All Forum Posts by: Ronnie Hutchinson

Hello,

I have a 5/3.5, new construction home that I recently put in the market. I've received inquiries but no signed contract. I posted the link below to see if I might be missing something obvious here. There's not a lot of similar homes in the area.

https://tinyurl.com/y4w77n2e

I've done it through Mysmartmove. Definitely my go to, you are able to see income insights which is unique on it's own. I've run over a dozen applications on there and the results always come back within 10 minutes. Can't say the same to other services like Cozy's background and credit check. 

I'm actually located in Orlando, Florida and do this. The biggest issues that I've seen other people have while attempting to do this is HOA. A lot of HOA's will not allow more than 3 unrelated people living in a single-family home. If you have a 3 bedroom house this is fine, but anymore bedrooms you'll run into issues.

I currently do this in 2 homes. One's a 3/2 and another a 5/3. Cash flow is much better than renting to one individual. You do have to furnish the common area spaces, nothing high end. This strategy does reduce vacancies.

I currently have a 3/2 that I rent by the room. They are two main living rooms, I am thinking about taking one of the living rooms and converting it to a bedroom. Of course by a license contractor with the correct permits, etc.

My main qquestion is, since there is going to be an additional tenant should I decrease the rent by 5% for the current tenants? Or should I leave it the same?