All Forum Posts by: Joseph Nguyen

Hello! I wasn't sure where to post this, so hopefully this is fine. 

I'm a new investor in Dallas, TX! Hoping to connect and learn from others! I recently purchased a SFH (4 bed/ 3 bath) in Plano via First Home Buyer/owner occupied conventional loan and am renting by the room. I currently rent out 3 of the 4 rooms (all MTRs) and keep 1 for myself. However, I'm also a travel professional and am usually away from my home months at a time for each contract that I do. I originally thought I had to occupy one of the rooms (it being owner-occupied), but I've heard people say that they were in the same situation and would just sleep on the couch. My question is:

For the time that I am away, would I be able to rent out the 4th room as a MTR as well? 

As for HELOCs, how does one use one? I know it's a line of credit, but would I receive a card / account number? Wondering how I would access it.

Also, looking at opening a HYSA with Sofi or Ally for when I get more properties. I was seeing if anybody had experience using either one? Wanted something for easy transactions for rent collection, bookkeeping, etc. 

Thanks in advance for any advice!

@James Carlson @Bonnie Low These were very insightful responses! Thank you! Gives me an idea on how to move forward and more clarity on what to prioritize. 

Hello!

I'm new to the real estate scene and was wondering how to handle potential tenants who want to book months in advance? What's a reasonable timeframe? Do I just ask for 1 month deposit? I currently have a SFH where I aim to rent the rooms out for mid-term rentals (only have 1 so far in the 3 available listings). Thinking about switching to LTR if I'm unable to get additional people in there before the current tenant's lease ends in 3/10/24.

But anyways, I have another potential person looking to lease May 18 - Aug 3, but that's 4 months away. Was wondering if anybody has dealth with this and how to handle? I'm in Texas. TIA