All Forum Posts by: Kevin Andrews

thank you all for the responses. After much reading and thinking I've decided to have the guest go through the application process and do an addendum to the lease so that everyone is under lease agreement rules and is responsible for rent in the case the original tenants move out

Hi all,

Had a tenant request to temporarily move in her sister and what the process was for doing that. The apartment is in Rhode Island and  3 bedroom apartment. I have two adult parents living there plus 4 children, so 2 people per room already. The rent is currently 900.00 per month. Tenant said her sister would try to move out ASAP but may need until tax time next April. 

My thoughts on this is I'm OK with adding a tenant provided they go through a credit/background check and fill out an application. I was thinking about charging $50.00 extra per month for extra wear and tear and water usage in the apartment (I pay for water/sewer). 

My question is should I come up with an entire new rent agreement with the two current tenants and the sister signing it? Should I do an addendum to rental agreement and just add the sister on? I am currently on a month to month rental agreement with tenants and just want to cover all my bases because I've been in a situation before where I let one person sign the agreement and had her daughter and daughters boyfriend living there, and then the tenant who signed the agreement left and I was stuck with the daughter and daughters boyfriend which didn't last very long. 

Best way to approach this? The current tenants are absolutely great and I have no intentions of trying to get rid of them, but don't want issues with the sister in the future.

Thanks all

Welcome Lusi. I am an RI landlord in Pawtucket area. It is a pretty affordable place, but you do get some less than desirable people in some of the areas of Pawtucket and most of Central Falls. 

Welcome to BP and let me know if there is anything I can do to help you get started.

not that I have much experience Shawn but I've read and listened to a lot of resources on BP and it seems a lot of people get deals by driving for dollars and by direct mailing. If you search those two terms you should get a ton of information 

Yeah after reading the 1st comment from Wayne that's what I was thinking. My ARV would be about 140k. I think 125k would definitely sell it but would be ultra conservative. Thanks Nathan.

welcome to BP Eric. Thanks for introducing yourself. As a newbie myself I gotta tell you that the podcasts and webinars are a great tool here on BP. Listen to them when you can. 

That's true. I didn't think of that. I was planning on going through bank with 20 loan but if house is sold as I'd I believe I can only do cash only so that wouldn't work because both loans would be private like you said

Thanks @Jim Shepard and @William Hochstedler. After viewing the apartment building today, it is obvious that there is probably more work to do then what is in front of my face. Lots of water damage that I can see, wonder what else is behind the walls that I can't see. If I pursue this property I will definitely use an inspector. Thanks again!

Hi all! I'm trying to use the BP calculator for Flipping and for Renting and only have 3 uses left. I am looking to purchase a 4 unit house, in foreclosure and was planning on offering 30,000 for it. However it needs a lot of work and I was going to get a private money loan to cover the rehab costs and a separate loan to purchase the house. I have about 10k to put down, so that would make the 30k purchase price a 20k total loan amount, and then and 80k loan for rehab costs. Since I am not living in the property I won't qualify for a 203k loan. Is there a way to calculate two loans in the BP calculators? I can't total the loans and do a loan for 100k in the calculator because they will both have different terms. Thanks for the help

It seems most work that needs to be done to the house is obvious since it is not in great condition