Owner Financing Terms: $120K Purchase Price$3K Down$117K Balance - Paid Over 25 Years$400/month note0% InterestNo Pre-Payment Penalty - Actually 10% Deduction of Balance to Pay Off at 15yearsUnit A:Current Rent - $650Monthly Expenses: Note: 200Taxes: 28.71Escrow Services: 35Insurance: 100Property Management- 10%: 65Maintenance - 12%: 78Vacancy - 8%: 52Garbage: 13Total monthly expenses day 1: 571.71-65 while self-managed = 506.71Unit A Current Cashflow: 143.29Notes: Market Rents - Around 700-750Considering making tenants pay for garbageInsurance may go up as I have yet to review the policyEscrow services may be $35 for each property or $35 for bothUnit B: Current Rent - $475Monthly Expenses:Note: 200Taxes: 28.71Escrow Services: 35Insurance: 100Property Management- 10%: 47.50Maintenance - 12%: 57Vacancy - 8%: 38Garbage: 13Total monthly expenses day 1: 519.21-47.50 while self-managed = 471.71Unit B Current Cashflow: 3.29Notes:Market Rents - Around 650-675Considering making tenants pay for garbageInsurance may go up as I have yet to review the policyEscrow services may be $35 for each property or $35 for bothThoughts?

i have a wholesale contract i have formatted my self just wondering do i need a lawyer to finalize contract before i sign my first deal or can i just get going 

Real Estate is a very effective get-rich-slow scheme!...

Apply for your EIN through the IRS using the link here: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-onlineIt doesn't cost anything.

Also, your sibling still effectively gets a discount since 50% of it goes to paying him/herself.In regards to what should be in the operating agreement, the attorney who drafts it for you would be in the best position to answer that. 

Effectively what that did for us was amortize our $30k Heloc over 30 years at a lower interest rate.

You can use the standard rental income form or I believe IRS prefers it to be taken as self-employment income (schedule e / schedule c) which if is a loss, can be deducted off your regular income, however if positive may incur paying more.

So if we are using this business credit card to buy some of the materials for the reno, then we rent it out, then we use the cash flow to start paying the balance down, how will that effect the cash on cash return?

When you use a Self Directed IRA to fun the down payment and the rehab of a project and then when you give the ROI back to who you got it from, can you give it to them in cash or a check instead of the earnings having to go into the IRA.

Hi there, I am ready to rent out two apartments after extensive renovations on my first rental property in Jersey City, NJ. After having inherited some uncooperative tenants who caused a lot of stress and agony last y...