All Forum Posts by: Kevin C.

It's more of a second home where we grew up.   Her family is all there, so it's a good landing spot when we visit, plus it's a touristy historic area which we enjoy, so we won't be selling it.   

From our discussion, privacy is not the issue, safety is.   She's more concerned for her safety with a 'stranger' in her house when she's there.   We've stayed at B&B's where the owner is in the house and we just rented a room, and I don't recall safety concerns coming up then.  That was several years ago, and times have changed with mass shootings occurring on a far too regular basis - I think that is more the concern, and I get it.

She also mentioned 'a stranger from craigslist' in the house, as though maybe if the potential tenant had come from hotpads or trulia that potential tenant may potentially be safer.

I'm OK with whatever we do, this property does not have to produce income, but I see the potential and if possible would like to act on it.

I'm curious how others address the safety aspect of renting out rooms in a home they also occupy.

So we have a vacation / second home in another state that we generally use about 1 week a month.   I suggested to my wife that maybe it would be a good idea to rent a room out to accomplish two things, bring in a little cash and have someone at the house so it was not vacant when we were not there.   The house is in a historical district, walking distance to a University, a historic Main Street area and not far from a Community College, so it's in a somewhat touristy location with a lot of potential students as well.

We talked about it a little and she was on board with the idea so I posted an ad on craigslist and got an inquiry a few hours later.  The potential tenant is a college student, just starting their second year that works at an upscale restaurant walking distance from the house.   Student currently rooms with 2 other students in an apt whose lease is up in Sept.  The other 2 roommates are moving elsewhere, so student needs to find a new place.   Our place looks to be ideal.  Sounds good so far, right?

I advise wife that we have a potential tenant and suggest the steps to begin vetting the tenant.  A few hours later she tells me, No, she's not comfortable with a stranger being in the house when she's there - in other words, no deal, no renting a room.   

Wife said she'd be OK with renting out the place as a VRBO when we're not using it, but no renting rooms.  I'm good with going down the VRBO path, but really liked the idea of renting out just one room so the place would not be vacant when we were not using it and the rent would have been almost 2/3 of our carrying costs for that house.

Has anyone run into this and if so how did you deal with it?

@Russell Winter - Send you a PM with contractor info.

Believing a tenant when they say "I'll have the rent next week, I promise".

Not starting the eviction process when all the signs are there, like when the tenant gets later and later on the rent every month.   Then absolutely don't be the fool that renews that tenants lease (the one that was getting later and later with the rent and dodging your calls).

Yeah, I was that fool, cost me plenty a few months into the new lease when they stopped paying and I had to evict.  Then of course the house was trashed when I finally got it back.  That was a $10K lesson!   Lesson learned.

Is the non-MLS commission schedule standard fare with Buyers Agreements in STL?

@Peter MacKercher  Here's the commission structure from the Buyers Agreement.

@Peter MacKercher Agent we were referred to in STL is with Coldwell Banker Gundaker.

Wife and I will be in St Charles next week for a wedding reception and at the same time want to look at a few properties in old St Charles.   We're looking for a possible 2nd home that also has potential as a VRBO and old St Charles is our current area of interest.

An agent we've closed several deals with here in Dallas referred us to an agent in St Louis.

The agent in St Louis insists we must sign a Buyers Agreement which has these two points in particular which we've never had to deal with here.

1) For MLS properties, there is a $295 commission that is to be paid to broker by buyer upon closing.

2) For non-MLS properties, buyer is to pay $295 commission to broker AND even with no agent involvement, seller must agree to pay 7% commission, if seller does not agree to pay the commission, buyer must pay it.

Is this really the norm in the St Louis area?

@Ronald Perich Vinyl that was installed in our rental back in 2011 still looks like new.

The only downside I've seen is that there are small gaps at the end of each plank.  The gaps are not really noticeable unless you are looking for them, but I know it, so I see it.  All Vinyl I've used has been the glue down type.

I have it two rentals now, put it in a second one a few years back, and shortly after had the water heater leak and flood the house (water heater in garage in back, water was coming out the front door and into the street by the time the leak was discovered), lost some carpet (still had carpet in bedrooms), but the vinyl was unaffected.

I have tile in kitchens and bathrooms, Vinyl in family rooms, formals, hallways etc.  Still have carpet in bedrooms but when it's time to change, will probably go vinyl there.

Both these homes rent in the $1800 range.   If I ever felt the need to go higher end with flooring I'd probably go with engineered wood.  

Congratulations Joel, you're well on your way to tremendous successes in the REI world!