All Forum Posts by: Natalia Barriuso

Quote from @Scott Mac:

Hi Natalia,

If you want to add parents as grantors

You might want to have an attorney draw this up.

Grantors are typical in a Trust, not so much so in a lease situation.

Using an attorney will make sure what you want to do, will hold up under the law.

Good Luck!

 Thank you so much, Scott. This is very helpful as well. Thank you so much for answering my post, I really appreciate it. 

Quote from @Tim Herman:

@Natalia Barriuso Add them to your lease. Most leases are jointly and severally liable. Means they have to pay all rent even if someone moves out. Do a credit check on all parties including the students. Only accept one payment from the students and for the full amount. It is their problem to collect from the other party.

Thank you so much, Tim. You are a life safer! I have been so stressed about this. This is my first time dealing with students and I didn't think I was going to be able to do it. I really appreciate you taking the time to answer my post.

Hello everybody

This is my first time renting to students. Their parents are going to pay for the rent. I am not sure how to draft the contract. It is for 2 students, they are moving in together.This is for my furnished rental. Please, any advise would be welcomed.

Thanks so much,

Natalia

Thanks so much for putting this together again. I can't wait to see everybody. There have been a lot of changes for me and I finally in a place where I have the time to put into what matters most. 

I have had tankless water heaters for years, both gas and electric. I love them. They are more energy efficient, give you infinite hot water and you never have to worry about a water leak from the water tank. 

Hello Yna, I think this is a way to make the short term rental business model recognized as an asset to this communities. Airbnb has already been collecting the taxes so, there is no change there, just the recognition from the local government that this is a good thing for them. I think it is a move in the positive direction for short term rental owners.

Thanks everyone for your responses. I think I am going to go with house hacking to be safe. 

Thank you so much for your response, Chris. I definitively do not want to commit fraud. 

If I buy a home with conventional loan as a primary home. How soon can start renting it? Do I need to live there for a year first?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $38,000
Cash invested: $130,000

This was my first total rehab. I don't think I will do it again, it took so long. This is a duplex. Top unit is a 1bed 750 qft. Bottom unit is 2/2 1200qft. I am using Airbnb for top unit. I rent the bedrooms of bottom unit through furnish finders to medical professionals.

What made you interested in investing in this type of deal?

I was looking for a buy and hold close to Purdue University.

How did you find this deal and how did you negotiate it?

I found it on the MLS.

How did you finance this deal?

All cash. I had sold my house in South Florida.

How did you add value to the deal?

Total rehab. I added more living space by adding the attached garage as a bedroom and moving the access to the upstairs bedroom to the outside deck.

What was the outcome?

This property cash flows well because I do short-term rentals. It is not in a great location but it works well. This is my first year renting it. I hope to be doing better cash-flow next year.

Lessons learned? Challenges?

It is hard to say. This project was very stressful for me. I would not have done it if my business partner hadn't talked me into it. I think I am glad that I did it because it showed me that I could. At the same time, I was right about it being too much for us to do but if I had listened to myself, maybe I would still be under paralyzes-analysis. Lol