tommie gorman

Welcome to the forum sirius05

Yeah. As long I remember where my bed is, I am OK.

To get started is easy or hard. It is up to your credit mostly. If you have none, it is difficult, but not impossible. To start with a short story: My sister in-law moved into a new house and figured on renting out her old house instead of selling. GOOD. Her old house was in pretty good shape. She got a monthly income which almost paid her new house payment. The new house was double the value of her rental. One day she asked some questions about becoming a landlord, Lol I told it was too late to make her a landlord. That she already was one. Anyway all it takes is buying a house that you want to rent out. If you have no credit it would be best to go to the local tax auction and purchase one for cheap, and expect to work hard on it with your spare $ whenever it comes along. In the mean time remember that you are not making any $ until you have rented it out. If you have none of the above I would have to start a whole new thread. So I will stick to basic 101 rentals. A tax pro and a decent lawyer is always a good idea. The lawyer rights up your rental agreement, and if you get into stupid problems. Odds are that this will never happen. Also a good insurance agent is necessary also. My father in law owned 10 rental houses and worked full time plus lots of overtime. I would actually not suggest over 5, if you still want a life with your kids. Unless your eager. First of all only start with 1. That way if you decide after a few short months that you want out all you have to do is get rid of one. As far as listing with the gov't you might stipulate a little more. As far as capital goes there are different ways to go about it. You could borrow you equity out of your present home. I did do a home equity line on my old home where all I had to do was call the bank and have them deposit it into my account, so I did not have to pay any interest unless I planned on spending it. For the least amount of effort I would pay the downpayment on my first home that only required a little paint and carpet to get it rentable. And the cheaper the better. Remember also that you have to go in and do things on this house. So at least pick a neighborhood that you would be able to live in if you had to. Mine are in a very poverty stricken neighborhood. Which I am moving to a better one as soon as I can. I got to thinking after 15 years, that I did not want to leave my daughters with houses that I did not want them near without my wifes or my supervision, after I have passed on. So as soon as I get mine in the shape that I will not have to come back too much, I am going to be buying new ones in a better neighborhood, and selling the old ones. Anyway the idea is to paint, carpet, and repair drywall(easier than you think). Then when you have it in reasonable shape(not gorgeous, just rentable) go to a loan specialist, and get a 30 year fixed rate loan with no out of pocket expenses. NONE! All of them rolled into the loan. And check a few loan officers. If you get a good one you have a new partner, and your next resource. Take this money and put it in a new account with your new name on it, with DBA on it. Meaning Doing Business As. Mine is (last name)XXXXXX Rentals. Do not touch this capital unless you are doing rental business. Also anything you do with this account is now tax deductible. Now you can go and make a new down payment on your next one. When you think you have your plate full, go and take the left over balance and go pay the bank back the original home equity loan. Now you have no money of your own in it and you are on your way. Does this sound too good to be true, right. It will not happen over night. And now you are working overtime for free until you get the bank paid back. As in my case, when I get the 20-30 houses squared away, I then will be able to semi-retire. Meaning that my monthly expenses(about $7,000 a month) is now my raise) including my well experienced helper). Not too shabby! And I only have to go to work when the renter moves out. Or they have a small problem. Also your experience with HVAC will come in handy. You can do some free work without paying out. And you don't have to buy those tools. The more experience you have the less you will have to pay. And never buy a house that you cannot fix, or have some knowledge of.(In order to know if you are getting ripped off by your contractors). If you go out to dinner just say rentals in one of your conversations, and you just made it a business meeting which you can now deduct. Also when I need to do some repairs on my own house, some how the materials end up on my own house. What? Deductible. Bought my Zero Radius mower to mow the rentals. I live on 2 acres. Well this should get you started. I know, I enjoy talking.

Probably a dumb question, but the machine is clean. Right? AV etc...

Most everybody I run into and talk to want to ask more questions than I actually have spare time for! So I would say that this is a hot topic. Anyway there are 3 good reasons to go into rentals. One to defer your taxes.(keep it out of Uncle Sams pocket)(I am tax free, ask my tax lady ) Second to do it for a job! (me) Third to build a retirement nest egg! (me also) And now down to a basic decisions. Do I really want to do extra work besides my job. Most landlords complain about it because it takes so much time. I spend about 6 hours a day. And as I always say, if you want to get rich overnight, forget it! You are watching Carlton Sheets Infomercials too much. His theories went out about 30+ years ago. But as long as people will buy, why not keep it running. I would not sell you a house that you would want for no money down any day of the week. By the way I have successfully started several people on their way. So rather than bore you with my long yammerings, start asking!

Yep, forgot to hit the submit button. Duh.

"If that wasn't bad enough, my suspenders spontaneously combusted" I read it three times, and I am not sure how that happened?

Yep, happy Easter again.

Never built one, but newegg is helpful about compatibility issues, in their info.

One liner. 47 By the way are the women allowed to lie about their age here?

Nice pic. I hope they had their insulated undies on.

A short one. My stepdad used to be a comp. operator for a large steel mill in PA. He will take his comp. to a comp. shop, instead of calling me. He is about 20 years senior to me and I am still a dumb kid. I am 47. Usually just needs cleaned up. And they do charge him, and he complains every time. Older does not always mean wiser.

A friend of mine got a credit card to get him through the winter. He was a 20+ year rough in carpenter. He was having a good time when it started. One day he asked me how to get out of this enormous debt! I said to start my cutting it into pieces and calling the credit card co. and cancelling. He laughed and asked if I really meant that! I reassured him that that was the beginning to a long road to recovery. And 2 years later he has a new card, and is much more careful!

Agreed, but it is up to the parents. I am always getting on to my wife about her soaps and Oprah shows and such. Soaps: who is f*c*ing who? Literally and figurativaly! There is just enough Disney movies on like when I was a kid!

Nice speeds. Getting close. Have you defragged your hard drive lately?

Credit is just that, credibility to pay your bills. As you get older you will realize this as I have. Credit does allow you lower interest, because you have proven that you are not as much of a liability. They realize that you value your credibility. If you want anyone to trust you you have got to credible. Credit being a scam (it is up to you, not accusing at all) is usually boasted by individuals that do not pay their bills. I used to be one of those. Paid cash for everything. Now I own a larger home, 19 rental homes, and my wife and I both own previous new vehicles(had a couple of years) and I have credit out the ying yang. You will learn.

Are you on a router, can you run it without the router to see if it has anything to do with it?

Not to worry, they have enough $, and people will soon forget. Just go for it! You know, remember when the Geek Squad...

Well you are going to up the ante next time, at least a Cuban cigar! Don't forget postage paid!

Not much different than used car dealer, (trade in price, being down payment) plus payments. Just business.

I never did find any good info. Formatted always works.

Sadly to say, poh folks have poh ways.

Yeah, dial up bites. I actually switched from 28k to satelite. I remember the first day, I thought WOW!

Yeah, that is about right. Just knowing how to keep one clean and running smooth is great. Most people are like typical women around comps., where do you put the oil in? But we would still be considered geeks.

Bummer!