All Forum Posts by: Mark F.

@Nishil Kothary I'm in agreeance with Darren and the others. I would get on a realtors MLS auto email list to get a better idea of numbers and you'll see how quickly things are selling here, and above list price. Zillow and those other websites are slow to update and can be incomplete. From there you can either network at local meetups and look for off market deals or try and snag something off the MLS like I'm currently in the process with.

Theres some older threads from this year that mention this but the takeaway is people are not afraid of overpaying. Just to break even or playing the appreciation game. Stick to the numbers, dont get emotion and be patient. I've spent over a year looking with some time off in between. Good luck!

Question related to this as well. For holding a tenants deposit, would it be okay to have it in the same account I plan on depositing rent and using for general maintenance and cap ex? Wanted to have a separate account just for this duplex and wasn't sure if I should include the tenants deposit in it or just a whole other account completely.

Edit: Using my brain for once, I'm deducting it needs to be a separate account since I have to pay out interest each year (or deduct it from their rent).

@Darren Browne LESA inspections. No affiliation.

http://lesainspections.com/

@Steve K. I agree. I've done this for years. House hacked with friends. Can it be a pain? Yes sometimes. But it's worth it.

OP, SIGN A LEASE! Do not be that person without a lease. All of my friends had zero issues with doing it and it covered my butt. My good friend stopped paying due to lack of job. I reminded him about our lease and he payed me back as soon as possible. We're still friends to this day. Sign. A. Lease.

@Caleb Heimsoth What makes this even more suspicious is that now her account is closed.

Commenting to save this thread for future use. This thread is gold.

@Elizabeth Lin Well I was wrong lol zoned 2 family not 3. So I'm looking into doing one whole unit basement and 1st floor. It has to he inspected anyway by the building and fire inspector so I'll keep you updated.

Good luck! Lmk how it goes. That's pretty good though saving 30k by not having to use the architect. 

@Kathy Calderini Thank you! Yes, its zoned for 2 family so my only option is to rent out the basement and first floor as one unit. Building and fire inspector will be coming out to give COs.

@Angel-Ty L. Thank you! I appreciate it!

@Gaetano Ciambriello Thanks and congrats yourself! I wont be living rent free but about a grand less a month for "rent". It is and I'm already thinking about buying my next 5 to 10 unit property.

@Melba Chambers thank you!

Went to city hall. @Vaughn Smith you were right. Zoned 2 family so no basement unit. Waiting to talk to the cities building inspector about making basement and 1st floor one unit.

Put in a request for all permits and the property card. Never done this so it'll be interesting. If they didnt pull permits for any basement work, I'm debating my next move. My attorney contract says CO need to be obtained after permit work.

@Vaughn Smith Thanks, going to try and visit tomorrow.