Finances and Maintenance Responsibilities

[Andrew Rellinger]

Hello,

I am interested in buying my first property sometime next year after saving enough capital. I am near done reading my first book on REI (How to Invest in Real Estate by Josh Dorkin and Brandon Turner) and I have decided that my strategy will be investing in SFH likely via the BRRRR method. I have some questions regarding housing expenses and management:

1. When renting out your properties, what expenses are you in charge of as a land lord and what expenses do you make your tenant in charge of? 

2. Do you include mortgage insurance in their rent you charge them? 

3. Is landlord insurance a waste of money? And if you have landlord insurance do you tie this into the tenants rent to cover it for you?

4. What maintenance do you make your tenants responsible for? What maintenance are you, the landlord, responsible for? 

I am looking forward to reading the answers on these questions. Cheers!