All Forum Posts by: Garry Lawrence

Thank you for the valuable advice! After reconsidering the utility cap, I’ve decided to only include Wi-Fi as a provided utility, and have the other utilities split between tenants. I’m also making the property my primary residence to lower upfront costs, effectively turning it into a house hack.

With this setup of me now occupying a room and not including utilities. I will charge a rent of $850 for the other 2 rooms and $1,100 for the basement (because it's more private with it's own bathroom). My updated expected monthly rental income will be $2,800, resulting in a cash flow of $795 per month (excluding my share of the split utilities).I plan to set aside at least 80% of my cash flow for property-related expenses.

Additionally, I’ll be installing keypads and security cameras for enhanced safety and operational efficiency. Thanks again for all the helpful suggestions, and I look forward to hearing more advice!

Hi Health, 

I am planning on self managing it. Thanks for the advice about getting connected with the campus organizations. Again thanks for the advice it really helps and I hope you have a blessed day!

I forgot to add that the insurance and tax is included in my mortgage of $2,005. Thanks to God I have a well paying job and plan to use that income for any issues that may arise like vacancy or maintenance expenses. After buying the property, I also still have $12k in stocks that I plan to use as a last resort.

Hey everyone,

I’m 19 and about to close on my first rental property! It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live. I got the property off-market for $250k from a trusted family friend. It’s less than 15 minutes by car from two major universities (Towson & Morgan) and just a 7-minute walk from a shuttle that services both campuses.

I plan to rent the property by the room, targeting mainly college students due to its proximity to the schools. With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy. My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.

I also set up an LLC and a business account to track rental income and expenses.

Questions:

1. Do you have any advice for me as a young real estate investor?
2. Do you think my age will impact my authority as a landlord?
3. I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
4. I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
5. What are your best tips for screening tenants, especially for student renters?
6. Are there any specific clauses I should include in a room-by-room lease for a shared living space?
7. What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
8. Based on the numbers and my strategy, do you think this is a good investment for my first property?

I’m excited but also know there’s still a lot to learn, so I appreciate any insights you can share. Thanks in advance!