All Forum Posts by: Gayle Eisner

Here's the update.  It's been 3 weeks since we have tried to rent the house.  My daughter moved in but is having poor luck finding tenants.  She is picky and wants someone that is compatible and has good credit.  I am getting worried that my generosity is going to have me take a financial bath.  Any thoughts, comments, suggestions?  I am considering lowering the rent....   The house is paid for but that doesn't mean I don't need the income....dang!  thanks all! Gayle

Hi Matthew:

see above

Hi Matthew:

First of all THANK YOU for taking the time to help me out.  It is a large source of my income but I am trying to have it work out, if possible.  My daughter is pretty responsible and wants to manage and be in charge so I think it (hopefully) it can be a win/win here.  

I am taking your advice and have her choose older students, no 18 or 20 year olds. She would like someone closer to her age, anyway, so not younger 18-20 yo students. MA students and young professionals 24-28 so, is perfect for her as well   " By then they have often toned down the partying somewhat, gotten a job (fewer late night loud parties that disturb neighbors), care more about their credit, have some idea of the damage they're doing to a property, etc. An 18 year old freshman will generally be whiny and complain about everything, while a 25 year old will appreciate the cost of living and value of a "room for rent.Upper 20s/lower 30s young professionals are so much easier- they've usually rented before, are trying to settle down and start a career, and know how to work a washer/dryer--   Thank you- Good Advice! 

She is looking to Find roommates (24-28) with a job and school, like her, & I am asking for a deposit of one month's rent upfront, separate rental agreements outlining utilities, quiet hours, etc and a credit check.  I am giving her lots of room (no pun intended!) i.e. time to find the right persons within reason.  

What are your thoughts on a couple renting a room, if both sign separate rental agreements if one leaves?

great advice, thanks again!

Thank you, yes, my daughter can be the "tenant manager" .  Thank you!

thanks Jim.  That does not help my situation tho.

Hi : I am reposting this info as I am having a hard time here.  I am looking to refinance my house, I am minimally employed but have rental income.  Can someone recommend me a bank to help me  refi and get my spouse off the loan?  Thanks kindly!  Gayle

great thank you!

Hi:

I just bought a rental property a while back and it is now vacant. My daughter is a college student and she asked me if she could rent a room in the 3 br house and find other students to rent the other two rooms.  I know other people do this but this is one of my main sources of income and I am hesitant...  Can anyone give me some advice here? Should I have individual lease agreements for each tenant, and should they be for one year?  My daughter is responsible, she is 25, but still....?  Thanks! Gayle

Hi: Currently I am considering whether or not to keep or sell my older home in the LG Mountains. It was a cabin built in 1936.  I live in the property &  have put money into the property such as double pane windows, new appliances, paint etc. but it is still very old and will need upcoming  maintenance (roof, central heat, electrical, earthquake work, etc) but I am considering selling. Is now a good time to sell, or thoughts on holding and turning it into a rental property for a few more years and enduring the upkeep costs? Thanks to all!  Gaylene

Hi David:

It is Wells Fargo. Is that an FHA loan? I want to refi my primary residence, I only owe $48k currently. I only want to get about $100k and I own a rental property that brings in $ 30k/year, minus $4k for property taxes and $1600/yr for insurance and repairs (last year). My total annual income is appx $44k/yr.

Then, after I refi my current residence, I would like to obtain some funds from the rental property via taking out a loan for more RE investment.  Would I qualify? Or how can I manipulate things for find lenders to lend me money on the rental property in the future? Thank you, thank you! Gayle