All Forum Posts by: Maria Luna

@Terry Lao

Thank you so much for this information. How do I put together a profit and loss statement? I already got my separate bank account just for the rental property.

Originally posted by @Terry Lao:

@Maria Luna

The documentation is the schedule E from your federal tax returns. You should keep track of income and expenses to put together a profit and loss statement, which will ultimately go onto the schedule E (rents and royalty). 

You should open a bank account for rents only. This way in case, lender ask for additional information, they will surely ask for bank statements of rentals. If you co-mingle with your own funds then it can be messy. Also, if you have more than one credit card (MC/VISA), use one exclusively for rental, will help keep track of expenses. 

Terry

Happy Thursday to everyone, I need some information, hopefully somebody here can help me. I know that when you are investing on a multifamily or apartment building, when you apply for a loan in order for the banks to take the rent money in consideration as income, you must have some management experience. Like two years minimum or something like that. I’m getting ready to rent out one of my homes that I owe, and I’m planing on managing my self because I want to get this experience as a landlord. So that I can use this experience when I apply for a mortgage for my next investment. With all of that being said now my question is, what type of documentation do I need to keep to prove to the banks in the future that I have been managing this property my self??

Hello guys, I have a question and hope that somebody can explain this to me a little more. When is it convenient to have a LLC and what is really the purpose of it? I been reading about it, and feel like I can use it for the purpose of getting a business credit card. But I only own two single family homes, I live in one and renting the other one. So idk if this would be beneficial to do for me or not. I do plan on buying more rental properties in the near future.

Thakyou so much to everyone  who replied.  I really appreciate all this information.

Hope everybody is having a good Monday, Question, what is to low when submitting an offer? I found this foreclosure property for$73k. It needs a lot of work, so I told the agent that I wanted to submit an offer for 50k. He immediately got attitude and said that’s way to low and I don’t think that they are going to accept it. I said well we are never going to know unless we make the offer. I really didn’t like he’s attitude at all from the beginning. But would like to know your guys opinions on if I’m offering to low.

Hi guys, Can somebody get me information on how to find owner finance deals. I’m trying to find a deal but don’t want to go thru a bank or anything like that.

@Ray Harrell

Yes, I am having the tenant sign a month to month rental agreement that my lawyer prepared for me. I’m also charging the tenan $1000 security deposit, and if they want to move out they have to give me a writing notice within the first five days of the month prior to moving out, if they don’t give me the appropiate notice then I keep their deposit. She put it all in the rental agreement.

Hope everyone is having a great weekend, Has anybody on this site invested on tax deed sales in Washington state? I’m really interested on finding more information. I been doing my research and see a lot of people saying that is a good way to find good deals. Some seem to good to be thru.

Hello everybody, When you guys are getting ready to place a new tenant what do you guys prefer, contract or moth to month? This is my first time renting out one of my houses and my lawyer recommended that I do month to mont, Instead of 6 months or one year lease. She said that if I end-up with a bad tenant is easier to get them out, then if I had a rental agreement.