Who owns rentals. insurance question?

[LD1]

Do the renters pay the electric/gas? They won't heat it like someone that pays the bills, lol.

I make them transfer the electric into their name before they move in. On properties with propane heat, I own the tanks. They can shop around however they want.

Its electric heat and they pay their own electric. The current owner has it set up so he is responsible for water, sewer, and trash. Which after leases run out, I will probably make them get water and sewer in their name, but will continue to pay the trash bill so I KNOW its getting done.

And something to consider. Rent income does NOT count against social security. A person could have 10 houses paying in $8,000 per month and they dont have to claim the income against soc security. But get a job at walmart and for every two dollars you make they yank one dollar from soc sec payments. Something to think about

Certainly something to think about. But I am along way off from SS. I am not even hopeful that it will be around. IF it is, great. But I want to set my self up so I dont have to "need" it.

 

[kenmac]

I don't own any rentals, but take care of the Plumbing/Gas/HVAC on several apartments, homes ,duplexes . The owners of the rentals tell me that tenants will sue you for almost anything.. And on purpose,,will demolish almost anything they can.... The only way the owners of these properties are able to go on vacation is, I take care of most things that the tenants break ...Make sure you get good renters

 

[bdeboer]

Certainly something to think about. But I am along way off from SS. I am not even hopeful that it will be around. IF it is, great. But I want to set my self up so I dont have to "need" it.

Rental income also doesn't affect unemployment compensation in Ohio.