All Forum Posts by: Account Closed

@Sarah Ziehr

I am definitely still taking applications and showing the house. 

Spoke with her on the phone and have found her on a few different sights confirming her positions but will continue to dig in. 

I have a 4 bed 2.5 bath SFR listed for rent in a B+ to A neighborhood that is in great condition. I typically like renting to families as they tend to stay longer and a lot of times fix little things themselves because they enjoy their privacy and do not want a landlord going through their house.

I just got off the phone with a woman who has a construction/renovation job in the area and would like to rent the house on a 6 month lease for her employees. She also said that the company would pay all six months up front and take care of the utilities. One small positive to the 6 month lease is that I have another SFR and the lease runs up to February so this would space the two leases out.

However, she did say there would be 6-8 employees living there (so 8) and I am worried about how they would take care of the place. The woman told me the company would take responsibility for any damage but the company is out of Texas so I do not know how easy it would be to enforce. I do no like the idea of not know who is in my unit and not having a background check on them. I am working on getting references from previous landlords. 

Has anyone had experience with something like this? What concerns do you have? What would be your questions for the woman setting this up? 

I have my own initial thoughts on this to make it worth while but I wanted to see what came back on here. Thanks for your time!

@Tyler Goulden

Millionaire Real Estate Investor

I am also a big Robert Kiyosaki fan, in particular Rich Dad Poor Dad and Unfair Advantage. He also has a podcast that is great, he always has great guests on there. Goes beyond real estate but is very interesting. 

@Chung Le

Yes I have two separate LLC's that I put my properties in. I would recommend setting up some sort of entity to hold your properties. Just have to find the right one for you.

@Michael Douglas Christensen

Welcome! Take the time and go check out the area, find someone you trust out there you can work with. Worst case check out the Bucks and a couple breweries, Milwaukee is a fun city. 

Good luck!

Rob

@Jeff R.

Welcome to BP! I am a buy and hold investor myself, house hacking is a great way to get started. Our markets are a bit different but feel free to reach out anytime. 

Best of luck

Rob

@Douglas Hardman

Welcome to BP! Feel free to reach out if you have any questions or just want to bounce some ideas off someone. 

Good luck!

Rob

@Ceasar Rosas

Nice profit, congrats! Flipping has always had my interest but it is outside of my wheelhouse so I stick to what I know. 

Best of luck on all future endeavors!

@JC Espinoza

Welcome to BP! Sounds like a great plan, best of luck!

Rob

@Chung Le

The loan process for commercial lending is outstanding. It is predominately about the numbers as opposed to your typical mortgage where they ask for any and every piece of personal information. It did take some work to find a lender with terms that would work for my first commercial purchase but after that it was so much more efficient than securing a typical home mortgage loan. They were also willing to lend to an LLC which is great. As of right now I do not have any interest in getting another loan unless it is commercial lending.