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Thank you all so much for the quick reply, they are all very valuble to me.

Here is more detail about the house. It's a new construction house, with home warranty. The realtor didn't mention that she wanted more commision when she talked to me yesterday, but i will find it out today. I didn't want to use realtor at first by advertising online, but that didn't work out well, and i was really anxious to get it rented out, so we got a realtor, who brought a bit more traffic to the house and finally this tenant seems a fit.

Allcash, to answer ur question :What made you think $130/month is good cash flow? , here is my answer, i don't think it's really that good, it's just ok for me, but what attacts us more is that we can also take additional tax deductions, plus the tenant is buying the house for us. Do I sound right on this?

Thx a again!! I am learning everyday

Nicole

Dear all,

I just got my first rental property rented out. They are moving in this coming Sat. Today, the agent called, telling me the tenant want me to install garage door opener and spinkler system. They signed the lease already without those, now they are asking for them and said they would sign 2 year lease if I install them. Should I do it? Also, another question, the rent is $1450, my mortgage is about $820, Tax is about $410 per month(yeahh, it's Texas), HOA+insurance is $90, cash flow is $130, does it sound like a good investment to you?

Thx a lot for your input!!

Nicole

Dear all,

I just bought my first rental property a week ago and will close end of this month. But I am trying to post ads whereever I can now and hopefully i can get a qualified tenant before closing. But, I am soo nervous now and not so clear what to do on many things and need your help desperatley. Here are my questions

1: Application fee, the question might sound silly, sorry, just want to make sure everything i will do will be right. Should I ask them to mail me a personal check or money order? should I wait till i get the money to do the background check?

2: since we will close the house not until end of March, meaning we are still not the owner yet, do we have the right to sign a leasing contract with the tenant before closing for the house we don't own yet? or, we have to wait till we close it, that way, we might lose the potential
tenant.

3: is it right that we can't cash the deposit check?

Big thx for your help!

Nicole

I am just starting my real estate investment, got a question on the tax thing you are talking about, do I have to set up a LLC to take advantage of the deductions such as office use, cell phone..etc??

Thx a lot!!!

Hello, everybody,

I am looking forward to purchasing my first investment property, but got some questions. We located this one off MLS, it's priced below market value with just some cosmetic work. We really think it's a good buy, at this point should we get an buyer's agent to work for us, get all the paperwork done which we don't have, also give us some protections? or can we do this ourselves without a agent? how? where to get the paperwork? Thx a lot for your kind help!!

Nicole