All Forum Posts by: Wakes Andre

I have a property that I purchased a few years ago for $140 K now it costs close to $225 K. Currently, I use it as a rental property and it generates about $1000 per month after I pay

1. Property Insurance
2. Property Taxes
3. HOA fees

My question is should I consider selling it or I have good margins on it?

Its a time of the year when I need to pay Property Taxes in a few counties. Combine sum for the properties I have is about 8-10 K per year.

Is there any way I can postpone paying the taxes and put them toward purchasing an investment property?

I'm looking to buy a rental property. I have a few potential leads but I feel like the price is too high and margins too low.

The property I'm considering has:

Price: $190 K (negotiable);

Sqft: 1742

Garage: Yes

HOA fee: $280 per month

Tax: $3748

Type: Townhouse

Rent: $1650

If I get it for $180 K and put a down payment of $85 K, my payments will be around $1215 per month. Which leaves me only $435. Would it make sense to invest in this property or I should continue looking? What are the good margins?

I contribute to my 401K around $1500 every month before taxes. The company I work for contributes around $150 to it every month as well. I'm 35 and I have a 15 years mortgage for my primary residence. If I pay the additional $1000, I pay off my mortgage within the next 7 years. If I continue to contribute to my 401K I will have more retirement money at age of 67. 

I have a dilemma should I pay an additional $1000 (after taxes), contribute $1500 (before taxes) to my 401K or just to put some money aside and buy a rental property within a few years? What are the pros and cons?

Should everybody who lives at the property and over 18 signs the rental lease?

Ex.:

At the beginning of the year, my tenant reached out to me and asked if her brother can stay with them for a few months. I had no issues with that and we've made an addendum to the current lease.

Now, the current lease is about to expire, and her relative is going to stay with them during the new lease timeframe.

Should I add him as a co-signer on the lease or he can be listed as an occupant but not financially responsible one? Please let me know the possible pros and cons.

 So everywhere where it says to sign and initial have to be signed and initial by me

I'm in the process of preparing a lease agreement for the rental property. I'm using the LLC information as the Landlord. What I'm not sure is if I have to sign it and initial as LLC or individual on behalf of LLC.

Example:

Company Name - Google, LLC

Individual: Larry Page

Landlord Signature: Google LLC

Landlord Initial: G

or

Landlord Signature: Larry Page

Landlord Initial:  LP

I'm in the process of getting an HO6 insurance for my rental property. The prices vary from $550 to $2K depending on the coverage. I have a townhome that managed by HOA, in Florida. The HOA is responsible for the exterior of the building including the roof and drywall in case of the water leak for example.

This is a rental property and I don't think I must have all coverages. What are the coverages I need to have and which one are optional?

• Personal Property
• Dwelling Limit
• All Perils Deductible
• Hurricane Deductible
• Loss of Use
• Loss Assessment
• Liability
• Medical Payments
• Building Ordinance or Law Coverage
• Personal Property Loss Settlement
• Sinkhole Loss Coverage 

 Please give some examples, of long-term growth things

 ok. something else like buying another property? In Florida, it's very hard to find nowadays anything worth buying under $100K