I'm here to learn and grow.

get an umbrella policy to protect yourself, see if you need a rental license in your municipality. an LLC is only for insulating you for liability and anonymity, it will not save you on taxes and you really dont need to worry about it with one property imo . you cant protect a single property from lawsuit, insurance is what covers you just make sure you’re up to code. insurance will always look for a way to get out of covering an incident.if you register, you’ll want to report the income. if you make less than expected after deducting costs, then it’s time to raise rent. you wont be able to reduce more to reduce other income streams since you're not a full time real estate investorin the future if you ever sell, because it’s a rental now you will owe capital gains on the property. philly is probably like ohio and not california with it’s YoY growth being tied to inflation. with that said your profit is mainly going to be the equity you build from your tenant paying your mortgage. the money earned monthly should be saved as youre doing in case you have a capex repair/replacement come in like HVAC, roofing, etci advise you pay for an hour to speak to a CPA to better your options.good luck

Rental arbitrage isn’t what it used to be. 2024 will be more competitive than ever for those getting into the spaceSteal my top FIVE qualifications for what makes a profitable airbnb arbitrage property.1.)

No additional costs ever?  

Eventually, as my empire grows - absolutely!  

Hey Jodi, did you ever get anywhere with the Chicago discord?

Here are some of the goals I'm planning to achieve in the next year: - Purchase additional multifamily properties - 30 units +- Start a syndication to purchase additional properties- Grow my social media presence for real estate purposes- Look into buying land and developing multifamily projects- Interested in investing or starting property management companyIf your interests or goals align with any of the above, please reach out.

If you are ever in need of an investor-friendly agent as well I would love to connect!

It's been a while, but I recall a Bigger Pockets OG podcast on this topic somewhere around 2019 or 2020, which was the first time I ever heard about midterm rentals and it was specifically about someone doing very well renting to the film industry in and around Atlanta.

the easiest way to building real estate empire while not necessarily to be working so hard is to work for company like nvidia lolwe created our own money printing system first via our job and career and from that money we re-invested into real estate, that's the riskless strategy ever personally lol