All Forum Posts by: Anders Nordberg

So I have a tenants that are moving in that are related. Specifically it’s a daughter and a mother. The daughter and mother are both on the lease but the daughter meets the income requirements alone so effectively pays all the bills for the family. Would you require both the mother and the daughter to get there own separate renters insurance? Or since they are does one cover the other?

@Jaron Walling thanks for the advice!

So I recently bought a single family made it a duplex with the city and now am living in one side and renting out the bigger side. The mortgage is 1710 and the rent is 1875 so covers the mortgage but obviously there cap ex and other expenses which I occur. After I get my rent and W2 income and subtract out the expenses on average I save about 1500 per month. I want to buy my next house hack but feel like I need to get on it soon since I have been living in my house hack from June 2020 till now. I have 6k saved in my house fund and got my house appraised for higher and got approved for a heloc of 45k. I am wondering if I should use the heloc for most of the down payment for the next and then refi out to pay it off. Which is risky but I could do soon. I do the safe way and just slog it out and save the money needed but it could take up to 2 years at 1500 a month. What do you all think? Should I do a more risky strategy or wait and miss out on potential gains?

@Michael Noto

Great advise thanks!

@Wesley W.

Awesome thanks for the info!

@Michael Plante

We are currently getting that from the tenants now so we will see once they get those to me

@Christopher B.

There rent would be 150 dollars more per month so I’m a little nervous about their ability to pay if something came up in there lives

@Jim Cummings

This is my first tenant change so to be honest I’m not exactly sure what that would be. But yes I think I’m going to go with the tenants that make more income

The tenants that are young professionals are moving to get a bigger place.  The tenants that are a couple are moving because their landlord is selling the property.

So I am currently looking to replace my old tenants in my house hack and have gotten a lot of interest.  Roughly 70 people have reached out to me to see the property!  I have had a few showings and today got two applications for the house which is exciting.  However I am having trouble deciding of the two I have which one to proceed with.  Potential tenant 1,  is a group of 3 young working professionals which collectively make around 106k per year.  The three salaries are $45,000, $21,600, and $40,000.  The two making 45,000 and 21,600 each split a apartment for 1800 right now and my apartment is 1800 for all three so they would be paying lower then what they are currently paying each month.  However, they are young and I would imagine might leave in a year or so.  Tenant 2 is a couple who have lived in their previous apartment for 7 years.  They collectively make as a household make around 65,000 in verifiable income.  The tenant says that she started a massage business in November 2020 (I know seems to be a bad time for that) and makes 2,000 a month so not sure if I can really count that.  These tenants though said they would prefer to sign a two or three year lease.  Which would be nice to know I would have less turnover but these tenants do not have the same financial backing.  My qualification standard is 3 times the rent so that is 64,800 so tenant number 2 barely makes it income wise but would have less turnover.  Tenant 1 has a lot more house hold income then needed for the rent but might move within a year.  So should I go with tenants that have a much better income or with tenants that are more likely to stay for the long term?

Here is a copy of the add if you want to see it!


(3) Marketplace - 4 Beds 1 Bath Apartment | Facebook