All Forum Posts by: Evina Nonato

I want to house hack to decrease my living expenses with my ultimate goal being financial independence. I was under contract for a duplex - I was planning on living on a 2 bed 1 bath side and rent out the 3 bed 1 bath other side. Asking price was $219,000, I offered $210,000 but the counteroffer was $214,000. I got a FHA loan for 3.5% down with 2.7% interest no points and closing cost $11,000. The duplex appraised for $188,000 and report basically stated that for rent around the area would be $800 for the 2 bed/1 bath side and $950-$1000 for the 3 bed/1 bath side. This duplex is the only duplex I have found in a single family home neighborhood sandwiched between a nice public park and an elementary school. Since I was planning to house hack, safety and location is important. The other duplex on the market currently are not in desirable neighborhoods. This is my first time trying to step into real estate and was a rude awakening of how terrible I am at analyzing a property. Due to the large difference between asking price and appraisal price, I have told my realtor that I am only willing to purchase based on the appraisal, which is based on the comps for duplex within 3 miles. The seller is not willing to come down, so I believe we will have to terminate the contract unless the seller re-considers. My realtor stated the reason it got appraised so much lower is because it is a duplex and not a single family home. The proposal was to put a door between the 2 units so it could I get appraised higher to the original $214,000. I felt that this would be a bad deal to try to appraise a duplex as a single family home. My question is, is it worth it buying a home in today's market? Are the prices being driven up due to low inventory and low interest rates and it is expected to have lower appreciation compared to today's prices? Should I just invest my money?

Thank you so much!

Hi,

I have taken my first step towards real estate investment by buying a duplex - I plan on home-owner occupying one side (2 bedroom, 1 bath) and renting out the other side (3 bedroom, 1 bath).  I am trying to figure out if I should hire a property manager or since it is just one property, I should manage it myself.  

I would prefer that the tenant not know that I am the property owner.  Here are a couple of things I am worried about as a new landlord: 1) screening tenants, 2) figuring out what to do if a tenant is delinquent on rent, 3) getting maintenance requests/calls early in the am.  I will be honest that I know I can learn how to screen tenants well and set in place a system so that the tenant will not be delinquent in rent (I'm planning on using the Cozy app).  My realtor has a handyman and contractor that she has recommended but I worry about crazy maintenance related things happening at 2am that I may not know how to handle since I am NOT handy at all.  

My biggest worry is that there is something that I am negligent about as a landlord simply because I am a new landlord.  Laws/regulations that I did not know about specific to my state/county/city (I live in Hickory, NC).  I think maybe a property management company, may already have systems in place and have more up-to-date info related to rentals that I may not be privy to.  

Also, I work a 8-5pm job that is hard to take a break and take phone calls.  I am really on the fence about either managing the property myself or asking a property management company.  Any advice?

Thanks!

Thank you!

Hi, 

I am in the process of buying my first rental property.  It is a duplex and it will be home-owner occupied.  I am planning on living on one side and renting out the other side.  Can somebody please help clarify home owner insurance vs. landlord insurance for the property?  I have been shopping around for quotes and I am confused.  State Farm gave me 2 quotes - one home owner insurance for the side of the duplex I'll be living in, and one landlord insurance for the other side.  At the same, I contacted an insurance broker and she gave me a quote from Auto-Owners Insurance that only included home owner insurance, no landlord insurance.   If a duplex is home-owner occupied, maybe no landlord insurance is needed?  Any advice on insurance?

Thank you!

Thank you!

Hi,

In the kitchen, to the left of the sink is not a window, it's a door to the backyard.  

Thank you!

Hi,

I just bought my first new rental duplex.  I am planning on living in one side and renting out the other side.  Any advice on remodeling the following areas: kitchen and the bathroom?

1) The kitchen is an awkward layout - notice the fridge is sandwiched in the middle between the stove and the countertop?  You can open the fridge door but not to its fullest capacity.  What would be cost-effective way to change the layout?

2) The bathroom is livable, but there is no storage under the sink and the mirror is too high with the soap dish in the way.  I am VERY petite - I cannot see myself in the mirror.  Do I remove the white tiles?  But if I do, should I remove all the white tiles in the bathroom?  What are possible solutions?  

Thank you!

Hi,

I have just bought my first rental duplex.  My goal is to live on one side and rent the other side.  Any suggestions about how to remodel in a smart way that would attract tenants and increase home value but not overspend?  My current budget for renovation is $15,000 - but would prefer to spend less if possible.  For example, I was thinking of doing 3 renovations:

1) Change out the old 1958 original glass windows to newer plain vinyl energy efficient windows.  Is this a good idea?  I think this will definitely save the renter and myself a lot of money in the long run as far as our bills go.  

2) There is a very large return grill on the floor in the living room leading to the hallway to the bedrooms.  I understand this is common in old homes.  The house was updated prior to me purchasing it and this return grill is obsolete and is non-functioning.  I worry about tenants (children or animals) putting something down there or getting injured.  The surrounding floor is original hardwood.  What would be the most efficient cost-effective way to fix this problem?  Do I have to redo all the floors?  Can it just be patched and then maybe restain the floors so the color will match?

3) The outside has a very dated look due to the awning - any ideas about updating the look, or should I just leave it?  Just a side note, there are 2 different entrances facing different streets, that's why there are 2 pictures.