All Forum Posts by: Metodij Marinceski

Thank you for the response. I spoke with the association and they would allow me to rent out the home. I purchased mg home for 65K with a 10% down payment and I currently owe 40k to pay off the home. I did some cosmetic renovations...and no structural problems were found with the home. I can list it around 72-75K. My mortgage on the home is $390, plus a HOA of $150/month...which is steep. It was my first home purchase, and it is something I should have been more mindful of. I spoke with my treasury office and my mortgage would rise to approximately $450/month when listed as a rental. After all of those fees + property management (10% of rent collected)...I can make maybe 200-300 bucks cash flow. I think I am more so just thinking of selling and continuing to save until I am more stationary. My fear is that the cash flow isn't enough to cover a big expense like a water heater/HVAC/or furnace, and that money would have to come out of my pocket.

Hello bigger pockets community. I have been struggling with a decision on what to do with my current residence. I live in Indianapolis currently in an attached condo, but I am moving soon. I am a physical therapist and have come across better opportunities that will allow me to travel. At first I thought I would sell my house, but I have always wanted to attain a property to start renting out and I figured this might be a good opportunity for me to start. I spoke with a property management company that I trust and already crunched the numbers in regards to renting out my residence...including increased tax and management fees. It looks like I can profit at the end of the month roughly 200-300 dollars depending on how much I rent at. I have set aside 5000 dollars for repairs and I would add approximately 200 dollars to this amount monthly. Basically, I am just reaching out to this community because this decision kind of scares me and would like advice. -How much money should I set aside for repairs? - are there any legal actions I should take before renting out the property? - anything you guys feel i should know before hand like common pitfalls or things often overlooked? Any information would be helpful. I'm both scared and really excited about this opportunity in becoming a landlord.