All Forum Posts by: Shannon Strickland

I have a simple and effective method for recording both check-ins and check-outs. I use a printable spreadsheet with a column titled “Check-in” and a column titled “Check-out.” The spreadsheet includes signature and date boxes at the bottom of each column, making it easy to record and later refer to the original condition of the item. This method is efficient for me as there's only one sheet to file.

I use RentRedi, and they always have applicants take a selfie with their ID when signing anything, and RR includes it at the end of each signed document.

Thank you very much, @Jack Lander. Those are excellent questions. I’ll get back to you privately if I make progress.

Seeking input from the SubTo community. My friend is selling her house with an agent and moving because she wants to live in a free-and-clear house she inherited out of state. I would like to buy/control that asset, but I’m struggling to come up with a deal structure. The house is worth 600K and she owes 300K on a mortgage. Wanting to approach this creatively, I wonder if it could be 300K seller financed and 300K SubTo.

Very well said, Brent. I appreciate the perspective a lot. Ideally, this process will filter out bad operators and improve price value.

My first nurse hoped to extend in place but the minute she attempted to negotiate a slight raise recently, negotiations ended.

I wish you the best as you too navigate this evolving market.

I discovered that I was operating a boarding house when I paid a local RE attorney to review my “lease.” I’m house hacking while renting 2 bedrooms to “boarders,” which is my county’s maximum allowable. 

Thank you for your post, Eric. I can see both sides of the argument. By the time I’ve asked for the first page of the contract (post-Prequalification and mid-Application all through RentRedi), the price has already been determined (advertised), so it almost seems criminal to change the determined price mid-application. If I were a traveling medical professional, and the price changed after I showed the proof of income, I would back out and no longer trust the landlord. I permit the numbers to be redacted on the contract because I believe every traveling medical professional earns enough for my property.

Yes, that’s true about finding the particular fair market value, Sean. That’s how I got my first nurse, and she just alerted me today that she’ll extend in place, and I’m thrilled to have found my market value. I adjusted slightly lower on a smaller room, and over the weekend it filled, so I’m also pleased to have found the value of that room. At the start, I used market analysis to find a value I thought made sense. Thankfully, I was able to test the market because I’m house hacking. Every other week I slightly lowered the listed room values until I secured people I could live with. Each market has niches and each niche has its own value.

Cash Flow Breakfast Club and GRID—both are on Meetup

I use Rent Redi and have created a system, so to speak, of what I want to see each step of the process. In my Prequalification form, I ask if the person has 3x the income—at this point, it is the honor system (it’s too early to get a lot of private info). If the Prequalification is good, I invite the person to Apply. Rent Redi generates the emails for these steps, but they permit modifications, and they ask for the W-2 and banking information in the Application. If I accept the Application, I say through Rent Redi:

Hi {tenant},

Status Update:

Congratulations! Your application to {property} has been accepted!

Next Steps:

• Please reply with a photo/copy of the first page of your contract—per-hour rates may be redacted
• Purchase renter’s insurance
• Pay a refundable Security Deposit

Thank you,

The first page of the offer letter did state the hourly income (but it is redacted) and did not state the living stipend. I don’t personally need to know those exact numbers. Combined with the background checks, I felt confident that rent would be paid, and having the weekly collection adds peace of mind if things were to go south (especially while house hacking), but I can tell they will not.

Personally, I won’t house hack with anyone who is uncooperative though.

I’d be glad to chat with you privately to answer questions and give you confidence.

Shannon