All Forum Posts by: Jennie Ballard

The promisory note needs released in writing. A notarized copy is then recorded with the county. I've seen several in the Johnson County online record search.

They seem to follow a standard template listing legal address, grantor, grantee. I bet a real estate attorney can help with the form to ensure everything is covered.

That is NOT what I got from reading the IRS publication 527 "Renting Part of a Property" section. While you are living in one side and rehabbing that is your primary residence. When you move out that side changes status to become a rental per example with Eileen. 

The 14day section you reference seems to refer to using the property WHILE you have it listed as available for rent. See the example regarding the beach cottage.

https://www.irs.gov/publicatio...

I did similar conversion on a cargo trailer to make it into a mobile work office. Also youtube shed to house for ideas. Insulation is your friend!!

I would recommend the close cell sprayfoam for insulation (~$400-600) or the ridgid pink foam. Batt will sag on slopes while the others are self supporting. In a shed, I would recommend a thin (~3/8") panel over sheetrock. You loose less headroom and can stil hang items. Ensure you have adequate ventilation with windows and AC because the sprayfoam will seal all cracks.

Vacancy 5%, Maint 5%, CapEx 5%. I think the biggest difference is since we will be owner occupying we will selfmanage.

Therr are multiple full duplexes on market right now in Fort Worth and Arlington in <$350k range. You might want to check them out, seem to cashflow per my calcs. 

They are not a fit for me because we will be owner occuping one side. I need something in better school district for my kids.

From the tenant side, I liked SureDeposit bond. It was quick to pay online and the payment for damage process was painless.

We lost control of dresser carrying it down the stairs and knocked a big ~10"x10" hole in the sheetrock. We reported it on moveout and complex manager said SureDeposit advanced them the money that week. I didn't get a bill even though I only paid $89 SureDeposit.

My go to portable air cleaner is a 28" Germ Guardian from Amazon for $100. It's HEPA, carbon, and UV-C. Works on petrochem fumes at work, pet smells at home, and cigars stench at granpas. Another benefit we've seen is last repeat infections in our family of five with a second unit in the kids room.

I would talk to a proper paint store about nicotine sealing paint, repaint, and throw a germ guardian in there for remnant smell from non-paintables.

I was the tenant with the 10pm phone call, LOL. The hot water heater was replaced at move-in and 3 days later the ceiling started leaking in the 1st floor. Afterhours maintenance confirmed I had shut off water and thanked me for using shower curtain to direct leak into buckets. He called me back 20min later with name off plumber that would be there first thing in morning to diagnose and repair. 

These are the kinds of problems that a question checklist and the phone numbers of correct contractor make easy to handoff. The selfmanaging headaches I foresee are the day to day stuff.

Could you elaborate on this. I'm looking for our 1st MF in Dallas-Fort Worth metro. Approved for FHA loan but need to go about 10% below asking with a 10% down to get any cash flow. Would you consider 10% way too high?

For example, 3Plex offer 310k, 10% down, current rent 1050 gives $200/door, 1.02% rule, ROI living in it is 4yrs.

You need to confirm how many housing units are allowed per acre in that zoning and any other restrictions such as setbacks and spacing between buildings. 

The website thehouseplanshop.com has some nice layouts. My favorite is 050M-0008. With a rough plan picture you can get idea of cost from local contractors.