All Forum Posts by: Tim Kaminski

@Cameron Lam  Congrats.  I'm very interested in the room rental strategy myself so have a few questions when you get a chance.

Do you ever have any issues with the tenants not liking each other and them trying to get you to play referee?

Do you have any criteria on # of beds or baths in a home or just looking for cheapest entry point? Like always shooting for 2 bathrooms if 3+ bedrooms.

Do you do a month to month lease on these room rentals, 6 month, or 1 year?  If you are doing a 2 month lease break clause I assume its not month to month but curious.  I would think most room renters would not want 1 year lease. 

I know you mentioned you had a home cleaned regularly when you had a good deal on a cleaner.  Do you usually have cleaners come in and clean the common areas regularly?   I would think most tenants wouldnt bother cleaning anything that isn't their bedroom.

How do you deal with things breaking in the home?  Say a hole appears in your drywall and you have to fix and no one is claiming responsibility.  Or plumbing issue etc.  Do you just cover as you are making good money and can't reliably bill back to specific tenant or just split cost amongst everyone?

Do you give everyone key locked bedroom doors?

Do you buy any special appliances or do anything to your homes to accommodate for 2-5 separate ppl living in a house.  I imagine ppl would want their own mini fridge in their room for their personal items so things like upgrade electricity or put in larger washer/dryers?

Where do you advertise most of your vacancies? 

If home has garage or covered parking, do you charge more for those amenities or just first come first serve?

Sorry for all the questions but looking to get into my 2nd rental very soon and rent by room has fascinated me but has left me with a lot of questions.

@Marcello Di Gerlando Yes I like that you don’t pay closing costs with HELOCS. Don’t like that the rates are variable.

When you say clear exit, you are talking about a refinance on the future deal to pay off your HELOC, for a buy and hold investor?

@Zachary Beach Why would a bank close a HELOC? Would that only happen if the market goes down so value of the house goes down as well?

@Paul Defngin thanks will discuss it further with my realtor.

It is an investment property that I currently owe $150k on.

@CJ M. True. But would only be taking enough for a small DP instead of enough to buy a property outright with cash. Would like access to more funds so I can properly BRRR

My first property just appraised way higher than I expected. Was in process of doing Cash Out Refi but now am hesitant since if I want to take out all available cash, my mortgage will most likely be making me lose money each month.

I am now considering if a HELOC is a better route as I may be able to buy properties outright now and this would keep me making ultimate cashflow on my existing property.

Property appraised for $310K after purchase in early 2018 for $163K. I should be able to HELOC enough for a property + rehab in mid west.

Any insight appreciated. Merry Christmas!

Hello!

Currently have 1 buy and hold duplex that is cash flowing somewhat nicely in Tampa, FL. Have had it since Feb 2018 and sunk about $20K in repairs/upgrades into it. I'm having trouble getting to my 2nd investment. I talked to a lender who said my DTI is a bit too high but should be good once February 2020 rolls around and they can add that income in.

I'm looking for advice on what you would do if you were in my shoes. I don't seem to have enough money to buy local investment +rehab at 20/25% down unless maybe I look OOS. I have considered HELOC and cash out REFI to pull my money out but 1 half of duplex is still occupied by inherited tenant that pays on time but is pretty dirty and I haven't been able to renovate his side yet so uneasy with how appraiser would see that. I don't like the idea of HELOC if I'm not able to buy the property outright.

Please feel free to tell me if any of my thoughts are not accurate.  I'd like to buy local C/B- properties(either small MF or single family and rent out room) but I can no longer house hack as future wife isn't a fan.  Just seems with higher DP, I'm forced to either wait and save, partner with someone who has more cash, or look OOS.

Any advice would be appreciated!

@Mike McCarthy Thanks for the response. Will just give the city a call and see what they say.

I have a 1923 year old home with old windows that I would like to replace, as well as replace some of the framing around them due to termite damage.

Would like to slowly do over time, at my own pace.

1. Should I pull permits?

2. If I do, will they make me change all windows immediately?

All 20-22 windows are old and would need to be replaced and I do not want to incur this expense all at once.

Thanks!!

BP,

I am interested in renting out bedrooms by the month but not sure if my market of Tampa/St Pete would support it. I am fascinated by the podcasts where guests tell of renting by the bedroom to maximize their cash flow.

Is anyone doing that in Florida? I know it sounds like it can be pretty intensive with strangers in a house but curious.

What kind of clientele rent from you?

Any issues with it?

Thanks!

Tim