Bank Account
How would you do this? My wife grandmother has an old house she wants me to rent out for her, she getting to old & tired of collecting rent, so I decide to collect rent & charge a fee for managing the place.
My wife Aunt was me to deal with her about the house & not bother grandmother about the house. Aunt was to set up an bank account so I can deposit the rent money into it & take money out if I need it for repairs,etc....
How should I do this open up a new bank acct, in my name & add the Aunt & Grandmother names to it.
Should I have the banking statements mailed to both the Aunt & Grandmother? Who both live in seperate states.
What is the best thing 2 do? Open 2 any ideas
I have some experience, I have 4 apartments I own & rent out. Thanks everybody for the great advice
Ryan,
Thank you so much for your response. The property I am looking at does have seperate meters so they will be on their own for those
I am still concerned about the low purchase price. As you pointed out the going rates are much higher. So I am thinking that there is alot more work to be done than they are letting on. I was going to have a home inspection done.
I just dont know it sounds too good to be true! Do you buy in this area? If so do you have a realtor you recommend ?
Chris,
Thank you for your post. It was very helpful! No wonder these houses in flint are so cheap! I think I will take your advice and go learn the neighborhoods.
OH MY GOD Flint, MI. NOT!
Since the Japanese kicked the US Automakers butts in late 70-80s, this place has the stench of death. No vultures are even interested. IMHO
(Born, raised, and college in MI)
I live 10 minutes from Akron, and the market here is crap. Yes you can buy cheap houses. But look at the neighborhood-can we say war zone? Many of these are in places that I would not want to be around after dark (and some of them make me nervous in the daylight). This area is still declining, people are leaving, people are losing jobs/houses. Makes it harder to rent out. There are deals to be had, but very few of them make any economic sense. Yes I can buy a house for 20-50k and turn around and rent it for $400 a month. Takes alot of these to make any real cash, especially with taxes of 1k plus a year on a cheap house (I pay 250 a MONTH on a moderate priced house that I live in). I have been looking for awhile..put bids on several places. I either got overbid, or my financing tanked (and that is with a 700+ score). If you need info/help. Let me know
I just read an article that said 1 out of every 10 people in Ohio is on welfare of some sort...
You are right..1 out of 10 on some form of govt. assistance. I have heard that too. I sense that number getting bigger too. I decided to go back to school for a PhD. Not sure what the hell I am going to do in 2 years when I am done as jobs here are hard to come by, unless you want to work at wal-mart