All Forum Posts by: Charles Fletcher

So here is a question, how are you expected to prove that you are actually owner-occupying the property? 

 I just sent you a contact form through your site, I will look forward to meeting with you. 

I signed up! I used to live in Katy and still like the area for investing.

The seller wants $260,000 for a duplex with 8 bedrooms, he is willing to manage it and guarantee rents for 12 months as part of the deal. It's in an area with a lot of transient oil refinery workers, they are often well paid but only needed for 6-9 months. It's kind of like a really nice private man camp I guess.

He is currently collecting about $5,500 in rent at 100% occupancy and covering all bills for the tenants. If I wanted to go traditional and find families to rent to, it would probably bring in $4,200 a month. 

I feel like having 8 rooms to rent out making managing it more of a full time job than going the traditional route, but also brings in higher rents and a vacancy may be 1/8 or 3/8 rather that either 50% or 100% vacant.

Do you have any experience with renting by the room, any serious pitfalls I'm not aware of? The numbers make a lot of sense.

I already own some property, my partner does not, but he has about twice the liquid capital that I do. I was going refinance one of my investment properties to add cash to the partnership, but in doing so can I put that property into the partnership and consider the equity in the property as a contribution? Would you accept that if you were the cash heavy end of the partnership?