All Forum Posts by: Alec Hilliard

I have converted a 3br house into a 5br house and the renovations are finished! 

It's our first deal, about 3 blocks from a decent size college.

I have 5 guys interested in renting by the room for $550/month.

Electric, Water, Wifi Included.

Question is, would you get 1 lease and get the guys to pay their buddy to pay me?

Or...treat it like an apartment and get individual leases from each of them? Another thing I've heard (and may try) is getting the parents on the lease as a co-signer.

Also, these guys have bad credit scores (under 550) - medical debt, etc.

Would this be a concern, or is this "normal" when it comes to student housing?

@Paul Shannon that makes sense man! 🙂🙂

Keep up the good work and let us know how everything goes!

@John Underwood I agree. 3% is very low. I think you can dive deep and find some better deals around the area with better returns. STRs done right are cash cows!

@Jaron Walling what LTV are they doing Refi's at?

Night 🦉 most of the time! But I’d like to get in the habit of getting up earlier.

What are some things you have implimented to get up earlier?

 Sent you a PM man! 

@Chris Howell what company? Same thing happened to me 6 months ago. Kept sending money and nothing happened. Finically stopped and called it quits after $1200 sent and a $900 appraisal fee!!!!

Took advantage of us doing our first deal. :(

Found a better guy who’s easy to work with!

@Robert Tinker found them here on Bigger Pockets. I agree. It shouldn’t take this long at all.

Thanks for your help!

@Derek Dombeck no worries man!! Thanks for you input !

@Greg Scott I agree man.

Do you have any recommendations?