All Forum Posts by: Demetrius Pettway

So i am getting ready to close on a duplex which comes with a tenant in one unit. My plan is to househack it and live in the bottom unit. Any advice on how I should collect rent? Are there websites I could use to help collect? Please advise, thank you. 

Hello All,

Recently a seller accepted my offer on a duplex. My goal is to owner occupy one unit while renting the other. There is currently a tenant renting one of the units until April 2023. I currently pay rent of approx.. $670. The monthly mortgage on the property would be $1,415, the tenant pays $800 of that (under market rent in my area) a month. Does it make sense to go through with the offer? I would have to cover $615 in left over mortgage, which is about a $55 savings from what I am currently paying in housing. I wanted to decrease my housing expenses at least 50% or better. Obviously I can raise rent over time, and I know I’ll be in profit once I move out and rent the second unit. I’m just not sure if it makes sense, on paper, seeing how I wouldn’t really see a significant change in my fixed housing costs until moving out, renting the second unit, and possibly raising rents over time. Look forward to the responses. Thank you in advance. 

not possible.

Im planning on house hacking my first property but confused on how to go about finding a decent to good tenant and the overall management of tenants. 

Should I use a lawyer to help me establish leasing agreement? How would I be able to do legal background checks on people? How do landlords set up accounts or systems to receive payments from tenants?

Generally speaking, are the closing costs and rehab cost, additional costs that are not included in the money someone would get from a lender?

Good morning all. Do y’all recommend I store my down payment for a rental in a bank or in a brokerage account where I can take a loan against my assets?