All Forum Posts by: Samantha Cash

I've read all the posts asking how to rent by the room, double checked that it's legal in my area, and now I'm looking for good websites to list on. This article lists:

• Roomster.com
• Roomiapp.com
• SpareRoom.com
• Roomgo.net
• Sublet.com

Does anyone know of  any others or care to share their experience with these sites?

Thanks!

The group ran by Kelli for the Ulster County Area has gone virtual. I haven't been to a meeting since it did, but it was my favorite group when they met in person. Facebook page is: 

https://www.facebook.com/UCREIG/

@Ashlyn Longobardi, @Michelle Bulich set up a Meetup last year in Greene County if you're not already following her. I haven't heard of any other meet ups in Greene County specifically.

I just closed on a house hack and my tenant who has lived in the property for 2 years has previously split the internet bill with the other occupant in the duplex. I would like to do the same. 

I'm thinking there must be a reason to keep her incoming rent separate from what I pay her for internet, but it would be easier if I could take it off of her rent. Does anyone know of any tax or legal reason why I should keep them seperate?

I used Blue Line home inspections and found him to be more thorough then others in the area, he's based in Orange County but travels frequently. 

https://bluelinehomeinspections.com/

Oh shoot, I just read this quick and realized I misunderstood the question. I usually refer to owner financing as seller financing in my mind. I have a conventional homeowners loan for a duplex that's considered my primary residence - I thought you meant a primary residence loan vs investor loan. I would love to do owner financing in the future because I've heard it's tough to get a loan once you have a few properties already financed, but I haven't done it yet. I've heard mixed reviews on whether the number is 4 or 10 properties - depends on the bank is my guess. I agree with your thinking though - I'm not sure I'd do it on a house hack unless I needed a place to live. 

Yes that's what I'm doing on my first house hack. As long as you live their for a year it's possible to use owner financing. 

Hi Matthew, 

Congrats on becoming licensed as a GC! Did you work out the financing to get this project going?

I'm thinking Yes, but I'm mostly commenting because I'm curious if anyone else will answer. I did find this article: 

https://www.nolo.com/legal-encyclopedia/new-york-state-home-sellers-disclosures-required-under-state-law.html

If you don't have any investment or retirement accounts, but have downpayment funds in a savings account then all you would need is the statements from that account. It's perfectly fine with the bank if you don't have investment or retirement accounts, though you might want them for your long term goals (retirement). For a downpayment, the bank actually wants to see that you have the cash and they like when the money isn't in an investment account and at the risk of the stock market. They will also like to see some sort of emergency fund that's not in investment also, that way they know you can keep making mortgage payments if you have a gap in employment.

I just posted this question in the BP Rookie Podcast Facebook group as a poll. For a growing portfolio, most investors said they stick to 30% Equity/70% Leverage across their portfolio.