All Forum Posts by: Dylan Bensinger

Hi and welcome, I have one rental property that's a duplex and I just opened a separate personal checking account and all money going in or out for the property goes through that account. This makes it easier for me to see how much money the property is making each month and leaves a good audit trail come tax time. I should probably open up an official business for it and then a business checking account, but for now the separate checking account for the business has been working for me. Good luck!

600 is our cut off

It can work, as long as it's part of the compensation split of your agreement. You should be able to work something out

I eco the sentiments above. The Delco RE club is a great resource of like minded and experienced individuals. Welcome

Sounds like a serious project. I would say that the more work needing to be done, the more risk, and the more risk the higher your variance fund and profit margins should be. I can easily see over $40k in rehab costs from what you described but costs can vary widely by area. I would also take a look at the sale price of the comps before they were flipped (if that's public record in your area). Then you can back into what work they did and get an idea of how this compares. Best of luck to you

Any thoughts on silver/gray walls for a rental with white trim and ceilings? Just got my first duplex and that's what we were planning on doing. We're going to use the "classic silver" paint color from Home Depot. Also how important is it to use satin or semi gloss in the kitchen and bathroom? Or do you just use flat on all your walls? We have an old plaster house so we were planning on using flat where we can to avoid highlighting any blemishes and cracks Thanks!

You're going to want: -copies of current leases -2 years of maintenance cost history. If not documented I would at 20-40% as a buffer to what the seller tells you -check with zoning about converting commercial space to residential Expenses seem really low, given the price and size of the property. Even with tenants paying utilities I would expect some common electric and heat, snow removal, lawn care, vacancy, property management (even if you plan to self manage), and maintenance cost Sounds like a good opportunity. Good luck!

I would remove all vegetation and/or anything else that's making it easier/welcoming mold to grow on the siding. Then I would let it go for another year at least. Vinyl siding is built to last, even though it fades. Should be able to get 30 years out of it. If you're looking at an empty apartment next year and a few grand to seal the siding, get a quote to replace your siding and consider the options Good luck!

Hey, I'm 25, originally from Lancaster County, and I'm going into my first house hack investment property duplex this summer. I can let you know what I learn. Welcome!

Thanks John, Agreed and housekeeping alone would not be of my highest concern. My biggest real concern is with the tenants ability to pay, especially because I want to raise the rent, and hers was just lowered for inability to pay.  I would be looking to not renew the month-to-month lease. Do I need a reason not to do that? I thought either party could end it without cause. Also to clarify: It will be an owner occupied duplex which doesn't change the housekeeping situation in question but does make it exempt from most the fair housing laws. Again, not trying to evict. I just want to end the lease, update the place, and screen my own tenant and bring the rent up to market value. Still think I have a court date in my future?