Just a quick note to see if this would be a good rental situation.
I’m thinking about renting out my personal property if we move in the next year. Solid bread and butter neighborhood. I would deed the house into a land trust, with an LLC as the beneficiary.
Current PITI are $1700 per month. (First mortgage $1450, 2nd at $250) House would rent for approx $1600 per month, with tenant paying all utilities.
Could this be a worthwhile move, considering depreciation and phantom losses?
Thanks,
I am very, very new to the real estate business but after reading and studying alot of the posts on this forum I would say it is a big cashflow loser. Why not just sell it?
You have not figured in the 50% rule for expenses so with that rule you are looking at $800/month average in expenses on top of your mortgage payment.
Yes, it’s a huge loser and I would not rent it.
Mike