You can also contact the Louisiana Real Estate Commission for information on the official rules, regulations and laws.

The rule is, if you accumulate 6 points on your landlord permit in the course of 3 years, you lose your ability to rent your property.

Hello all,I normally do single fam, so I wanted a quick hand with numbers on a deal I'm considering.Location and repairs aside, strictly by numbers, what do you guys make of this deal:Single house, 3 fam:- 2 bed/1 bath- 2 bed/1 bath- 2 bed/1 bath- 2 car garage- separate metersTotal rent is $2,500.Monthly taxes are $320What would be a good estimate for monthly expenses (50% rule??)

Matthew,Here's an assessment using your most optimistic values, and my optimistic expense=40% rule of thumb.Buy: $92,500Rehab: $7,500Loan: $103,000 (includes orig fee and closing costs)Payment: $685.26 (7%, 30 year)Rent: $1200Expenses: $480NOI: $720Cash flow: $34.74Thats pretty thin, especially in light of all those assumptions.When you say the garage is enclosed, do you mean its been converted to a family room or bedroom?

I think I'd have to go into the economically depressed urban areas around here to find properties like that... which would violate the safe for wife and daughter rule.

What is the general rule for working capital needs and/or maintenance reserve you all use on residential properties?

However, it is now tough for me to qualify for a conforming loan because I already own 4 homes and Freddie has just changed the rules there.This home is probably worth around $300,000 and I am willing to sell it for between $200,000 and $240,000 depending on the terms.

Some of the expereinced folks here use a rule of thumb that says expenses (including insurance, taxes, vacancies, maintenance, management fees etc.) will be 40-50% of gross rents.

Its the same as if you had a mortgage or owned it free and clear.Read up on the "50% rule".

Your "if I applied that rule, I'd never buy anything" is a common complaint.