All Forum Posts by: Justin Stewart

@Scott Wolf thank you for the info!

Good morning everyone!

I am closing on a duplex this week in Western New york, and I'm looking for a state specific yearly tenant lease that covers most of the bases. I can obviously start from scratch but would love anyone's input that has experience and fine-tuned their paperwork.

Thank you for the help!

@Jacqueline Vasquez thank you!! Same for Florida

@Joe Splitrock yea only good thing about the location in NY is cash flow is phenomenal as long as you pay attention, appreciation not so much.

But I will stay living in Florida for the weather and low taxes!!

@Frank Chin exactly, I've seen where people factor in taxes where it's owner occupied and then it eats into cash flow when the exemption is removed!!! Don't need any surprises due to lack of diligence on my part.

Happy Friday everyone!! Quick question, does NY have any homestead exemption in property taxes? I'm analyzing deals and trying to get an accurate estimate of yearly taxes to be paid.

In Florida we have a homestead exemption, so it is cheaper for owner occupant vs investors owning and renting out a property. Thank you in advance!

@Drew Sygit thank you for the response. Definitely something I would like to avoid, spending all the time securing properties for the management part to fall through!

@Nathan G. Thank you for the extensive list of recommendations!! I'll start the process from there

@Jingjing Yu good point, from my conversation it seems like it is for the time locating and vetting tenants, showing the property, etc.

So I am in the process of interviewing property managers, in my market there are very few options as it is not near a major city.

Seems like the best offer is full management services at the cost of the first months rent and 10% of monthly rental income. Having limited options my only concern is the part about taking the first months rent, is this common for property managers or should I keep looking?

Thanks everyone for the help!!