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All Forum Posts by: Andrew Powers

Andrew Powers has started 7 posts and replied 295 times.

Post: Rent by the room lease agreement

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

I agree with the above. BP has lease documents for every state (i think you have to be Pro member). Also your state should have a standard lease template you can use.

I rent a 4bd house. I use a normal residential lease and have tweaks for roommates. Each roommate has their own lease. You can use a roommate agreement form as well. Check with a lawyer.

Worst case, if there's no way to modify the lease templates you're finding, you'll really get to know it if you type it out word for word lol (citing sources I assume is required)

Post: Coming up with down payment money at the beginning

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

Do you have anything you can sell? Sell an expensive car and buy a cheaper one? Equity in a property you have? Work overtime? Get a better paying job? Flip things on FB and Craigslist? Gamble? Borrow from a family member? Hard money loan? Bank LOC? Use a low down payment loan?

I'm spitting out random ideas.... it's much more helpful if you can give background to the amount you need, what dp% you are going for, what assets you have

Post: What was your first step?

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

I was making a good salary and decided I wanted to buy a house and rent rooms to reduce my mortgage payments. I couldn't see myself paying for it myself. A friend recommended BP and I found out that this is called house hacking. I then educated myself on REI, and learned about low down-payment loans. Ended up choosing the 3% down first home buyer conventional loan.

Post: Which would you pick and why? 3 investing scenarios...

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

All depends on goals as mentioned. If you have 100k to invest, putting that in one basket (#1) seems very risky. Diversification 

Post: Best loan to house hack

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

Either works, conventional is often considered stronger as there's a FHA inspection required. You can get 3% first home buyer conventional loan for single family house. FHA 3.5% can be use for up to 4 units.

Post: Single Bedroom Rental Estimates

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

I use FB and Craigslist when posting an ad for a room. I look at comparable rooms in comparable locations for rent. If market demand is hot/ it's a good time of year, then I may go on the higher price end. Also consider how much someone could rent a studio apartment for... if your room price is too high, most would rather rent a studio than a room. 

Alot of people post on Craigslist saying they are looking for a room. I've found renters this way as well.

Post: Rent by the room - not much interest!

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

Probably main thing is time of year. 

Is there anything weird about the location, room sizes, house layout, etc that would deter people from renting?

Post: Is Mobile Home Worth It?

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

Look Into seller financing the mobile home. There's alot of YouTube channels that describe the process. The ROI can be huge. You'll get income like a rental but you're not responsible for maintenance. You would get more money over x years vs a flip where you get the money up front

Post: Hazel Park, Michigan Flip

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

Congrats on the flip! Looks very nicely done. Amazing some of the prices in hazel park now!

Post: Application or showing for rental first?

Andrew PowersPosted
  • Investor
  • Cincinnati, OH
  • Posts 304
  • Votes 185

Pre-screen, open house (couple hour time block), then applications.

If a potential tenant cannot make it to the open house and they're really interested, they'll message me to schedule another time.