 is $2,400 a month good enough to live comfortably in an apartment? |
FIRST LIVING CONDITIONS:
apartment would be $800 dollars 2 bed room apartment
Three people living there- wife husband and new born
wife and husband have their own jobs that bring $2,400... |
|
 Can I get upgraded from apartment to townhouse in my community without any fees? |
| I have been living in my community for 2 years now. We have NEVER been late on rent or had any complaints. We kept our apartment in good condition. Our lease will be up in 3 months. Can I ask my ... |
|
 Buying our first home, and its a little scary!!? |
| So my husband and I just bought our first home, we close next week. We bought a 4 br. 2 bath for 71600, which the seller is paying closing and we get $1700 in brand new appliances. But the asking ... |
|
 How much downpayment do I need as a first homebuyer when buying a house for investment? |
| I plan on giving out rent on my first property and was wondering how much I will need to save up before I go house shopping.... |
|
 Have to deal with construction...help?!? |
| I have to deal with construction...not even at my own house! My friend is getting construction on her house....and i'm pet sitting for her cat because she and her family took a trip to France! ... |
|
 i my gosh... what do we do? we cant find an apartment that will take us!!?? |
| literally! we have really bad credit and my husband has a felony from 2 years ago (he went hunting with an illegal gun that wasn't registered and they got stopped by a cop on the way home) and ... |
|
 What Happens To Tenant When The Property Is Sold? |
| Suppose a tenant has three years left on a lease and the tenant has paid his rent in a timely manner for years. Now suppose the landlord has refused to cash the checks in order to screw the tenant, ... |
|
 We just sold our condo, and now need a place to live. What to look for when renting a house? |
| We just sold our condo (yay!), and now we need to find a place to live. Since we haven't found a house we want to buy yet, we need to rent something until we find (or build) our dream home. We ... |
|
 can a vendor pull out of a land sale contract after signing? |
| just wondering if someone can tell me if a vendor can pull out of a land sale after he has signed a contract, although the title has not been released, is there also a time limit on when the title ... |
|
 Is selling a house as a short-sale bad idea when it's already a foreclose? |
| We own a rental duplex that we are about to loose because it was hard to keep with payments due to not being able to rent.I'm thinking of putting it for short sale.But how bad is this on credit ... |
|
 Closed on new Duplex, leftover tenant lease question? |
| I just closed on a property where the previous owners told me the leftover tenants lease expired July 1, 2010. Saw this lease at closing, today I told tenant I expected them out by July 1 and they ... |
|
 Security deposit from the landlord...? |
| The landlord guy is wish washy....he said that he will return the security deposit after he finds a new tenant...July is the last month...he seems to have used my security deposit for whatever reason.... |
|
 Can a timeshare company ask you to pay for the gifts they gave you at the time of sale if you request to cance? |
Can a timeshare company ask you to pay for the gifts they gave you at the time of sale if you request to cancel your contract due to misrepresentation?
We purchased a timeshare and were ... |
|
 Do you think this is rent scam? |
| I met somebody yesterday regardinng renting an apartment. The place was great and bigger than most. I found the number on craigslist, but at least she gave a number and did NOT give any weird stories ... |
|
 I am buying a house on contract from a friend...have a question? |
Hi,
I am buying a house on contract from a friend....In the near future, when I have the full down payment, I will get financing through a bank.
We have talked to several local ... |
|
 If i have a rent to own home do i get a home loan form the bank when the lease is over? |
| If I rent to own for two years and the option to buy comes up do i get a home loan to pay off the remaining balance or do continue to pay off the lease? I am really confused about this whole process.... |
|
 What rent should I charge per week? |
| for a lodger on full board including food, clothes washed, use of phone, electricity, the whole lot, as if I was their mum in fact. What do you reckon is the going rate? In Norfolk?... |
|
 What other expenses do you have when you own a house? |
| I know you have the house payment, home insurance, and utilities. Any other hidden expenses? I've never had a house and don't know what all you need. No rude comments please. I just want to ... |
|
|  |
as2633 | Renting out condo in Virgina? |
My husband and I recently purchased a 2 bedroom/2 bathroom condo and are interested in renting it out in a few years as we are a military couple and will be relocating to a new location.
Can anyone walk me through what we need to do to rent legally?I've looked online and am having difficulties finding tutorials on how this kind of thing is accomplished. Also, will we be expected to pay taxes on the rent the tenant pays us? We plan on charging enough to cover mortgage, homeowners insurance, taxes, and HOA fees.
Thanks for any information.
Additional Details
Yes. The condo association allows us to rent out the unit.
And to the person who stated "there are a lot of good books on this so I won't go into it".. what are the names of those books? That is the question I'm asking- where can I find this information- not your personal opinion on how difficult this will be. |
 |
 
real estate guy
|
There are a lot of good books out there on being a landlord, so I will not answer this question.
HOWEVER!!!!!!!!!!!!!!!!!!!!!!!!!, the first thing you MUST do is find out via the condo docs and verify with the condo board if you can actually rent your condo. Many/most condos have rules against renting. And if they allow you to rent, you still may not be able to. Usually there is a limit to the number of rentals allow in the complex and if this number has already been hit, then you wouldn't be able to rent your place. |
|
Patricia C
|
All income from the property must be reported on your tax return. Deprecation is on a separate form. When you sell the property, you have to pay back the deprecation. You really need a tax person to handle it for you.
I've rented out several houses over the years but they were always within a few miles of us. I would never had tried to manage them from afar. Air conditioners break down, stoves and refrigerators stop working, neighbors complain, etc. etc. I suggest you hire a property manager.
As to what you need to do to rent legally, you just rent it, provided the association bylaws allow you to do so. |
|
RetiredDebtFree
 |
It's good that you are thinking ahead, as being a landlord from far away can be difficult. You can hire a professional property manager for a percent of the rent.
Rental income is definitely taxable, but the interest, insurance, maintenance, and depreciation are deductible.
You need to find out if you can even rent the place. Your mortgage may preclude you turning it into a rental. Your HOA likely has policies about rental as well. Insurance will be a completely different policy, and will be higher.
Give this serious thought, and have plenty of cash in an emergency fund (4-6 months of your total basic expenses), so you are well prepared for times when your condo is vacant, or tenants fail to pay rent.
Good luck! Thanks for serving.
http://www.booksamillion.com/product/9780470293294
http://www.businessweek.com/the_thread/hotproperty/archives/2009/10/lessons_from_being_a_landlord.html
http://articles.moneycentral.msn.com/Investing/RealEstate/DoYouHaveWhatItTakesToBeALandlord.aspx
http://www.rentlaw.com/ |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 2 minutes(s) ago
| | | |
10 | 20 minutes(s) ago
| | | |
10 | 47 minutes(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 8 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
