All Forum Posts by: Account Closed

Thanks @Douglas Dowell That may be one I already have on my kindle app. I will check it out.

I have seen several apartments in the area who have rules posted online that state a maximum number of adults per unit (based on bedrooms) and then a maximum number of occupants over 12 months old (this is tricky because infants don't count toward occupants and have to be allowed but the law is unclear as to what age a child should be counted toward the occupant total). What I have seen openly advertised is the number of adults allowed is usually 1 per bedroom except for a one bedroom, which allows 2 adults. My guess is that the apartments do it this way because "adult" is not a protected class according to fair housing. However, familial status is, that's why they allow other occupants who are not adults up to a maximum number of occupants depending on the number of bedrooms. I think I've seen 3 adults and up to 6 or 7 total occupants for a 3 bedroom. I have no idea if what they are doing is legal or not.

So I've considered this situation for my yet to be ready to rent 950 sq ft, 3 bedroom town homes:

If a family has two parents and grandma, plus 4 kids over the age of 1 and infant twins (I am using this example because I have twins), I will have to allow all 9 people in the 3 bedroom unit, unless they are not qualified because of income or background checks or other non-protected reasons.

I am not sure how 4 related adults would be viewed under fair housing. Technically they are a family but it seems fair housing is trying to protect families with children not adults who need to live together because they can't make it on their own.

Probably some good questions to ask fair housing directly and see what they say. .

Not sure if this is the right place for this question, but I am sure someone will move it if not.

I don't have any experience in MF investing, except what I have learned here on BP and through my first investment. However, I posted a lead on another local MF and have received some inquiries. I am trying to put together a "package". But what exactly do investors want to see in the package?

@Joel Owens and @Marc Ramsay I will check into this. I am pretty comfortable with the insurance quote I received for the amount of coverage I am getting. But it never hurts to check. The current owner is a non-profit, so they may have some different kind of policy than a landlord policy anyway.

If you've agreed to repairs in writing, the seller has a legal obligation to complete the repairs prior to closing. I wouldn't worry too much about removing the inspection contingency, unless you feel more inspections are necessary. At least in Texas, the inspection contingency on a SF home goes away after the first 10 days or so of the contract and the seller has up until closing to complete any negotiated repairs. If they don't, the buyer doesn't close. Just be sure you ask for receipts and proof of repairs before you close... you might even do a re-inspect just prior to closing.

Thanks @Marc Ramsay These are attached townhomes. It is my understanding that it is illegal to forbid a tenant to install a satellite dish, but I have control over where it can be placed if that's the option they choose. I would prefer cable TV, but I am sure some tenants will want satellite. I have not closed on the property yet so I don't know if it is pre-wired or not. I will add that to my list of things to do though...

What do you do about allowing tenants to install TV (either satellite or cable) and Internet service in their individual units?

I don't care if they do, I just want to have it done in an orderly, nice-looking (hidden, if possible) fashion. And I don't want to pay for it.

Sounds good. I think I know enough to be dangerous anyway.

I think I could convince the seller under my current contract to allow me to terminate the contract and write a new one to purchase under a solo 401k. I just wonder if it's really worth the headache and the race against time... closing could be in 2 to 3 weeks, although they would probably be nice enough to allow me an extra week if I needed it.

From the limited knowledge I have gained today, I understand that my husband and I can both combine rollover 401k funds into a master account in order to have the funds we need.