All Forum Posts by: Parker Dresser

That is a single family house. FHA works. Number of roommates is limited by town code. Usually 4 unrelated people. Past that you need to do something different such as an inn keepers license, sprinklers, extinguishers, and exit signs.

People are way to freaked out about the owner occupied requirement.  I bought two 4 unit buildings owner occupied and never lived there.  I don't think your bank is going to come to your property and see if you are sleeping there.  Just make your payments and they are happy.

Stay living with your parents as long as you can to keep your overhead down.  School loans are ok as long as the interest rate is low.  Work towards increasing you income to provide seed money for a purchase.  Save as much as you can.

I have tried including internet in two 4 unit buildings.  We set it up without a professional design.  It did have issues with weak signal and tenants complained about it more than anything else.  I think I will try it again in the future but I will have a professional input on how it should be setup.  I agree that it is great for tenant retention and remote monitoring.  It seems to be more benefitial for shorter term housing and buildings where you have more units.

I have boarding houses in Maine and have also rented out bedrooms in my house.  When it comes to my house I am less formal with the process but I want to know the person more.  I don't do a lease and don't take security deposit but I rented out to my cousin and a local police officer.  Since it is in your house you can kick them out at anytime.  Good communication on the expectations is important.

If they are separate properties focus on the better one.

There are many things which I would say are negatives:

1) poorer quality of tenant

2) high turnover

3) usually older building

4) requires license from the city

5) requires sprinkler system, fire extinguishers etc.

6) mid month rent collections

7) extra effort to collect partial rent from subsidized entities

8) some managers may not want to manage this type of property

That's a good start.

I have two in Bangor, Maine.  I like them because they are some of my best performers.

I don't know of anything yet but I would be willing to do something in Bangor if I am home.