All Forum Posts by: Jared T.

Adam Drummond I agree multi family units would be ideal for this situation, I was just curious about renting out rooms in a SFR if there was limited availability on multi family properties near the university. I would think this would give me more options on what/where to purchase although it would come with the headaches of roommate/tenants. Also definitely a good call on getting rid of carpet that would get worn out so quickly!

Thank you all for the replies Scott Dixon I like the idea of paying your own rent as you did as a way to force yourself to save for next investment. Would it make more sense to put your payment towards additional principal in order to build more equity in the property so you could do a HELOC on it to obtain financing for other deals sooner? Or would that just be more a matter of personal preference? Also when you were acting as a live in landlord did you create a lease for your friend/roommate or was it more of an informal arrangement?

This coming fall I will be moving to a new area and was looking in to buying my first investment property.  I will likely be in this town ~5 years and figured this was a good opportunity to get started.

I was just wondering if anyone had any experience being a live in landlord as I was thinking about getting a SFR 3-4 bedrooms and renting out 1 or 2 of the other rooms depending on the payments in order to live rent free. Also, would it make sense after establishing a fund for CAPEX and miscellaneous repairs for me to charge myself rent in order to obtain more equity in the property or if I should just put that toward a new property instead?

Thank you for your advice!