All Forum Posts by: Christian Tallet

I'm having a hard time seeing if it's allowed for me to essentially manage the renting of my mom's single family property. We are checking if the mortgage is assumable for her to transfer it to me. But if not, can she just keep it in her name and i just manage it?

Do real estate leasing agents exist in smaller towns? I'm talking like suburb size towns. Im in Dayton, Ohio and I've personally never seen landlords or clients that would pay leasing agents to find them a renter or a property to rent. I may just be out of the loop but I'm just curious if that's still a viable route where I'm at and where to start. Thanks!

@Jason Bott This made me go back and look at my policy and I think I did technically get a homeowners policy with landlord coverage added on.

@Evan L West I did the same thing a few years ago and everywhere I called would only let me do a landlord policy. I suggest David Vanover with Farmers insurance (formerly metlife). He found me a pretty good policy, and he'll also check other insurance places to get you the best deal.

@Nicole A. The electric is a security light for the off-street parking lot. And you are correct that I was budgeting for when I move out of the unit I'm currently living in. The properties near me have very low rents, but I don't think they've been raised in years. When I bought the place the 2 bedroom was rented for 560 and the 1 bedroom was rented for 510. It's also not metered separately for water. I never go over our city's minimum requirement though so would it be weird to split that out between the tenants or instead just charge more for rent?

I currently owner occupy a 4 unit multifamily property in Dayton, OH (West Carrolton to be exact). I have too much going on in my life to keep managing it myself so I'm considering hiring a property management company. I'm having a hard time getting the numbers to work and I'm afraid I made a bad deal. I may just also be stressed about what I can and can't get for the rents. Currently I have a 1 bedroom rented for 600, an empty 2 bedroom, and another 2 bedroom rented for 580. I think I can get more for the 2 bedrooms, but I'm afraid that maybe I can't. I'm also afraid that maybe I just got lucky renting the 1 bedroom for 600. I'll list my income/expense numbers below. If anyone has any suggestions please let me know.

Income:
1 bedroom - 550
1 bedroom - 550
2 bedroom - 600
2 bedroom - 600

(I put my rental numbers at the minimum I think I can get. I might be able to go up but I'm having a hard time understanding my market/area.)

Total income: 2300

Expenses:

Mortgage/Insurance/Taxes - 1352
Maintenance/CapEx (10%) - 230
Water/Sewage/Trash - 220
Electric - 15
Vacancy (8%) - 184
Lawn Care (40/week averaged over the whole year) - 113
Property Management (10%) - 230

Total Expenses: 2341
This also doesn't include the one month's placement fee with the property management company.

I'm just not sure where to go here. If I can get another 50/unit I might be breaking even, just not sure. Any advice is appreciated.

Hi all, I currently have a 4 unit multifamily around Dayton Ohio that I'm househacking. I'm looking to buy another property, duplex or bigger, but I'm always scared at looking at anything within city limits. There seems to be some good deals, but I'm worried about bad areas. There's a property or two I was looking at near the Boonshoft museum that seem to be good, but I dont want to deal with crime, drugs, etc. any recommendations? Also if anyone in the area is familiar and willing, I'd appreciate talking about specifics. Thanks!!!

I'm wondering if my rental property rents are correct. I'm in the Dayton area and I'm owner-occupying a 4-unit multifamily property. I'm super new to this and I'm just trying to get to the correct market rents. There are two 2 bedroom, 1 baths, and two 1 bedroom, 1 baths. I'm currently living in one of the 1 bedrooms. My current rents are:

1 bedroom - 510

2 bedroom - 580

2 bedroom - 650

Tenants pay electric and I pay water/sewage/trash. There's off street parking and in-unit laundry hookups. If anyone is interested the address is 1306 on Black Forest Drive. Any advice is helpful! :)

Thanks,

Christian

I currently have a multifamily property that I owner occupy. I got this with an FHA loan. After I've lived here for a year, would I be able to buy another property with a conventional loan? Would I have to refinance this home into a conventional loan before doing that? I know you have to stay in a home for at least a year with an FHA loan, but I'm not sure the terms for buying another property after that year and keeping the initial one.

Any thoughts are much appreciates!

Thanks,
Christian

Thanks everyone so much!!!! I probably just need to back off a bit so it's not stressing me out so much. It's harder living near everything and I think it makes everyone complain more because they feel like I'm right there. Thanks!