All Forum Posts by: Mica Moore

I'd rather know about any and all animals on the property up front so there's no surprises. If you say no pets, sometimes they sneak them in anyway, or try to say it's an emotional support animal. Instead I say " pets on approval " and just increase the deposit.

You could make that a pet deposit that is refundable or a pet fee that is non- refundable, its up to you. You also have the option of charging an additional pet rent. 

 I'm an accidental landlord, this house wasn't purchased with the intention of being s rental. I bought it a year ago my primary residence and planned to stay awhile. Plans changed and I moved out of state for family/job reasons - pretty spur of the moment. Had about 6 weeks to plan. I was fortunate that I had no vacancy, the tenant moved in 2 days after I moved out. It rented after only being on the market for 1 week. It all worked out and now I'm suddenly a rental property owner.

SFH that is 20 years old with original roof ( asphalt shingles; located in South TX).

There is nothing wrong with the roof ( that I know of) but should I replace it anyway due to age, or wait as long as I can?

It will cost me about $10K, and I do have the budget for it. Other similar aged homes in the neighborhood have already been replaced.

My concern is ordering a roofing inspection and them just saying it needs to be replaced because they want the business, when I may actually get a few more good years out of it. I'm just trying to figure out how to handle this situation- it's my 1st rental. TY.

Would you say that the maintenance and repair costs and vacancy rate is higher than average in Detroit (compared to cities of similar size but stronger economy/higher medium income)?

it would seem that would be the case because there tends to be more tenant caused property damage and wear and tear where there is lower income. Do you find this to be true?

 It's 20 years old nothing major its in good shape. I image the roof and AC may need replaced in the next 5 years @10K each (estimated). Its probably not going to get much more in rent than it is now, its small square footage wise. It's in a popular neighborhood with good schools. So the demand should be stable and vacancy low. I got a good tenant in there now - just 1 person, so not a lot of people living there to destroy the property. Fortunately!

 Thank you. I wasn't sure how much to budget for non- recurring expenses.  The tenant pays all utilities. I think the vacancy rate percentage would cover utilities since there is no mortgage.

I have acquired my 1st rental property! I'm wondering if this is a good deal & if the numbers are profitable or if I should invest somewhere else?

It's a single family house. 3/2/2 1000SF. Bought for $160K cash, so no mortgage. In South TX, outside of San Antonio (so high taxes and insurance).

Monthly numbers: 

Income: Rents for $1600 per month ( 1% rule check ✔)

Expenses: PM fee $160, Taxes $333, Insurance $167, no other expenses unless I have to repair something or have a vacancy -- which so far I haven't had. How much would I budget for those?

I just put the net proceeds in a savings account and don't touch it -- so that if I do need to make repairs,  I have the money. After I have $10K saved I will start taking draws. 

You will pay less taxes if you stay for at least 2 years. IRS capital gains exemption is for personal residence that you have lived at for at least 2 out of the last 5 years.

It could be a good idea. What is the financial position on the property? (current LTV & cashflow vs. what it would be if you take out a HELOC)? You would need the discipline not to charge up all the cards again -- then you would have both CC's & 2 mortgages.