All Forum Posts by: Shuai Zeng

The way hes describing it could be hes taking out full loan, with monthly payment of 2.5k - 3k, than there is maintenance with around 100, tax and land etc. Good rule of thumb is always 2% of the purchase price on rental or more. If your only taking 10% as profit, are you going to hold till 30yrs?

I'm just assuming here since no other info were given.

Welcome to BP Emma.

US is a very big place, so by out of state you need to choose a state. Start with which state, than work your way down. Do your own market reasearch, and we'll help with answer questions.

Morning All.

Just want to get your opinion on this. Currently I have this rental, I'm trying to figure out should I either pay just the mortgage and save up, or pay more which I'm currently doing. My current tenant is 7 month contract.

Rent: $850

Property Management Fee: -$100 (They do 10% no less than a 100)

Lawn Care: -$50

Insurances: -$100

Mortgage: -$500

Misc: -$50

Totaling : +$150 around

Currently I'm paying $1,000 to mortgage, and my rate is 4.21%.

Any Suggestion would be great.

Thanks

-Sean

Unless it state in your lease, then no. It's not your problem if their appliance does not work at your rental. It would cost you time, and money to get someone to please them. They should have know when they check the appliance things. You can offer them 2nd hand dryer and washer, for them to maintenance it.

1 Actual tip, and 1 useless tip.

1. Save up money, and read RE book.

2. Change your major into RE. (I read some state you have BA in RE u don't need courses or something.)

And Welcome to BP.

I just had the same problem couple weeks ago. Forget used appliances, and go get new ones. No warranty on used, and if it does break down. You'll need to hire a handy man to check, then spend some money repair it with no ideal when it'll break down again. Get new appliance, and get a piece of mind.

Thanks for all the advice here. I guess I learn my lesson from this property. I made of mistake of not check the appliance before renting it out, so it came back and bite me. From the handyman, the appliance were more then 15yrs old, so I order new one to replace them from Lowes. Tenants complaint that some of food are spoiled now, since the heat. Now, I got the problem from insurance, about having handrail for a set of 3 stairs......... Meh.......I guess I'm paying for my lesson here.

Thanks all for the reply. Reason I'm replacing the washer & dryer is washer is also broken. Also since this is out of state property, the management did not tell me how much the repairman is going to cost. He just went in and check things out, so I'm guess it will not cost that much. But how much usually does it cost?? $50? or higher?

Hi all,

Been a while since I visited this forums. So after my first purchase, I got it rented out. When I rented it out, it was partial furnish. Stove, refrigerator, Washer & dryer. These item belong to the previous owner, and since I was by myself I had no way of removing them. So I rented the place with them there. Today I got a call from the PM and was told that the frig freezer is broken, and it would cost around $230 to replace the parts. I thought for a while, decide that I should buy a new frig for the tenant, and also a washer to replace the out of dates item.

My question is, was this a good ideal?? In the least from PM, it did not state which appliance was with unit.

Also since the property has a pretty "Big" yard at the back. Tenants ask if it was possible to plants vegetables and flowers in the back yard and build a small fire pit. should I let them??

Any suggestion would be great.

Thanks
-Shuai

Thing is in Florida, there is a lot to consider. Flood Insurance, Vacant Insurance for short term, Security for Short term. I would not suggest beach front, it'll give you so much headache you'll start to look somewhere else. Try a bit more Downtown center.