Hi Everyone, I am excited to be here, thank you for having me! My Husband and I are about to embark on our first adventure as landlords, renting out our primary residence next February. We have done the math and we believe the numbers work well. I have a few questions I will be researching this weekend and if any of you have advice, or can point me to specific resources, I would very much appreciate it. :)
We have a potential tenant coming for a viewing tomorrow, who is referenceable from a family friend. She would like to commit to a 2 or 3 year lease. Is this as great of a deal as I think? We do not have any intentions of selling this house even as the equity increases.
1. Taxes - Homesteading: we will be moving into our new primary residence in February. Is there a formula to estimate how much taxes on a home go up once it is no longer homesteaded?
2. Taxes - Rental Income: I am clueless as to where to start here. Any beginner 101 info as to what kind of business/account structure we need to track income and expenses?
3. Do you have a specific formula you use for Capital Expenses? I did a manual depreciation schedule and think it is around $450/month for a home purchased at 200k (now appraised at 270k). Does that seem right?
3 b. Should I be considering expenses such as roof replacement which we are fairly confident will come after the mortgage is paid off in 13 years and will be much easier to cash flow?
4. Has anyone used and have feedback on Zillow Rental Manager for Application, Monthly Rent Payment, etc.?
Thanks so much for any and all advice you are willing to give me!:)
