All Forum Posts by: Eric Andersen

Thanks John, this is really helpful!

Hi there, 

I purchased this investment property a year and half ago and had it as my primary residence for a while. I had one insurance policy for both the front house and back house. The back house was listed as a separate structure (not rented). I installed a mailbox for the backhouse while there and registered a new address of 1860B at the post office. This way both parties could receive mail.

Now they are both rented (to separate tenants) and it's been an interesting experience trying to get liability coverage on the second structure. I'm being asked if they have separate addresses, have separate meters, have separate tenants etc. The lot is zoned multi family and the second structure is legal, but when I bought it and on the linked listing above, it is just listed as a single address (not A and B). The agent at Farmers is saying I need two separate policies and it's going to cost me $800 more a year than it would for a single policy.

What do you think?
Do I need two separate policies?
Did I mess up by adding a second mailbox? If so, is there an opportunity to remove the second mailbox and just have it as one property with one policy?

Hi,

I'm looking for an investment focused realtor who knows the Dallas Fort Worth area well. The house I'm buying will be a primary residence for at least the first year, but need a solid understanding of the rental potential since it will eventually become one. I'm preapproved and have been eyeing the Euless/Grapevine areas. Ideal home for me is a 3/2 about 1500 square feet. 

Thanks,

Eric

Thank you @Bruce Lynn and @Collin Hays - I'll be making some calls to the cities/counties on Monday and read the laws myself. 

Hi there,

I am looking for a local short term rental focused realtor or investor to connect with. Someone who can help me uncover the different laws surrounding STRs in the different counties and provide guidance. Assuming there are favorable laws and the numbers make sense, I'd be looking to purchase in the next 3 months. 

From the resources online, it looks like there are some STR bans, but many of the articles are outdated. If less than 30 days are banned, would be interested in learning more about the mid term markets.

Thanks,

Eric

Hi there,

I found mold in the attic when readying the house for a new tenant. I had a mold company out and they want a lot of money to remove it. We think it is due to lack of ventilation and are putting more vents to increase air circulation and stop the growth. They also took air samples from the living room and bedroom and those came out normal when comparing to the air outside. They say the air quality in the house is fine and not a concern.

I've read different things on if I need to just disclose there is mold in the home or if I need to remove it right away. Does anyone know what my obligation is in California? From the air samples we took, it is not a risk to tenant as long as they stay out of the attic. If it were in the living area I'd take care of it in an instant, but it's not and the quote is about 10K. Thinking I might just want to stop the growth and deal with it down the road when the home needs a new roof. A cheaper option than removing it is having a company spray it with a chemical to stop the growth, but some say it doesn't work well.

Looking forward to your input and willing to pay a California real estate attorney a small fee for a 20 min consultation.

Thanks,
Eric

Thank you everyone! Love the responses and the BP community in general. 

Hi there! 

I've used some template leases in the past which were easily found with a quick google search. It seems they are pretty short. Does anyone have a go-to lease annual lease agreement they can share with me?

Thanks,
Eric

Thanks Brendan! I also confirmed with my lender it's pretty standard for conventional loans.

Hi there,

I purchased a primary residence (duplex) last year and have been living in one of the units while renting the other. I want to rent out both units soon and use the income to help pre qualify. I spoke with one lender who said they only account for 75% of the rent against the mortgage. Is this normal and standard across most lenders?

For instance, total rent is $4000 and total mortgage with escrow is $3000. They would see this as a wash and not count the additional $1000 as more income due to potential vacancy. This is also with 1 year leases on the properties.

Thanks,
Eric