All Forum Posts by: Michael C.

Welcome to BP! This place is loaded with information!

@Jerry W.

Alright thats makes alot of sence..its's better to be prepared than unprepared!

@Maxwell Anyimah-mensah

Now thats some good advice, I'm going to try it out that way, Thanks for the help!

thanks for all the replys I'm going to check with my state law...

@Maxwell Anyimah-mensah

That makes sence, but I don't want the mortgage payment fixed to the renters account because what if I would have pay a portion or all of it because that side is vacant? So how would I go about paying it? If i didnt get rent for that month..or need to pay a differnce using my own job money, 

ok so basicly I have to report all the income, even the roomate income? Then deposit all the income in a account for the rental, with the roomate check too? That money that I store in there can be use as an expense account too? Incase for repairs? Can i take it out of the rental income account? Or should i make a seperate account  for that?

I just bought a duplex, I'm living in one side and renting out the other, my question is should I put the tenant rental check in a bank account and use my job money to pay the mortgage or directly send the check to my mortgage and pay the difference? If I did the bankaccount option wouldnt it be tax as income? And i also have a roomate whos paying me too, should I put that in a seperate account? And am I require to write a lease for my roomate? Thanks!

any information?  

Found a nice duplex and got him to go down to 85K. From 100k, now I found a cash buyer for 100k. trying to do a asaaignment. How would I go about it? When do I need to call my lawyer to write it up, and how would I close? Thanks