ALCO Properties LLC

So now you open escrow (or whatever your state's procedures are). If the property is near your home, it will be ideal (with gas so high), and you can keep an eye on it. Set up your financial operating records so you have a good basis for your tax return and historical references.

If you are good with a computer, you can follow the Form 1040's Schedule E for the categories, and set up a spreadsheet for ready reference. It would be a good idea to check nearby apartments to find out what their rents are, for comparison. Remember, the rental market dictates what rents you can charge, not your expenses or what you "deserve" to get. By keeping an eye on what goes on, you can keep from wasting things like utilities. Insurance costs may be reduced by shopping around, too.

You should set up a separate rental checking account, but if you don't yet choose to form a limited partnership or LLC (Limited Liability Company), you can use a "personal" account which can pay you interest and may not have monthly fees. An personal umbrella insurance policy is a good idea, in addition to the maximum liability coverage on the property, since courts sometimes award ludicrous damages.

Good luck on your first step as a real estate investor. Any help or recommendations I can assist with, just ask.

cactusbob

Look at the I Need a Little Advise post. Steppin up is a hard money lender and I have asked him a question about the 10% down and then coming back to us...Jan

Hey how are you!

What part of Ohio are you in? I'm in South Eastern Ohio, close to Huntington, WV.

Where are they located in Florida?

I am in Xenia, OH which is close to Dayton and south of Columbus.

I have talked with over 30 realtors in my area. No one wants to be involved with investors... any suggestions??

I just wanted to stop by and wish you good luck on your future real estate deals. I look forward to hearing about your progress and future deals. Believe and Achieve! - Joe