All Forum Posts by: Lionel Quiambao

I'm assuming you check for damages each time an individual student's lease is up? If you find out a person is responsible but they aren't the student leaving, how do you charge them? Do you just subtract from their security deposit? If so, have you ever gotten to a point where a tenant has used up all of their initial security deposit, and what would you do then?

Also, what if the student leaving is the one responsible, but because he's leaving, he doesn't feel the need to fess up because he won't be living with the other tenants anymore?

For individual deposits with regards to renting by the room, I’ve heard advice on various BP posts that you should split up responsibility for damage to the shared spaces. For example, if there are 4 bedrooms, each tenant is responsible for their own room and 25% responsible for shared spaces. One advantage I read about this is that it could encourage all tenants to take better care of the shared spaces or everyone could be penalized.

How should I handle this though if tenants are moving out at different times and consistently rotating? For example, the strategy I will be doing is medium-term rentals with an emphasis on traveling RNs.

Original post I was referring to: Rent out the whole house or Rent by the room?

 Ooh, okay, thanks for the tip!

@Bonnie Low Oh perfect! Okay, thank you!

Hi everybody!

I'm currently under contract for my first property, a townhome in Sacramento, which I plan to house hack. I plan to go with the medium-term rental strategy and start out by renting two of my available rooms to traveling nurses. My home is about 5 miles from a Level 1 hospital and 2 miles from two other hospitals (Level 2 Kaiser and a Methodist Hospital). Not sure how frequently traveling nurses will go to the Methodist Hospital, but I'm confident in the other two options they'll have.

I've been reading Zeona's & Sarah's 30-Day Stay book and have been watching a lot of Jesse Vasquez on YouTube. One of the business decisions Jesse makes is providing transportation via car rentals to his tenants. I would really like to provide this in the future, but is it expected from guests that all MTR hosts do this? If not, how do traveling RNs typically get to work (assuming they are flying in)?

I'm also curious what kind of cars would be sufficient? I was planning to buy my friend's 2008 Mazda and use it as my main car. But my parents are planning to sell their 2003 Honda Odyssey. If I buy that and use that as my main vehicle, would the 2008 Mazda suffice as a rental? If not, would I be better off saving for a newer car (not totally brand new) or is arbitraging car rentals an option?

Thank y'all in advance for taking time to read my post (and hopefully reply)!

Hi everyone! I just wanted to get other people's opinion on how I should approach choosing the right lender for me. I've talked to about three to four different lenders, and I'm trying to find the right balance between seeing my options and going ahead and picking one just so I can get the process started. It seems the biggest decision brought to my attention is whether or not I want to go with an FHA 203k loan or a conventional renovation loan.

I'm leaning toward the conventional route since it's easier to be rid of the PMI. Also, I was told if I was to apply for a conventional loan with 5% down payment that would cover my purchase price and renovations, I couldn't combine that with any form of down payment assistance. Would anyone be willing to share any other creative ways of potentially lowering the down payment? A good one that was brought to my attention was possibly going a gift of equity route which I might be able to do, but I was wondering if there are other ways I haven't thought of.

Also, I was wondering what are some good questions I should be asking each lender? A few I can think of is getting their fee structure, estimated rates, etc, but I'm not too sure what else. Would you advise to rely on these two options and just pick a lender from here, or get more quotes from other lenders to see any options I may not be aware of? Thank you in advance and I appreciate your time for reading and also responding if you do!

Hi everyone! I'm looking to do my first house hack, and I have a property in mind. The thing is, the kitchen is pretty small and it's mostly due to an HVAC unit located right in the middle of the room. Would you say it is generally worth it or not to move the HVAC unit to open up the space? Thank you!

@Brad S.

Honestly, I do appreciate the detailed explanation you give regarding your expertise! The more you broke it down, the more the dots just started to connect for me, and that will help me to remember it better.

As for your breakdown of what renting the property would look like, I'm assuming then I would also have to add the monthly payment of paying back the rehab loan to that as well? I'm still not too sure on how 203k loans work, but here's how I've come to understand it. You receive a loan of 96.5% LTV for the PP of the property. Then, you have work done on your property with a time span of 6 months or less by a licensed contractor, and then you bring the receipt of that work to the lender? And the lender will then wrap that cost into your mortgage? Also, from what I've heard from one of MeetKevin's videos, if you don't have the funds for the rehab, you can take out a hard money loan to pay for the rehab, and just pay back the HML with the money you receive from the FHA lender?

@Forrest T Schue

Thank you for the reassurance!