All Forum Posts by: Samantha Klein

I'd take the lower down and invest it into another property. I ALWAYS put the least amount down as long it the deal cash flows to my criteria. Putting more down earning 5% a year in savings does not make sense when it could earn 15-20% or more on another property plus then you have more tenants paying your mortgages and in turn your making much more money. Just my 2 cents.

Renting to your son and daughter in law probably wasn't the wisest choice but you'll likely eat next months rent as I'm sure she won't pay and ruining your relationship with your son over a months rent probably isn't worth it. 

You cannot charge for your labor. You hire it out and deduct the entire cost. Get receipts.

I don't know Chicago all that well but I definitely would try and get another move in fee from new tenants. I think its reasonable that anybody looking to rent is going to expect to pay a deposit or move in fee so collect the extra money. 

Price it high and go from there. Research 4 bedroom houses and adjust the rent up or down looking at comparables. If you can't find any comps than price high. You can always come down.

@Ericka G. You really need an investment savvy insurance company for multiple properties. You should be able to find one that will cover all properties under one policy.

@Ericka G. No LLC is required for mine. I don't plan on forming an LLC. It is really not needed if you have an adequate umbrella policy.

If you have multiple rentals, getting a commercial policy may make sense. I know that it's cheaper combining them all. Take to @Jason Bott. He may be able to give you some guidance or have a product to offer. 

That sounds like a great tenant but it's too bad she moved out. 

@Walther Mendez It is gross monthly rent.