All Forum Posts by: Robert Fornwalt

thanks everyone for the great advice

I would like to know how it went seeing that this post is over 2 years old

Thanks jaron that's what I'm trying to figure out lol

just did my 2018 taxes and I have to pay uncle sam this year about $3300. when I ask if I should buy rental properties I was told because my wife and I make to much that most of the rental income would be a wash.

so let's say I buy a sfh at 100k

rent it for $1000/month

clear $200/month $2400/year

just using the example my CPA used. not real numbers

if I don't have at least $2400 in deductions that $2400 net income would just be taxed away in my w2 income?

does this seem right?

more and more every day. 

if you are on rentometer do a check and find out what is popular in your desired area. 

I looked at 2 quadplexes this week and both had the utilities split (i.e. gas and electric paid by the tenants) but the water bill was paid by the owner. meaning that there was only one water meter. 

1. is this the norm?
2. how do I go about getting the tenants to pay the water bill?    

if I can do this the deal has a higher ROI.

also, both quads had washers/dryers in the basement. how long should I wait before I convert them to coin-operated for extra revenue?

thanks in advance

if anything I would lock him into those rate as they seem very reasonable if not really low. I'd make friends with him if he does good reliable work.

any update on how the duplex showing went?

I've been told there is no such thing as a bad tenant just bad landlords. put your foot down do what you have to do and move on. learn from this and have a plan to never let it happen again.