All Forum Posts by: Nicole Wood

hmmm. I'm not thinking so sjnce every cent would be kept and able to be given back.

thanks Mike! I've actually read new York's tenant laws before and its not extremely regulated except in "rent stabilized areas" which is nyc mostly. I did not see anything about not being able to accept upfront. however most of it would be going into a seperated savings anyway because the mortgage will be due each month. the rest im putting in savings for if anything goes wrong with the house. this house will not be cash flowing well. it is my current residential home and we are moving into a house hack. I couldn't sell it in time. after moving into the apartment and having this rented out we should only be paying 38$-100$ each month in "rent/mortgage". that's our goal. so that we can save money quickly pay off debts and eventually move out of the duplex and continue to buy more rentals. once we move out that house will be very cash flow positive and we will be selling said single family house unless we have a very good tenant but even then it's to be sold within 3 years or ill have to pay capital gains taxes

 thanks all!!

We are currently looking to rent out our single family home starting in June. We had several people come and look at the house and are very interested. I told everyone I was doing first come first serve (if they qualify of course). However, today I got an offer from someone who wants to pay the entire year's rent up front and sign a 1 year lease. Is it discriminating if I choose this person over the others??

Thanks!

Hello all, I'm trying to figure out index funds. Which index funds are the best to invest in? Also some give dividends how do I tell them all apart. Thanks!

there's also no lease. they're month to month and i dont have to do any rehab to get it to 500 a month. he was a friend of the owner and took care of lawn and the snow removal which is why he was at 275

its already part of our contract to have lower apartment tenants out before closing. we've asked they do the same with the upper now after consideration. they wont be giving notice until we have our mortgage commitment. 

Hello,

I have a dilemma and need to have some professional advice here. We are buying a duplex. There are already tenants in place however the lower apartment will be vacant when we buy it because were househacking. The upper apartment tenant pays 275 a month for a huge 1 bedroom because he was friends with the owner. The market rent for an appt like this in the area is 500$. We would be willing to keep him if he would pay 480-hes a long term tenant and pays on time etc according to seller anyway. However, we cant ask him or give him notice of increase in rent until we OWN the house AFTER closing. So my dilemma is...if he stays we would be okay with him paying 275 for the time between giving notice and it taking effect however he could also decide to not want the rent increase and decide to not pay the last months rent and even make us take him to court for eviction which could cost us up to 750$. A pro of keeping with him is someone is paying although i think we could definitely rent it out easily for 500$ a month. However, I just dont trust people all that much with what i've already been through. Any advice?

okay perfect.  I only make 57000 a year so I will fall well within that range. I have one rental that ended up as a money pit and I am now selling for 10,000. I recorded everything that I put into the home and all the rent that was collected. Thanks!

Hello everyone,

So, its tax time. I am just wondering, I've listened to the podcasts and heard something about real estate professional vs not... I know how that works however I would NOT be considered a real estate professional. How much can you claim for losses etc when you're NOT a real estate professional. I think I heard 25000 but am unsure.

Thanks for any input!

I think it will bring us closer and force us to downsize. Were doing it