I'm sorry that this is a retard question.
So, if it's an easy question to answer, I'll delete the thread as soon as the question's answered or it can transition to QTDDTOT.
Is there a resource like Investopedia that I can go to to start learning about rental properties?
I know that I need to consult with a lawyer before I make ANY MAJOR DECISIONS on the ground (especially with subdividing/splitting a unit/living in one half and renting the other), but I am trying to get my chops for the basics when I'm well in advance of actually making a business decision.
REIclub.com
and your local REIA
You don't need to consult with a lawyer but you do need to know the law in your country, state, city, and neighborhood.
>>1105577
I thought it was generally a good practice to have a lawyer to consult with when getting into a new rental property (especially as a first timer), but I was a student of Criminal Law so odds are I could probably understand the laws if I could figure out where to read them/to acquire copies.
I thank you for your advice, friendly tripfriend.
>>1105590
You will talk to a closing attorney. You're basically using them as a good faith scapegoat for the title insurance company.
Beyond that lawyers are an expensive added expense for property management and acquisition.
Unless you're going commercial in which case yeah get an attorney on retainer.
What would you talk to an attorney for?
You need clarification on a piece of law.
Complicated contract language.
You refuse to learn the law.
You didn't set up a tenant removal plan and strategy ahead of time and need the attorney to clean up the mess of a sour tenant.
They've got attorneys.
Your state has heavy tenant protection.
To save money do most of the work yourself and have them review it, as opposed to making them do all the work.
So if you're splitting a lease, or subletting, the best defense is a good offense.
Get a credit and background check. Make them pay for it in an application fee. Charge premiums up front for every thing.
Because you get an obedient tenant committed to jumping through your hoops.
Practice your pitch. Don't give any body a break! ever. You do a disservice to them by prolonging them staying in a place they can't afford until they have zero fucking money.
In some states it gets fuzzy and up to the judge. the less professional you look the less you owe them. the more professional you look the more tenant protections the law gives them.
>>1105572
The best resource online for rental properties is a website called "bigger pockets"
Message board + lots of free primers on the basics
>>1105747
Thank you, again, for your clarifications and advice.
I am aware of the rule "don't rent property to people if you can't tell them, in a very cold December, that they have to have everything out by (first legally acceptable date)", though. Given that I am not rich, I have to be firm on those principles or I will be poor and my property foreclosed on.
I did NOT know that you could charge up front for background checks.
>>1105758
Thank you, familial. I will check it.
>>1105805
Application fee.
Q1: As of recently, I make ~$2700/mo pre-taxes. I'm now getting taxed like %22... I'm used to the %11 taxes from poorfaggotry. Is there a way around this? I'm pretty sure I only claimed myself.
Q2: $2100 earned a month, $500 in bills. How would you guys begin saving, in what types of accounts/investments? I'm thinking just $200-350/mo into some savings acct, best monthly % I can get, and then stop at $2k. From there, build into a mutual fund, and then figure out how I can reasonably build into a Roth IRA.
Please help, I'm money retarded but trying to learn.
>>1107883
The only way around it is make less money. Either you're an idiot with no conception of budget and you spent money you never had, or you're a whiny bitch unhappy about having to pay more taxes after moving up a couple brackets.
>>1107889
That first one is accurate. 22% just seems steep. Though, even after taxes I still make much more than I did previously.
To clarify on the idea of saving: I want 2k in savings, then additionally build up a mutual, then additionally build up a Roth, so that I have a spread of stuff. But yeah, like I said, money-retarded. I grew up poor as fuck.
>>1107903
Best interest rates are in online only savings accounts, but you need a checking account or something to transfer money to in order to get it out, and it will take a day or two to do. Skip the mutual fund. Open a Roth IRA and buy index funds. Be disciplined about putting your 350 in every month.
As long as you aren't paying the IRS a bunch of money because your withholding was too low stop worrying about taxes.
>>1105577
>>1105747
are you chinese?
>>1105572
Are people this retarded? seriously?
just read up on the laws in your state buy a property. Get a lease template online for your state and rent out your property.
I've owned and managed rental properties since i was 20 and the amount of retarded landlords i run into is amazing. They are usually around 45 years old and only know half the law and still make money.
Come on OP it's not that fucking hard.
