All Forum Posts by: James Fowler

 I did the exact same thing!

Thanks for sharing! This is a physically separated area that is behind all the units that we didn't even know which was ours until we just tried our key until we found a match. :D I have read through the by-laws; one of the most boring reads ever! There is no limitations to this or to a rental situations that I was able to find. I also confirmed with the HoA manager about the rental restrictions and she admitted that they were out of date and not many restrictive rules in place for rentals. I don't think this would be an issue, as no other tenants I've seen have been given access to these storage units. However, you make a good point that tenants may have an expectation and I would need to provide clarity if to pursue this. 

Has anyone had any luck renting out a storage for one of your rentals separately from the rental itself? My condo has a small storage space that is physically separated from the condo; I think it would rent for an additional $30-35 a month. Is there any reason I couldn't rent this out separately? Has anyone done this have any advice?

Thanks!

Has anyone had any luck renting out a storage for one of your rentals separately from the rental itself? My condo has a small storage space that is physically separated from the condo; I think it would rent for an additional $30-35 a month. Is there any reason I couldn't rent this out separately? Has anyone done this have any advice?

Thanks!

Currently we have a 3br, 1bath rented, and a 2br condo we are living in; looking to buy one or two more properties to move in one and rent the other. We are new to being landlords, new to being parents and planning on having my wife quit work! Any thoughts appreciated in this.

We put 2 offers this weekend: 1st) a desirable little house with a lot going for it that would make it easy to rent. It's probably worth 68K; but would cash flow 250 a month after all things included; we offered 58,500. This property would rent for 1.55% a month for a purchase price of 60K. It's ready to go and rented currently; not really an equity play with this. 2nd) a home we like and could live in for 5+ years as our family grows. It should go for mid 60's, and we offered 58,500 also; being worth about 80K currently. With 15K of updates should evaluate worth at least 100K most likely 110K; adding 3rd BR, 3/4 bath, siding and windows. Would also rent 1100+ if we desired to do so; 1.45-1.6% in monthly rent. Post deal picture(option 1): gaining 40K+ in equity, renting the condo and new SFR we would have $550 in CF additional after maintenance and vacancy. We should be able to handle this with breathing room. We would have a home that is very comfortable and a place we'd desire long term. All our rentals would be located within 3 miles.

Here's where the conflict begins; I had a property manager reach out to me and was looking to sell 2 duplexs for 140K; 3 of 4 units are rented. They are in a fairly desirable area also; however but up to mobile homes behind them. They are renting for 550-585 and should be rented for at least 650; the 2 duplexes I show to be worth at least 220K providing a ton of equity for the transaction it would be. The 4 if all rented would be getting at least 1.8% of the monthly rent for the purchase price. Should have at least 80K in equity from the transaction as well. Post deal picture(option 2): This would mean we shouldn't buy either of the other 2 we put offers on if we went this route; losing the home we desire. Pros: We would be gaining at least 80K equity, eventually get to $700+ in CF -maint and vac, and getting better percentage per dollar invested. Cons: may be a little harder to rent and keep occupied, speads our rentals about 20 miles apart, and have more tenants to manage. This is also financially a little riskier.

Which would you choose and why?

Thanks again for any thoughts!

Have you tried any REI groups locally to you? I'm kinda a newbie to; I'm actually planning on going to a meeting this next Monday for the first time. I'm in somewhat of the same position with wanting to learn from those who have been there. I know a few guys that do similar things as I would like to do, but they are so busy I can't get enough of their time to provide the needs I'm wanting met; that's why this seems to be a good outlet.

 That's a great thought! I'll have to consider this going forward. Thank you! When shopping for deals I'll definitely have this filter of criteria in mind. 

Thank you for sharing, some of the thoughts have opened my eyes to newer possibilities. There is definitely some appealing positives to how this could be arranged to reach an advantageous agreement; with what you and what other's have pointed out. My brain is spinning with ideas to find properties that would well suit this type of renter!

Being that it doesn't meet my standard requirements; I'm happy having my out from having to consider it this time. The house I'm screening for may draw upper end of the scale of rent when compared to comps like it; there is too much to risk for me to feel good about that arrangement. 

 Relationship is good, but I've been very upfront and haven't challenged often. I like to make sure when I do it's over nothing frivolous; as to make my words mean something when i do make an issue out of something. 

I've wondered this same thing about family additions... I mean, does the normal lease state limitations to who is named on the lease, or just the number of people allowed on the lease? I don't think my lease agreement does; have to check! I'm wonder what liability you could leave yourself open for if you don't keep it within compliance in a situation like that. I have heard in many cases if the people don't continue to stay there is nothing they could do as a city to enforce this; similar to if you personally used the property and had the same happen, they would have no reason for re-inspection until there is change of occupants to the property.