All Forum Posts by: JingJing He

I am not sure about the deal bring on a school year lease with the friend as rentals regardless of where, tenants shouldn’t stop paying rent just because they are on break/vacation.

What kind of information or education are you hoping for?

Definitely check for past projects like the ones being proposed.

With or without, if something happens, ppl will suit. And please supply it to your tenants and explain to them why it is important to have them in the unit!!! Sometimes people make the stupidest decisions for convenience.

What does worth it means do you? Are u ok to sit on it long term and wait for appreciation? Being a landlord is a part time job. If cash flow is lower than $300 u will feel stress as every little fix ( if u are not up to doing the fixes urself) would cost at least $75( cost to have someone diagnose the problem). I would suggest getting home warranty if u don’t know how to do small fixes. However if sitting on it for a few years would bring in sizable appreciation and you will then unload, then that might be worth it. Another way of looking at it would be someone else is paying for you to own a house free and clear in say after paying mortgages.

I am not so sure about the need to look “professional” in ur name as this is ur only rental unit? I am not sure if tenants care about that much if you maintain the unit. Many landlords are mom and pop kind of setting. And if you are warrior about liabilities make sure your insurance coverage are on point and look into umbrella policies. Make sure you get an updated rental form as laws may have changed. And add in more protections, ex get a bedbug addendum. Many people recommended Facebook local groups to find tenants and I haven’t try that out personally. Do a new market rent research for your area would be a good start.

Always ask for before and after pictures of work. My dad is a contractor and he recently did a similar thing, he quoted the guy $350 and have them do the final paint job since he doesn’t want to wait around for sheet rock patch up to dry and then the primer paint to dry. So in all, this can could be time consuming

That’s interesting! I suggest go shop around for a loan to refi yourself out of your current one if possible. I don’t know all of your back end stories, but I had personally did conventional 30 year on buying rentals and had refi on them too. Granted the interest would be like a 1% higher than owner occupied ones and demands a 25-35 percent down payment. What are you hoping for with rent and hold? Are the materials u use up for tenants wear and tears? I know sometime rehabs dont use materials that are suited for tenants. So keep that in mind as with tenants it may come with needs to fix things up when u want to sell again. You said that u had over extended with remodeling cost seems to me like you may have price the house too high? Sometimes it’s about cutting losses too. Or your market maybe slow during the winter season. With balloon payments coming on ur current note, you would need to either sell or refi? If you are just worried about ur credit card payments, you could always open other interest free ones to delay it(which I personally wouldn’t do). Have you thought of moving into this house to get yourself a refinance deal and rent out the house u live in now? Wishing you the best of lucks with this one.

I had always look and find my deals before I became an agent myself. No one knows ur need more than yourself! Trust no one and do your due diligence. Ok. You can trust others for some tasks but really! Do your own research! That 3% or some seem like a lot but not if you divide up the time that it could take to close a deal. And truth be told, you are not the only client the realtor is working with. If you are hoping for more, then be upfront and honest about your needs. A realtor values your business and down to hear you out! After all, it just might not be a good fit.

The insurance of someone being on the hook for watching your back because their license is at stake. :)