All Forum Posts by: Jeff Sprunger

if you implement the cost savings idea, be sure that you approve of any materials, processes or procedures before they are bought/implemented.  meaning, if you plan to provide 50% back to the contractor when he finds a less expensive item, make sure you are satisfied with the item and its quality before agreeing to the change.  I can find a kitchen faucet for $35 bucks that looks almost as nice as the $200 Delta, but it is cheap crap!

you may consider buying a student rental and rent out the bedrooms (each room has it's own lock on the door).  you would live in the house and rent out the other bedrooms to other students.  you would provide everything, just like a single family home; all utilities, internet, access to kitchen and baths, yard, etc.  they would pay one price (the rent).  AND have mom and dad back the student by acting as the guarantor (guaran-tee-or, sp?). 

advice, don't rent to any of your buddies.  every tenant must be someone you don't know.  it will make it much less awkward if you have to evict. 

great way to live rent free while you are single.

you should give them both a call, especially the new tenant, just to say hi and to make sure everything is going well.  show that you care!

BUT, I think if every single landlord on this site and other sites like it used "one" (index finger raised) site for "bad tenants" and others joined when needed, a database could eventually build up over time.  it may take several years, but could become "the standard" eventually.  if it caught on and became a part of the normal screening process for every landlord to check, then...very useful.  there would need to be a search function that finds people by social security number, so you know you have the right person.  thoughts?

save, save, save...

if the goal is to keep the "main house" as a rental also, begin the upgrade process and splitting the utilities, while you are still living rent free. 

once it's time to move, find another multi-family to live in and rent out, continuing to live rent free.  make improvements/upgrades as needed.  I'd put down a healthy down payment on this property - 30% + to create extra cash flow.  once you have this property stable (1-2 years).

move, rinse, repeat...

good luck.  enjoy fishing!

No, I don't allow pets!

open a home depot or lowes account for the rehab materials.  do the work yourself...

you should, of course...mail her an apology letter!

I like your current strategy.  what is better, 5 fully paid for homes bringing in $2500/month in income or 25 leveraged homes bringing in $2500/month?  you will get all kinds of opinions on this site.  but, Nick was right, it really just comes down to what you want out of life.  as you age, how much risk are you willing to continue to take on? is your family on board? do you want to continue managing more tenants yourself? all questions you should consider.  good luck.