure someone will help you out with your question on here.

Hello I was wondering that if I rent my first home out do I pay taxes on my income from rent ??

and when people say calculate your total cost to find your cash flow . I see people saying remember to include your Insurance , are they talking about home insurance or renters insurance ???? please help ! 

Thank You  

Hello my name is Eddie , I am 23 and I bought my first house at the age of 22 .

I am now interested in buying and renting out houses/units. I am moving out my house in the next month or 2 and moving back with my father to see how I like to renting out my home . I am think of using a Property Management company .  

I plan to keep working to save 20% of down payment to buy an other home rent it, 

with that cash flow do it over and over again. Any advice is appreciated