All Forum Posts by: Randall Wildner

Hello everyone,

I am currently living in a house and plan on renting out the rooms to help cover the cost. Eventually i plan on moving out and renting out the whole house for a rental property.

I would like some input on what seasoned landlords put in there lease to protect and minimize risks such as damage, delinquent payments and other problems. Also if you have ever rented out rooms in your house and have advice ill take it! 

I have a lawyer to go over the lease agreement but would like to have an idea of what i want in it before i see her to avoid more time with her(AKA spend more money)

Appreciate all the responses everyone!

I moved in my new house 5/31! renovations will begin this weekend and the process of drafting up a lease and my provisions has begun!

@Kevin Harrison how would you go about allocating the use of common areas such as a bathroom and kitchen that would be attractive to potential tenants?

Hey guys appreciate the thoughts! Sorry for the longest response ever! Got caught up in life lol

@Neal Bratton

My goals are to own rental propertys for passive income to exceed 100k annually

I am signing on a house next week. Putting down 20k and taking on a 80k traditional mortgage. This will be a long term hold property for me.

I will be living in it and expect it to cash flow 100-200 a month,200-400 without me living in it. I would like to acquire another property within a year and move into it and repeat process.

@Keith Baird

That is what i would like to do with flipping if i got into it, use it to fund my passive income properties!

I envision a system of acquiring discount properties for quick flips. I havent been focusing on this much but i would like to try realeflow or another software to generate leads and use a mailing system.

Would love to hear thoughts from both of you! 

Thanks for the advice Michele. 

Haven't thought of offering rooms for rent during renovation. Some income is better than none!

As far as putting a "room" in the basement i wouldnt plan on renting it out, rather having it as a space where i could sleep so i could rent out the three rooms. My logic behind that is i would be getting more income with more tenants(still exploring this thought, i do see some flaws as having an overcrowded property, tenants expecting the market value of the rent being split between all persons living in the property, is this legal?!?! lol etc  etc what are your thoughts?)

Hello all!

Just purchased my first home to live in at warren, mi 48088! it is a 3 bed 1 bath w/ unfinished basement 2.5 car garage.

I want to rent out the remianing two rooms and live in the third one. The house needs to be renovated and i am wondering what the best stratgey is used to renovate a house i plan on renting currently and in the future.

Average price point in the area is 110-120K and average rent rate for a 3 bed 1 bath is about 1250-1000

Currently the kitchen is outdated and needs renovations. The bedrooms need the carpet removed and the hardwoods redone allong with a fresh coat of pain.

Also im wondering if i could put a room in the basement and rent out the three bedrooms. Has anyone done anything like that?

Any other advice you would give someone just starting out with a rental and living in it at the same time?

Thanks!

hello,

I am looking to invest in the real estate market. Currently I have my own financing and am wondering if anyone has any expereicne with these two options I am consideringconsidering and what their opinion is on pros and cons:

Buying the first house to flip and using the money to invest in another propertyproperty, whuke paying rent for my living situation

Or

Buying a house and renting out the other rooms. Then borrowing against the property to invest in other properties.