All Forum Posts by: Daniel Ricci

@Account Closed I also took your advice and talked at length with my tenants/roommates.  Both go to my school, one is in the same program as me (medicine) and the other is in nursing.  Our personalities mesh well.  Looks I'll be house hacking for the first time and able to save a lot of money this first year!

Thanks again for all the advice.  I truly appreciate it!

-Danny Ricci

Wow!  Thanks for the warm welcome and all the replies!

@Lance Lvovsky I was thinking the very same thing. There are a lot of grad students in the area that are looking for housing. I will definitely take your advice on looking for REIA clubs in the area.

Thanks again for all the replies and the help.  I've ben very preoccupied with my move but it's all coming together and I should be down there in a couple of weeks!

Thanks again,

Danny Ricci

Nancy, thank you for taking the time to respond to my question.

Would you have at least a separate account for the deposit and rent?

Hi all!  I'm in the process of purchasing a condo in Davie near the school I'll be going to (Nova Southeastern University).  Its a 3BR/2.5BA townhouse.  I'm looking for a roommate to help cover costs.  I have a lead of another student who is interested in renting a room who is in the same program as I am (medicine).  After looking over some other posts, I have utilities factored into the rent and I plan on doing month-to-month just in case.  I've consulted with the lawyer who is handling the title and he will give me a lease that I can use and go over it with me.  I do have some additional questions that maybe you guys can answer:

1.  Do you think it is necessary or wise to open a business banking account?  I figure that should keep all the finances separate just in case.  All the rent he pays would go to the business account.

2. Should he carry rental insurance for his room and stuff?  (My lawyer advised I call my insurance company, but I'd like to know other peoples experiences as well).

Any other tips, advice, words of wisdom will be helpful.  This is my first time being a landlord and I'm from out of town.  I want to make sure I don't do something stupid or, worse, illegal.

thanks,

Danny

Hello!  My name is Daniel Ricci and I'm in the process of moving from the DC area to Davie, FL for medical school. I'm in the process of buying a home (condominium) in Davie near the school and it should be settling next week.

A little about myself:  I'm 29 years old first year medical student.  This would be the 2nd property I've owned in my life.  I recently sold my first townhouse in preparation for this move.  I found BiggerPockets after reading their book about real estate investing and I've been hooked ever since!  I hope to own multiple investment properties one day and generate cash flow.  I'm eager to learn and any and all help is appreciated.  If anyone in the South Florida region is available with advice or wisdom, please let me know!