All Forum Posts by: George S.

Hello,

We own a few properties and looking to work with an agent in the Houston area who is familiar with the houston insurance market specific to landlord policies and all the challenges that come with land lording in the houston market. 

Any suggestions are welcomed. 

Hello,

Looking for advice on next steps. I own a large 6,000 sq foot building built back in 1900. Im thinking

a) Turn in to short term room rentals

b) Turn into longer term studio rentals

However Im not aware what the legal ramifications are and I will seek legal guidance. 

But I wanted to know if anyone else has done this and if they had any feedback. 

Thank you 

Hello,

Looking for advice on next steps. I own a large 6,000 sq foot building built back in 1900. Im thinking

a) Turn in to short term room rentals

b) Turn into longer term studio rentals

However Im not aware what the legal ramifications are and I will seek legal guidance. 

But I wanted to know if anyone else has done this and if they had any feedback. 

Thank you 

Thank you Dan.. 

Hello... Last year I had some work done on my rentals. Is it a requirement to collect 1099 information ?

Hello ... Can you homestead a rental property ? I ask this because the home I live in is much lower in taxes when compared to a rental I own. My thought is to go non exempt on the property I live in and exempt the rental. I realize one a single property and be homestead ..

@Rick Santasiere what are your thoughts on leverage when it comes to multiple homes. Some of these folks on here have 10 or more homes and it sure sounds like they are doing the 1% a bad turn of events you could find yourself in some trouble. Whats your thoughts on that ?

Thank you @Scott Hollister and @Rick Santasiere. I did not realize that would go against the DTI. That is important to know going into this. Personally my strategy is more conservative then most. I dont want more than 2 mortgages open at a time. I hope to get "over" that mental hump soon I know Im missing out and growing the business faster. My fear is the typical investment using the 1% rule and going in with a little down. You make a little money each month but you could quickly end upside down if something major happens or the home goes unrented for a month or two.

My goal was to pay these two homes off. Buy another two and pay them off. Then buy 4 and pay them off. So its like a one to one. One paid off one on loan. 

Thanks again 

I have a question specific to home equity line of credit. I will have 2 properties paid off this year. Total value is 325k. Taking lines of credit against the homes for down payments is often mention. How do new potential banks look at this for rental purchases ?

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