All Forum Posts by: Rebekah Hitt

i am house hacking my first property: i keep it simple. flat fee for monthly rent, calculated utilities into fee. hope that helps!

@Colleen F. Thanks!

I forgot to mention: I am house hacking a renter in my purchased home: I now pay $700 for a home where I am building equity!

I am learning to be a quick study!

As a nurse investor, I can weigh in on some of the business details: I am from CA so some of the info maybe different however you need to calculate in the cost of a licensed facility administrator, and staff either licensed or unlicensed per staff to resident ratios. Dietary set up and staff are another large expense you have to account for. Likely the kitchen will need to be inspected and brought up to current code. 

Your facility will need to  be inspected and licensed by the state. 

There are consultants that specialize in Assisted Living Facilities; might be worth hiring a consultant so you know what you are getting into. It is a highly regulated industry. 

I would contact your local county health department or google them to get started on the correct licensing you will need. That would factor into your purchase price and ROI.

Good luck....

follow up: I spoke to property management and they stated the townhome was in a desirable area and would likely rent soon. I took a chance and paid the early term fee while still financially responsible for $14,000 in the rest of the contract for lease and not including utilities. I was very available for them to show the unit and made sure it presented like a model home. 

One month later, it was rented and I was in my new home.

Lessons learned: read your lease very very carefully! In CA where I moved from, a lease auto reverts to month to month once the initial lease contract period is over. I had not realized it was very different as a land lord friendly state in AR that a lease could in fact auto renew. 

I plan to structure my leases for my rental properties almost to the letter of what the property management contract was: requiring a receipt of professional cleaning for unit and carpet upon vacating, leasor is responsible for rent and utilities if contract if termed early. 

I learned alot and I was lucky: all is well that ends well. 

@Duke Giordano thank you….I am interested and will follow up on your recommendations!

What is the percent you usually give up to get into each deal with the syndicate? I’m curious how much of a spread and what the entry capital would be for most deals?

$100k? More?

And humble too I see……

I didn’t ask what you were worth….Just commented that the shade you threw was unnecessary. 

@Steve Dockins following!

@E. C. "Stony" Stonebraker what is the range of ROI?

What methods have you used to vet syndicated investment companies?

@Luke Carl seriously?! I hope you are not a RE agent….And I’m hoping you keep your day job…. #notfunny

I just closed with my first property which I had planned to live in while rehabbing. Just found out my lease on the townhome I have leased for a year has an auto renew clause. I didn't think much of it expecting to pay a fee and be done with it.

The management company sent me an early term contract letter stating I'm liable for the rent for the year (lease was renewed automatically 07/01/2021) since I didn't give them 60 days notice. Not only that, if I move out, I'm still liable for rent and utilities until someone else rents it and/or until the next end of lease: June 2022. 

My questions are these: 

1. how enforceable is an auto renew lease? I'm from CA where you can't do that: a lease terms and it's month to month until you get a new contract signed so I'm a bit surprised they can do the auto lease not notify you thing. 

2. I re read the lease: I can't sublease which is completely frustrating since if I term early they charge $400 early term and I'm still on the hook for the remainder of the lease and utilities until the lease is up which is approximately $16000 (!!). They have no incentive to lease it for me since they have me locked in tight with their unreasonable lease agreement. 

3. has anyone had luck with Furnished Finders, renting exclusively to travel nurses. They charged $99 up front and I have no basis to know if they are good. 

4. My only option now it seems is to eat a HUGE loss and leave the townhouse and risk paying on that even though I'm not living there (last choice option), trying to add a roommate to the townhouse lease to house hack and reduce my expenses, and then while doing that get roomies for my home and get the mortgage covered on that for the next now 9 months of my lease term. 

Any advice? 

Thanks in advance!

Bekah