All Forum Posts by: Account Closed

I'm looking at an off market deal which is a 3 story, 7 bedroom with a bathroom and kitchen for each level. Needs lots of work, but the electric, plumbing, and roof all been redone this year, and its a nice brick house so won't need any siding work in the future. The house is within walking distance of 2 great colleges, and I own a duplex with a partner a few blocks away. 

Now for the questions.  It's currently zoned as a single family, but I'm looking to rent by the room for a fixed amount, and I'm wondering if this is even legal? Anything I need to look out for on the business / legal sides? It's also a row house with off street parking, would this be a turn off? 

House needs about $15K - $30K depending on how much of the work I hire out, I'm a full time contractor so insulating, sheetrock, and flooring is nothing for me. Comparable properties rented by the room in the area are going for $600 everything included, so this property if rented with 5 rooms should be bringing in about $3000/month. They're asking $35K for the house, and I'd be paying cash. Does it sound like a good deal? I plan on finishing the first floor and getting it rented, so I'm break even while I move onto the next floors. 

Anyone out there have success with renting by the room in college areas? How hard is it to get tenants? Any types of special things to include in the leases? Thanks in advance! 

Thanks for the reply!

We have it all documented on the amounts we're each putting in going forward. The lenders needed the LLC in place for a minimum of 2 years before they would allow a property to be purchased under it. Kind of stuck there. :(

Hello,

Due to the fact of being a bartender for the last several years, and having student loans, my debt to income ratio is quite screwed up, making it near impossible to get a mortgage. For this reason, I'm buying a property with a partner, but we're putting the financing in his name. The property (duplex) is rented, and we're opening a joint bank account once we close. We'll be splitting all the costs and have the rent and bills coming from this joint account. Then we're starting an LLC and moving the house under the company, and save up over a year for the next one. My question is do you think this is a smart idea, and if something goes wrong, will I have any recourse to get my money out of it?

Thanks!

Hello,

Due to the fact of being a bartender for the last several years, and having student loans, my debt to income ratio is quite screwed up, making it near impossible to get a mortgage. For this reason, I'm buying a property with a partner, but we're putting the financing in his name. The property (duplex) is rented, and we're opening a joint bank account once we close. We'll be splitting all the costs and have the rent and bills coming from this joint account. Then we're starting an LLC and moving the house under the company, and save up over a year for the next one. My question is do you think this is a smart idea, and if something goes wrong, will I have any recourse to get my money out of it?

Thanks!

Hey friends!

I'm debating going into an LLC with 2 other people in which we will start an account, add our personal money in on a fixed basis, and buy our first property with a standard mortgage. We're all carpenters and have the means to fix up the homes, so possibly get two to start and move up from there. Rent would also go into this account. My question is whether or not this would be a smart move? We're all very motivated, and all have a business degree and plan to formulate business plans and do everything "by the books". Also would I have any ground to stand on if they don't uphold a part of their bargain? I plan to go out on my own in a few years, but think this would be a great way to learn, sharing the risk with two other people, and working together to learn about this business.

Thanks so much! 

So I'm in a predicament. I just graduated college and do not have much capital thus far, so would need a mortgage unless I bought a property that required major work. The problem is I am a bartender, and get a majority of my income from tips. I'm on the books and claim my money, but it's still unpredictable. I can come up with 15K for a down payment if that would help. Looking to start with a duplex. Thanks! 

I've heard about signs like these and they are possibly sex trafficking rings. I have them all over in my area for real estate investors. Nothing but a phone number. If you decide to give it a call be very careful!