All Forum Posts by: Daniel Taki

For a while I've had my place rented out by my two close friends, however one of them recently moved out , and now I'm considering seeking a stranger to move in.  I was wondering if it would be a good idea to consult a real estate attorney to make sure I understand everything that goes into this and possible risks.  I reached out to one and the rate was $175 for half an hour and $300 for a full hour and $500 - $750 depending on how complex/inclusive the lease agreement will be. Does this sound pretty normal?

Very good point, thanks a lot @DavidIvey I didn't even think to look at the 1 bedroom efficiency units. 

@Omar Khan yeah that makes sense.

Thanks Jordan

I'm wondering what sounds reasonable to charge for the two extra rooms in a recently purchased new build spec town home.   The townhome is across the street from the metro rail in Austin, Texas.

Details:

Square Footage: Square Footage

1st Floor: First Floor

2nd Floor: Second Floor

Here's a link to rentometer for 3 bedroom apartment/townhome rentals in the vicinity of mine. Rental Comparables

What do ya'll think this is my first home buy and also first landlord experience, so any tips or things I might want to know I appreciate.   Also thinking about AirBnB for one of the rooms.

How do I know when I'm searching the deed from county records the purchase price of the house.  It seems it will often give me a number but I'm not sure if this is the value of the mortgage and does not include the down payment (and it does not what down payment % did they apply) or if they paid all cash or what?  Is there any way to tell?

I also wanted to know if I calculated the appreciation rates in Austin correctly for the last decade and how can I gauge past rental rate growth and future rental rate growth in the area.

This is a primary residence to live in and I want analysis the benefits at different levels of housing appreciation over renting a similar property. 

@David Ivy Yep that's true David, in the formula for that cell I took the ending hypothetical value of the home after 30 years with the assumed house price appreciation, then multiplied it by the 6% percent realtor fees and subtracted it along with the capital gains deduction and original value of house, then multiplied the result by 15% to determine capital gains tax.

(end of mortgage home value - (end of mortgage home value * 6%) - (purchase price of home) - $250,000) X 15%

Under the Austin_Metrics I used HPI index from fhfa.gov dataset for the 787 3-digit zipcode to calculate the 'four-quarter' house price appreciation.  I'm not sure if my results are correct.