All Forum Posts by: Kiley Harris

Hello!

I am currently renting out rooms to friends (all moving in/out at different times) and need to get a lease together.

When I buy my next primary, I want to be able to use my current rental income to get approved for another mortgage.

What kind of lease do I need now in order to make sure the above can happen? Ex - do I need a lease for each room or whole house lease (but what happens when some move out earlier than others) or?? 

Hello! I bought a house and have three roommates living with me. I am looking to buy another house in late 2025 to move to and house hack again but I feel like I have info overload!

1. Who would I talk to in order to follow these things well and how do I find them?? More specific: how do you personally keep records? I don't have any business accounts to keep separate, should I? Have you heard of Rent App and is that a good idea (instead of Venmo) and sufficient for tracking rent payments?

I got these questions from this: House Hacking & Taxes (the Implications You Need to Know) (biggerpockets.com)

2. How do I prove that I am able to qualify for another one?

Just interested -- what did you end up doing here?

Hello! I am renovating a house I just bought. I found a skunk under the porch that has been digging into the house/foundation. We knew about the foundation but did not know the source was a skunks... On top of that, we found rats living under the bathroom/mudroom addition. This house was vacant for about nine months prior to purchase with no food source in the home.

What are your best tips and tricks for removal of both the skunk and rats? Tempted to put poison all around the areas but I do not want these animals dying in the walls and smelling horrid!

 Thanks! Great call out on lawdepot.com, it looks great! Could there be trouble down the line with Venmo or electronic transfers?

 Thanks for the help! 

Hi! I just bought a house and am having my current roommate (friend) move in with me + potentially adding another roommate to rent out the third bedroom. Are there any tips you could give me in terms of writing a lease or how to best serve all parties? How much to charge her (utilities included?), do I claim extra income??

I recently came across a lease-option opportunity and I have no idea where to begin. I am 22 years old, fresh out of college and working a typical 9-5 and feel like this fell into my lap and can't tell if it is too good to be true. Super desirable area, comps seems to align and current tenants are hoping to stay until December 2023.

When I met with the seller through a mutual friend, she said I need to create a contract and her and I will discuss/negotiate terms from there.

My questions: 

1. As the buyer, what clauses should be put in there to protect me? I know seller has upper-hand but is there something I should be thinking of long term/or being able to sublease it out as a lease option-sandwich... Maybe someone would be willing to show me theirs? Point me to an attorney?  

2. What is a typical option fee/how much $ per month should be put towards rent credit? Is this typically in addition to the market rent rates or a percentage of the current market's rent? example: Market rate is $1,000. I pay $1,200 and additional $200 goes towards rent credit OR I pay $1,000 and she chooses $X.XX to be put towards rent credit?

3. What are general things I need to know before I present to a draft contract? Maybe general rule of thumbs would be helpful?

4. Do I get an appraisal, how do we decide ultimate purchase price or rent price and credits? Generally who pays for what?