All Forum Posts by: Coco Zuniga

Update!!! 4 college kids wanted the upstairs unit. They offered $200 more to get it.  They move in August 1!!!  (they're going to be paying $1400, my mortgage is $1600).  the downstairs unit is $900 and he also moves in Aug 1!  I'm setting it up so all 4 (upstairs) will be on the lease, jointly and severally liable.  They paid a larger deposit ($1000) and one of the girls has a co-signer.  The downstairs unit is also using a co-signer, and he already paid his deposit.  I'm getting all my paperwork together; leases, rules and regulations, move in/out checklist, etc...This is so exciting!!!  Thanks to everyone for your input!!!

@Megan Greathouse Congrats girl!!!  I'm working on my "success story post" as well... right now I'm sitting in the driveway of my new duplex that just funded and recorded about 15 minutes ago, waiting for my realtor to give me the keys!!!  woot woot!!!

@David Gonzalez that's definitely what I was thinking, as far as the personalities of roommates, someone eating someone else's food, etc haha.  So far I've had some great applicants, I'm having my open house tonight and hoping to get a few more to choose from!! 

 Yeah, I actually looked at my lease again after posting last and saw that it does have that phrase in there!! 

Now I'm running into the therapy animal question...i have a no pet policy but they're asking to negotiate a pet deposit for the therapy animal. I know there's still A LOT of gray area here so what do you say to said applicant?? 

 Fabian! Congrats and welcome! I started my journey on March 25 of this year and I just left the title company this morning, signing for my 1st property, a duplex in a college town!!! Keep up that confidence and don't let anyone stop you from achieving your goals!!! 

Anything crazy found on the inspection?? When I saw mine I was a little overwhelmed but hey, it's a 1925 home! Lol. I YouTube'd a TON of stuff and am confident I can take care of a lot of the repairs myself!! 

@Kelly N. thank you!  where would you suggest I acquire a lease, jointly and severally liable?

@Deanna McCormick I will not be living in the property, nor will anyone in my family.  I do have criteria pre-determined and I have that in my ads :) I've been emailing those who are interested my minimum qualifications first, letting them know that I don't want them to lose money on the application fee if they don't qualify.   Then if they qualify, I send them a link to apply.  Lots of street parking, so that's nice :). 

@J. Martin  Where would I get a "joint and several" lease?  I have my standard lease.  

Thank you all so much for your input!!  I have a girl interested and she said her parents are going to pay her rent.  I told her I would need them to also fill out an application, co-sign for her and pay a performance fee that is refundable at the end of her tenancy, less any charges that her security deposit does not cover.  

@J. Martin I don't mind putting some work into this.  This is my first property,  and I know I have a lot to learn, so I'm ready to do whatever it takes.  I've played around with the air bnb idea, but is it as easy as that?  furnishing it and listing it?  then dealing with the turnover, etc?   

with a student paying $400 for a room + utilities, am I just ensuring that the applicant earns at least $1200/mo income?  and if they don't, then I ask for a co-signer? 

in regards to the air bnb, what is the "roommate/CL process" that you refer to?  I'm racking my brain lol

Hi!  I'm marketing my 1st rental and kind of freaking out!!!  I've had about 15 people contact me in the last 48 hours or so (woo hoo!), but I got a question tonight that I'm not sure how to answer.  I emailed her back and told her I would check with my "partner."  (ENTER BP--YOU ALL ARE MY PARTNERS!!!)

Anywho, not sure about renting out by the room.  (that was her question--her daughter is looking for 1 room).  How do you structure it?  Do all the tenants sign the same lease?  Do you get a parent to co-sign?  Do they all pay me individually?   I've thought a lot about this but I didn't think I would get any inquiries because I'm marketing it more towards newly married couples, small families, etc (not stating that in my advertising of course!)

Any help or advice would be greatly appreciated!!!

Coco