All Forum Posts by: Lindsey Mannix

Hi Aubri,

I did something similar but to ensure we were in compliance with local laws, I called the local county building and planning department and had a meeting with them to discuss my plans (this was done during the purchase process) to get approval. I'd suggest doing the same!

~ Lindsey

HI Rey,

Another option of something to offer them is that you'll cover up to a certain amount and any overage, they will pay. If they're a tenant you'd rather see go, I'd let them go and find another resident who is okay paying for utilities. We've also found that including it in the rent, people aren't as conscious of lights, water, etc...

~ Lindsey

Hi Shi,

I'll connect with you and send you a couple of names!

~ Lindsey

Sounds like a good choice then to do the HELOC, especially if you are going to make it a rental in the future and a HELOC will be harder to come by once it's an investment property.

Hi Vasudev,

I suppose this depends on if you have reserves already for this property. I like to keep between 6-12 months of reserves in the event of a catastrophe. If you do have the reserves or don't need them, I would look at moving it to a business CD or possibly re-investing into another property if it gives you enough for the next down payment. There are so many options, just depends on your goals - do you want more rentals? What about lending it to other investors? If you're self employed, you could add it to a self directed IRA.

~ Lindsey

Hi Simone,

That's great that your current resident is willing to share the bathroom...sounds like you have a good one! I'll address your questions from my perspective in order:

First - You sign a lease agreement in addition to the airbnb booking. I do this with all residents who book beyond a 28 day rental through the platform and have it mentioned in my listing and rules before booking.

Second - As for marketing, if you're using airbnb, that's your marketing. I personally also post my MTRs on Zillow and specify the length of time available and that it's furnished. You could also share it with local corporate recruiters, hospitals, military housing sites, etc. For screening, I use either Zillow's application process or if not coming through Zillow, apartments.com to run the credit and background checks. This is a free service for you as the landlord. Separately, I use apartments.com to collect rent, security deposits, bills, etc - also free for you as the landlord and the tenant.

Third - to write off items for taxes, I'd check with your CPA but in general, it would be anything you spend money on with that property, including mileage going there.

Best of luck!

Lindsey

Hi Nate,

Couple of questions for you - when you say you have the funding narrowed down, does that include the down payments and funds to do the fix/flip? Or do you need cash and therefore looking at doing a HELOC to get it? I have found that when doing fix/flip, I like to use a lender who will do interest only for the period of the flip (usually 13 months or less) which is less interest that a HELOC. The perk of the HELOC is that you'll have access to those funds for years which is great if you want quick and easy cash offer opportunities.

~ Lindsey

Hi Sharon,

I'd love to connect. I have properties just north of Melbourne in the New Smyrna Beach area. I'll send a follow request so we can connect!

~ Lindsey

I would! Holiday weekends in my area brings in many tourists as well and often times I can connect with those potential buyers when pairing the new listing with an open house.

~ Lindsey

Hi David, I'm happy to connect you with a gal on my team (I am originally from there and all my family is still there!). 

~ Lindsey