All Forum Posts by: Joshua Towry

@Theresa Harris so then they pay utilities, attached to the house, what do you mean? like they are included in the mortgage? do i have to pay taxes on the money i get monthly for rent?

thank you everyone for the input! @Theresa Harris Yes, the 750 includes insurance and property tax. about half of the house is already paid off.. but wouldnt i make the tenant pay utility's(water, gas, and electric)? and i would just put the profit into a bank account separately for that purpose only? @Corby Goade yes thats what in trying to do just to be comfortable, thank you!

So the new place will be about the same rent, roughly $750-850.. so it will be about $400-500 income if i rent my current house so i feel its worth it.. my current house is about 50 years old. yes it needs some repairs, 90% is basic stuff anyone can do.. our new one will be a fixer upper, nothing crazy. i can make most repairs my self(roof, siding, building), i have more than basic construction skills. i worked for a contractor for a decent amount of time, plus i have a really good friend whos been doing it for like 30yrs that will also help, so i will save significantly on that part. Thats usually where the most money comes into play, is your construction, i feel.. i just feel like im slacking in all of this iv been doing my research and i just need some guidance so thanks you guys for replying! any other input would be much appreciated. 

Hello all!

  So me and my girlfriend are doing our studying up on the world of real estate.. we own a property in the west suburbs of chicago, and are looking into moving and renting the home we are currently in.. we currently pay about $720-750/mo.. we could potentially rent it for about 1.2-1.3k/mo.. is that something i should think about doing? we mostly have the resources to get another place for us to stay.. is there anyone that could offer me some advice or send a link my way to give me a little bit more of a heading? im pretty new to all of this.. thanks for all the great info on this site and much love everyone!

Josh T.