All Forum Posts by: Maher Dakkak

Following with interest!

Thanks for all the input! I went ahead and used the Texas Standard Lease Agreement as a starting point and then modified it to specify the spare bedroom. I also drew up a separate Room Rental Agreement which covers the rules of living together. One of my friends is a real estate agent and can point me to a real estate attorney to look it over. Wouldn't hurt, especially if it also means networking with good people!

Hello denizens of BP!

I introduced myself a while back but have been busy reading on REIT, listening to the podcast, and analyzing deals in my area! As I amass the funds needed to buy my first rental (while keeping an eye on the COVID situation), I want to house hack.

As it so happens, a good friend of my girlfriend's would like to rent a spare room in my house for 3-6 months. I've interviewed her and it seems like she'd be a great first roommate in my house. I want to draw up an agreement for 3 months at first, and then have her sign an extension/new agreement for 3 more months if things are going well. I'm a new landlord so I'm wondering which lease agreement do I need to draw up for this situation?

I've searched all the "lease generator" websites for something like this, but can't seem to find what I'm looking for. It doesn't seem like the standard Texas lease agreement works, since that seems to be for when the tenant is renting an entire house/unit. The Texas Roommate agreement also doesn't seem to apply, although it's a little closer to what I'm looking for. That one seems to be for when two or more roommates are leasing from a landlord not living on the premises.

Would I consider this prospective roommate a tenant or a lodger? Can anyone point me to a template or agreement that I can modify for this situation? Should I get in touch with a real estate lawyer or is this a common enough situation that a generic agreement will work?

I welcome any feedback!!

EDIT: The agreement would be in Texas

About how far south/north of Austin does the market seem cooler i.e. Buda, Cedar Park?

Welcome! I just started recently too. Looking forward to seeing your progress and results with BRRRR. No doubt the construction background will help!

I should add I'm so far interested in rentals, particularly small MFHs to start! Would consider flipping as I get more knowledgeable. I purchased a SFH about a couple years ago which was an OK move. I'm renting out a room which helps with mortgage but I'm not quite house hacking. I'd consider it if the deal was right!

Hello BPers!

First off I want to express my gratitude that such an incredible community exists. There's so much knowledge and experience here that it's almost overwhelming to sift through everything in a short time. I'm here for the endurance game though, and have the drive and persistence to learn it all! I'm also grateful that the community is so active. I hope to get up to speed quickly so I contribute back ASAP.

I'm a full-time front-end engineer earning a respectable salary at a mature startup that so far seems poised to do well in the next few years. Yes, that means I'm holding some lottery tickets for the time being! In the meantime, I'm on top of personal finances and have thus far invested savings primarily in S&P500 index funds. I'm looking to move most if not all of that into REI starting this year.

I'm based in Austin and have lived the majority of my life here. From lurking on here for a couple of weeks, I sense it may not be the best market to start out in, but my goal isn't just to chase my first great deal.

My goal is to meet you! I'm here for the connections first, successes second. If you're in Austin or just want to connect, please don't hesitate! You can be sure I won't!

Cheers,

Maher