All Forum Posts by: Didier Bizimungu

You have the two options @Luka Milicevic mentioned above without the interesting Calidornia joke. 

Each has its pros/cons. The first option is tough to do with renters who are unrelated and previously unknown to each other. The pro is that if you refinance, lenders mainly only recognize one lease per home. 

The individual leases give you the most flexibility; most renters will be fine with them as it makes them responsible for only their end of rent. But it will be tough to get financing with them. 

In addition to what @William Simpson posted I would add the following platforms: 

- Roomies.com 

- Spareroom.com

- Roomster.com 

Beware, as some of these are not free, but they can greatly complement the free ones already mentioned. 

Some protips: do NOT post to local groups when you post on Facebook Marketplace. You're just asking for a slew of negative comments to be attached to your listing. Also stay away from couples, what happens when they break up?

And lastly, I second not renting to family or friends. Just imagine an eviction scenario; that's a ruined relationship for life. 

Only a real estate lawyer familiar or practicing in your specific location can answer this @Sahil Syed. 

Landlord/tenant law changes per state/county/city. 

I'm not sure how helpful James Wise's comment is without him adding more context as to their reasoning. 

 @Karim Baker that is inaccurate. The lien is tied to the loan and will be removed with a refinance WITHOUT the balance of it being applied to the new non-NACA loan.

Yes, and yes. 

The lien is tied to the loan. You are free to refinance out of the loan into another type of loan with no penalty. 

Hi Shaun, 

The folks above have done a fantastic job at pointing you to where. But the 'quality' part of your question is going to depend on your vetting practices. 

I highly recommend you read The House Hacking Strategy by Craig Curelop to prime your skills in that area. 

Otherwise, the where won't matter much if you pick the wrong person. 

Hope this helps. Thanks!

I've done rent by the room remotely for months at a time. 

What I would recommend is to build a good relationship with a local real estate agent for resident placement and a handyman for any maintenance. 

With those two roles & your managing resident communication, you should be covered. In the future, if you're so inclined, you can move resident communication to the agent as well. 

Interested as well. 

Do these have to be bought all at the same time or is the seller flexible? I'm specifically interested in the St. Pete ones. 

Thank you.

Hey Stewart! 

The owner might be able to switch to a master lease under a business entity like an LLC, which the roommates will then update their individual leases to.

That would give you one lease to present to commercial lenders as proof of income. I've only done this for smaller properties, so I'm unsure how well it would work for your scale. 

Perhaps some of the lenders in here can chime in. Thanks!

Separate payments make sense. Otherwise, you're setting up a 'house manager' role that collects the payment from others. This is usually the most responsible tenant. 

For multiple reasons, this represents another complication. The house manager now acts as the landlord, leading to potential issues when someone's late with their part of the rent or has any issues with said manager.

Just something to consider. I would keep it as is if I were in your place.