All Forum Posts by: Anthony Paul Guglielmi

Hey fellow house hackers! Has anyone ever kept their home warranty when turning their primary residence into a rental? Do you think it is worth it? 

I have a home warranty that I've been paying since 2016. It's been worth it as the homeowner, but now I'm moving and renting it out and wondering whether to keep it or not. The house will be cash-flowing $450/mo. The home warranty is $64/mo. I will be managing the property myself.

@JD Martin I know that. I’m also looking at personal/business/landlord references, background check, my personal interactions with them.

What is the lowest credit score would you allow for a future tenant? If they had good payment history and good landlord references. 

i.e. - Credit was dinged because of a divorce.

@Kenneth Garrett what about prepaids? “Tax & insurance?

Hey all,

Does anyone have any experience wrapping closing costs and prepaids into their loan? We can afford to pay them but I'm trying to stay as liquid as possible just in case another deal comes along. So I'd like to get into the property with a 5% down payment with prepaids and CCs wrapped in. That way I can keep $7000 in my pocket, keep our current house as a rental and get to it!

@Timothy B. Dunn We have our loan in our personal names but got a million dollar umbrella policy. It is about $360/year.

Hey! 

So my wife and I are new landlords! We are very excited, but also a bit new/uneducated. I've been listening to BP for about 1.5 years now.

What are some things you would advise, would have like to have known, or wish you would have done better?

Trying to learn from others.

THANKS!

@Kathy Henley unfortunately it’s not. I’m pretty sure the last landlord wrote this himself and he was a yahoo

Can anyone tell me what these this language would mean today:

"This lease will commence February 16, 2012 and terminate February 29, 2013. This lease will automatically renew at its end date for a 1 year period if a notification of termination is not recieved by either party, in accordance with Move out Notice #20 noted later in this lease."

I inherited these tenants. Does this means even though it is past the renew first year it is continual, or has this lease technically ended?

I need to know if I need to get these leases updated or if I need to wait until the Month stated in the term. The other lease says May 2018.

To answer all your questions:

Yes, it is zoned properly. It is a M2M lease that says nothing about the basement.

They are both also currently using the unfinished basement as extra bedrooms. One even has an inflatable hot tub in it. Neither of which is cool. 

I am trying to protect my investment and also be polite and courteous to these tenants, which is why I would like to give them options.