All Forum Posts by: Richelle T.

Hi @Alison Robinson

I love the system you are trying to put in place!

I'm not sure if your downspouts are kicked away from the house or if you have underground drains, but I would put an annual drain inspection in the PM to keep the drains clear. 

In terms of gutters, I would be more specific with "damage". What you really want is to make sure that they are properly sloping to allow the water to run towards the downspouts and not puddle.

You could also add something about making sure there are no leaks in gutters, birds nests and to trim any hedges/foliage to be at least 1-2 feet away from the house and foundation so you don't get roots growing near the foundation. 

My suggestion would be to start networking with banks. Surprisingly it is difficult to finance the smaller amounts. It may be easier to overcome as an owner occupant, but I have trouble getting a refi on single family homes I have in that price range. 

@Stephen S.

There are no homepath or other "police" to stop you from doing what you will with your property. I'm doing what @Bud Leiser mentioned and renting out rooms in my place (it was a homeopath house). 

If I were to rent out a house that was intended to be owner-occupied, I would be concerned with online advertising the property. That would make it really simple to get caught. I imagine if you just stick a sign in the yard and don't publicly flaunt the fact that you're renting it out, it may be ok. It's a risk you have to decide to take or not. 

I agree with @Jonna Weber's advice. If you want a method for analyzing neighborhoods that meet the criteria you decide, I suggest checking out the podcast with @Lisa Phillips. I love the way she explains identifying properties. 

Also, be sure to interview your property managers. I would also call the PM as if you were a perspective tenant. Some PMs focus on great owner relations, others on great tenant relations and you want both if you can get it. 

Good luck!

@Engelo Rumora

I'd like to stay abreast of your progress in Bahamas. I've set my sights on Barbados (family). I have citizenship so the ability to own isn't my problem - it's finding a deal! You may try looking at vacation rental properties on VRBO or homeaway, for example, them emailing the owners to see if they would be willing to sell. A lot of those owners are not residents of the country anyway. I've done this with moderate success (in replies, not deals closed). I'm still trying to get a property, Good luck!

@Darrell Curtis

I have yet to actually rent a place to a NP. I met with a few NP directors and told everyone I know what I'm trying to do. So far, i haven't found one that wants to lease the property and take responsibility for placing the tenant - essentially doing a NNN lease on a house, which is what I want. Sounds like that's what you're looking for as well. I have found agencies that are looking for really low rent housing ($450-550/mo) and at best they would pay the security deposit and a few months rent for the person. I have/had little to no motivation to do this because I don't invest in areas where that price point would make sense. No do I want to take on the risk of renting to someone without a track record of performing. The one NP I found that was marginally willing to explore the NNN lease wanted Class A- property and wanted to pay Class B- rent. Still no deal. I would say it's possible, but I have yet to successfully execute.

@Andrea P. I'd be interested in this conversation also

@Jeremy Pace Thanks so much for trying to help! 

@Dick Rosen@Max T. @Jeremy Pace

Yes, my lease stipulates that any money paid first goes to any fees, then to utilities, and lastly to rent. Therefore if there is a balance it is unpaid rent, not other charges. 

I should have explained my question better - my dilemma was more about how much rent to charge the tenant. Are they liable for the total rent amount, the initial (incorrect) lower rent amount or the higher rent amount that Section 8 would have required the tenant to pay. 

I talked to my lawyer and he said to charge the tenant the rate outlined in Section's paperwork and deduct the difference in the rent she paid from this amount. That amount minus any other fees would be the amount returned to her. 

bump