All Forum Posts by: Derek Markowicz

Hello I am an accidental landlord need advice on how to proceed. I bought a house as a primary residence and rented a room to a friend. Ended up moving into my girlfriend's place and had a friend of the previous friend also move in. I am collecting 900 dollars a month which I originally thought was great. They are paying the majority of my mortgage/tax/insurance (1,056 a month). Now after finding BP I realize I am negative cash flowing. Market research has shown I could possibly rent for about 1400-1500 a month, I bought the property for 111,000 now worth conservative 140,000. My question is now should I sell the property and try to find a property closer to the 2% rule, or find tenants that could afford the average market rate? Thanks, Derek.

Complete Newbie here. I am interested in owning rental properties. Looking to cover all my bases before jumping in. I want to obviously do everything legally but am not aware of all of the laws. I am worried I may break the law and end up getting sued without even know I did anything wrong.  Is there anywhere i can find all laws that pertain to renting? I assume all states have their own laws. I live on the boarder of Illinois and Indiana, I hear Indiana is a lot more owner friendly than Illinois? Any push in the right direction would be greatly appreciated.

Thanks, Derek.