All Forum Posts by: Didier Bizimungu

I do one person because multiple people most likely combine their income to pay rent. 

If anything happens to the relationship, there goes your due diligence on income. 

In addition to other relationship issues that may affect the environment in the home.
 

Hi Michelle, 

The Sober Living org I partner with uses One Step Software.

Thanks.

What @Keith Mintz said, Joe. Also, zoning only counts for property setup - not necessarily the # of residents. 

That's usually covered under a separate code for how many non-related people can live in one home. But that's usually a double figure number like 10+.

Hi Michael, 

I've used a Group Lease in this scenario among all your renters to qualify the income for a DSCR loan.

Hope that helps. 

Hi JHamellia! AirDna should give you a good starting point in terms of demand in that area as well as expected income. For more sources of info on any market check out the Bigger Pocket Rookie episode 144. Thanks. 

Facebook Marketplace should be all you need. 

I love how deeply you dove in Ricardo! 

To add to your message, I would reinforce re-evaluating that tax/insurance cost. Especially taking into consideration tax after closing with the new value of the condo. 

Most counties should have a tax estimation tool at this point that tells you, based on your price what you can expect your taxes to be after the county reassesses your property. 

In terms of renting out in the future, I would also consult your HOA's limitation on house hacking & renting out. Keeping in mind, maybe by talking to current residents, how this might change in the future.

It doesn't get any better than this! 

Thanks for the knowledge bomb, Ryan. 

Great job on sticking to it to get this across the finish line! 

I rent out a couple of 3/1s by the room on a long-term basis, and that's worked well thus far. 

My recommendation, not knowing your market, would be to try it out and see how it goes. 

If getting tenants seems to be an issue, proceed with a half/full-bath addition.

What I wouldn't recommend is taking the advice of others on this, especially those with no rent-by-the-room experience. 

I've found that many investors confuse their needs/wants/preferences with what the market needs/wants are.