All Forum Posts by: Mark Jones

If your $1400 includes tax and insurance, I'd do that deal. Even if you set aside $500 a month for maintenance and capex you should be able to save enough (putting in some of your own cash) for another house hack down payment in about a year. 

Yes I provide. They are way too cheap of insurance against a potential liability of a tenant dying in your property. It's also critical to tell your tenants if that alarm starts going off, don't just pull the batteries. Get out of the house. 

@Ashish G.

If you use the term investor broadly then you are right. But I'd argue that there are many people out there looking to house-hack and just get their living costs down by having a rental. Many of these "investors" will never buy another property. These people will pay retail for a duplex. 

The caveat to that is if you're talking a duplex in a run down area. Then you might be looking only at true investors. 

Ask for a copy of their lease. 

@Deborah R.

So just to be clear, you have their app in hand but haven't notified them one way or another and haven't signed anything yet?

You can either investigate further if you want to or just deny them. You probably dodged a bullet. Get a screen shot of the extra dogs and file it. 

@Jason Yahner

Neither host said her method was a good idea. Clearly she took a risk. She did in fact get caught and the landlord basically let her out of her lease to get the H out of town (at least that's how it sounded).  

An eviction wouldn't have been likely though unless she just kept on doing the same thing after being caught. 

I was able to look past it and learn a thing or two. I'm not innocent of having done some questionable things in life. 

@Todd English, many excavation companies will perform this work as well, usually much cheaper than a true plumber. At least in Indiana this is permitted. 

@David Zheng

The very reason they are renters is that they can only afford $50 a month. It's the sad reality of too many people in our country. They are one emergency away from being wiped out. 

you will probably not get the money out of them any faster by taking them to court. I would write up a payment plan for $50 a month and ride it for as long as you can.  If they move out before paying it off, then take them to small claims or take it from any remaining deposit. 

This is probably safest bet to getting all your money back. It's not ideal but the best chance of being made whole. 

If your REI plan is to own rental properties then I believe you buy a cash flowing multi as soon as you can and live in it. As someone else mentioned, this will help you gain knowledge and earn a little extra money to pay off those other bills.