All Forum Posts by: Brittney K.

How do you charge tenants for oil heat? This is my first property with oil heat and I am considering 2 scenarios:

1.) fill tank completely. Make tenant responsible for refill as necessary and they must fill tank back up when they leave with a clause in the lease that they are responsible for all damages if tank were to run dry. I’m worried this would deter people from renting having to deal with this.

2.) charge $100 more per rent and include heat. I estimate the house using about 500 gallons per year which would cost me appx $1200 to fill my 2 250 gallon tanks.

There is not an option for natural gas so I cannot convert. Could you all please give me your thoughts on both scenarios or give me a different one that you use? Also could you include the language you use in the lease for whichever you do?

Thank you everyone!

@Chris Mason that’s a great point I didn’t think of that. If I were to do a few small updates would that negate the purchase price appraisal as well? Thanks so much for your feedback. I am a newer investor and didn’t have any intentions on doing flips of any sort, just considering my options with this house!

We are getting ready to close on a fsbo that we got for 25,000+closing costs. We initially planned to rent it out, but could probably sell it for at least 50,000 as it is in a good area. If we closed and decided to list it without making improvements and never renting it what are the tax implications?

We bought this property on a whim because it was a great deal, but weren’t necessarily ready to prep a new rental yet which is why I am considering this option.

My plan would be to use the profit to pay part of our current two rentals off on our heloc then look for another rental when we’re ready.

Could you please share if you would/wouldn’t do this and why not? Thanks so much!

Thank you Tim!

I am new to real estate investing and currently have 2 sfh. Also I plan on discussing this process with my bank, but I am looking for input from others who are more experienced...

My husband and I are currently purchasing ($40-50ish,000) Home’s) for buy and hold in our area. We currently are using a heloc to buy the properties cash. Our plan is to purchase/rehab as many properties as we can using our heloc then would like to cash out refi on each home as one loan. Then after paying off the heloc, use the available cash from the to purchase more and repeat the process. My question..

1.) Can I cash out refi on multiple properties as one loan?

2.) Would you recommend this strategy? Why/why not?

I should also add we do not do this full time, but are looking to create enough passive income with the hopes of retiring early. We are not big on having large amounts of debt and plan on using the cash flow to payoff the principals as quickly as possible when refinancing.

Thank you for your input!