All Forum Posts by: Donna Salmiery

When you go to the new calculator, there is a link at the bottom to access the old calculator. I don't like the new one at all!

@Michael Sato  Thank God! That new calculator is horrible!! 

Welcome!

Matt's write up of Cozy is excellent. I have used them to advertise a rental and collect rent. I ended up using zillow for my background checks recently, but the rent collection is seamless and free (if you wait a week to get paid). I like the idea of writing up a pre-screening application to weed people out prior to collecting their fee and running the background check. I let them know that I am looking for a minimum income requirement, info about pets, smoking. Read up on fair housing and what you are allowed to ask. I didn't know about sending the rejection letter like Matt said. That seems like a good way to protect yourself by explaining why they were not chosen.

Good luck! 

That definitely is on the higher end for the area. (Median home price is $101,700). I am not familiar with that particular town, I live in Martinsburg, WV. You can look at demographic data. Also check rental sites such as zillow to see what rents are going for on similar properties. Another thing to keep in mind is that the WV property taxes double if it is a non-owner occupied property, ie rental. 

Not yet. I have a few questions to ask when I turn over my stuff for taxes. I am afraid if I ask too many questions along the way, I will get charged extra. He has been pretty good though, so he may not. 

My first two years of owning rentals, I just put appliances such as washer and dryer, stove, under "supplies". I have switched accountants and my new accountant asked me to use Quickbooks. Now I am not sure where to include appliances - fixed assets?? The only category already built is furniture and equipment. I can build another category for appliances, but not sure whether to put it under expense or fixed asset. Is there a dollar amount (cap) that items don't get depreciated unless they are above a certain amount? Thanks for any advice.

I agree with what Matthew Irish-Jones said except for having a tenant already in place. I prefer to place my own tenant for various reasons. There are many  tools to help you screen for a good tenant and this way you can make sure you are getting fair market rent as well. 

Closed on property #4 Nov 30th and it is still vacant. This year, I am planning on paying down debts and doing research on vacation rentals which is where I would like to venture next. But the first priority is getting my new property rented. The first mortgage payment hurt with no tenant to pay!

GetawayX: Create Wealth and Income with Vacation Real Estate by Trevor Wisniewski is a good book to help you get started.