All Forum Posts by: Erin Weiss

If I get laid off from my full time job, does anyone know if my rental income will interfere with getting weekly unemployment payments? Do you have to claim the rental income when you call in each week or is it considered an investment so it's not earned income that you have to report? Anyone have any experience or knowledge in this area? Thanks in advance! Erin

Thanks @Angie W., that does NOT sound like something I would want. I'm leaning towards just hiring a maintenance man to do any fixes on-call and trying to handle the marketing, and tenant changes ourselves.

Thanks!! Very helpful!

I'm looking into hiring a property manager. I've seen several places that charge 10-12% of monthly rent for their services. Is 10-12% an average price from your experience?

Yes, that's totally fine with me. If one tenant wants to rent a 3 bedroom, that's fine with me.

@Jon Klaus $900

@Ryan Watson whole year.

@Stephen Underhill It's not technically a boarding house since we collect rent in one check and they sign a lease together, it's just easier to calculate how much we will charge per rent by saying $300 a person.

It'll be $300 per bedroom so a 2 bedroom would bring in $600 and a 3 bedroom should bring in $900.

Deal went fine and I closed on the 30th day. We found more issues than I thought so we are putting more than 1k into it to get it rent ready but shouldn't be more than 3k. Closing was a pain as the seller's were hard to deal with. @Ryan Watson

I've been knee deep in paint and fixing up the house to get some renters in there so hopefully I can find some tenants when we're done with the reno!!

@Stephen Underhill we were easily able to add a 3rd bedroom because the previous owner had a room with door already but she called it a "den" since it didn't have a closet. It's a college rental so we'll just frame in a closet or maybe even some type of storage dresser so they can move it where they want. When I saw that "den", I knew this house would be a money maker since it was advertised as a 2 bedroom!

Congrats @Clay Manship on your closing! Let me know more details, I'd love to hear about it!