All Forum Posts by: Mark Jones

This is a first for me but I guess it was only a matter of time. I have 3 tenants in a rental. One wants out via a sub-lease to a friend. If I approve it, I still plan to do a background check on the new tenant, but would there actually be any other agreement between me and the new resident in a sublease situation?

I think I'd rather just scrap the current lease and sign a new one.

I've done this in the past but don't know if I did it right. I have an existing tenant that wants to add a new roommate to their current lease. I don't have a problem with this, I already ran a background check and everything looks good. What's the best way to do the paperwork?

I think previously I had the new resident sign a new lease and had an addendum that stated it was being made part of the current tenants lease to add them as an additional resident and had both the residents sign it. Is there a better way?

@Justin Wawrzyniak my biggest challenge was/is getting out of the house-hack mindset and starting to hire things out. When you’re just starting out and learning I believe there is value in doing thing yourself. At some point though it begins to hold you back. 

@Elena Dubinski

I got one a year ago thru Penfed. At the time they were doing 75% LTV. Not sure if that's changed.

Why not just move in and rent out your current primary. Then you’re not missing out on a years worth of rent. Then do it again next year. 

@John Gorbandt if the units are legally separated as Harvey mentioned above, you probably would need two separate loans. A lot of flippers are separating units because they can usually get more money selling individual units. 

@Jessamyn Smith 3 and 4-plexes are hard to come by in the Indy area. They exist but are not at all common. You’ll find a lot of doubles. Many in good rental areas like the ones previously mentioned. I’d add South Broadripple to that list. 

So can the mystery PM company not be named?

@Aaron Moore it’s ok to lower your rent a little. Just don’t lower your standards. 
Another option is to keep your rent where it’s at but offer the first month free or for $100. That way you’re not “losing” rent for the entire tenancy. 

@adam 

@Adam Sankowski as long as your fixtures are functioning properly, water usage isn’t going to cost you a lot. Your big ticket items are electric and gas. As mentioned above, make sure the house is sealed as tight as it can be (think windows and door thresholds).
Next look at appliances. Electric dryers and water heaters consume a lot of energy. 
If you have exposed duct work, make sure the joints fit together tight and your not losing heat/air into a basement. A roll of tape to seal the joints is cheap.