All Forum Posts by: Robert Methven

@Zachary M.  To find out whether or not you're going to cash flow with a management company really depends on the deal you've made on your property. You can find out how much positive cash flow you have on your rental by using the rental calculator on this site. You can also add in the management fee on the calculator. I pay about $80 a month for their service and I had to pay some fees for account setup and stuff. If you can find a good company it can be well worth it but the cost is a good amount of positive cash flow. They can also find you a tenant, mine charged fist months rent and an additional cost every time they sign a new lease. Every management company is different so you'll have to see what they charge. Make sure you checkout many different company's  because good ones are not easy to find.

im so sorry I am running out the door right this minute @Zachary M. I will have to  get back with you on this.

ok awesome! it looks like im in good shape then. I do have my receipts in a folder,one thing I did right.

Ok cool I just wasn't sure. Thanks so much!!

Hi everyone! I need some guidance, I want to start out saying im a new investor from the Detroit area. I've decided to jump into the real estate game and am glade I did. I know I've made some mistakes and wanted to see what others had to say about it before I go talk to a lawyer and accountant. So let me explain my situation.

I purchased a house and started renting it out about 7-8 months later. I never took homestead off the house. So im not sure what I can do about this or how bad of a situation this is. Also I opened a business account for a sol proprietor up for this house. Well I got lazy and never follow through with creating a sol proprietor. Should I still open one up before the end of the year and can I date it back to when I started renting out the house in February. The good thing is that all the money  Iv  spent on that house went through that account. I also have a prop mng company taking care of that house.

The second bad part, i bought another investment prop and never rented it out but I  have just paid the mortgage out of my own personal finances. Is this bad because its considered an investment prop? I plan on starting an llc for the two props next year, so I can start fresh. let me know if you can give me any guidance on my situation, this is my first year and I have a lot to learn thanks.