All Forum Posts by: David Lorenz

Thanks @Joe Scaparra, interesting about 12 mo and Under not counting toward the total number in the unit in TX

Thanks @Matt Ziegler, that definitely makes sense 

Thanks @Joe Splitrock, that is very helpful!

Hi BP!

I'm in the tenant screening process with my first rental (a duplex in Philly). The bottom unit is a 2 bedroom that's roughly 700ish sq ft. I would prefer to limit the number of tenants in that unit to 2 (1 per bedroom). Am I legally allowed to turn down a tenant that would be living there with another adult and 2 kids for example? I have nothing against renting to a family as I have kids myself. However, I would prefer limiting the number of tenants as it's not a large unit and I believe it would reduce the wear and tear on the property.

Thanks!

I would consider taking out a HELOC (home equity line of credit). This will let you leverage your equity and typically does not cost much. I recently did this for about $100 at a local credit union. HELOCs are nice because you are not typically charged interest until you actually tap into them. So you basically have a chunk of cash available that you're not paying anything on until you need it.

Welcome to BP!

It all depends how comfortable you are. I’ve bought a few properties without an agent and to honest I didn’t find it that difficult. However, a good agent will hold your hand and walk you through the process. They can usually also recommend a good property inspector, title company, etc. You will not pay for the agent as that would come out of the seller’s pocket. If this is your first deal I’d consider bringing in your agent to help you through the process and look out for your best interest. Good luck!

Hello,

I recently closed on my first rental property (duplex in South Philly). Is there a such thing as a standard lease for PA? Is it recommended I see an attorney to draft one or is this something I can take care of on my own?

Good to know. Thanks!