All Forum Posts by: Ryan M.

Hi, everyone!

I recently purchased my first rental property last year. It's a triplex, and I live in one of the units.

I'm planning to replace the roof pretty soon, and I would prefer to do it myself, and I'm wondering if I will have any issues during the permit process, because I've never pulled a permit myself.

I went to City Hall and asked if I could pull the permit myself, and I got conflicting information. The building commissioner was out, but an inspector said that because part of the roof is above another unit, that I am not occupying, that  I could "open myself up to liability and my insurance company may not insure it if I replace it myself"

I called my insurance company and they said it's no issue and as long as the permits approved that's all they care about.

I've never pulled a permit before, this is the first property I've owned.  I've worked in construction for years and would have roofer friends help put the new roof on though. It's only 15 squares.

Is the inspector right about opening myself up to liability by replacing the roof myself without a licensed roofer? 

Just looking for thoughts and suggestions from experienced investors. Would you replace the roof yourself if you had the time and energy to do so?

Any tips on the permitting process are really appreciated too. Like I said, I've never pulled a permit before, and bureaucracy stresses me out, so it'd be nice to know what to expect.

The property is in Holly Hill, FL btw.

Thanks, everyone!

1 more question:

I know I can write off subleased income.
If I write off the subleased income, will it still help me?
Thanks ahead

 

Awesome, thank you! Very helpful.

I read here that sublease income IS rental income, so if I declare it as such will it help in my first 2 years?
Does it have to be above any certain amount? What if it were just a few hundred a month?

So I have not begun investing yet, but hope to as soon as possible.

I hear from a lot of investors that they buy their first property, and then have trouble securing loans for the next 2 years, because they cannot count rental income towards a mortgage. 
I have been subletting an extra room to a friend for a little over a year now. If I declare this income on my taxes, can it be counted as a year of rental income to help me get past the first 2 years?
Any tips would be appreciated.

Thanks!
-Ryan

@Priti Donnelly.

Absolutely, I would love to hear more!

Alright, sounds like a plan. Any tips for picking the best lenders?

Thanks for the help!

What do you think my best options are?

Should I keep looking for conventional mortgages?

Are there other types of loans that might work for buy and hold?

Or should I just accept that I can't buy and hold unless i work a 9-5 for the next 2 years?

Been getting mixed answers on this question. Is it still possible? If not what is the best way to get into REI without working a 9-5 and waiting another 2 years?

What kinds of loans are the best for someone looking to buy and hold but without a good tax history?

I have excellent credit but gaps in employment.