All Forum Posts by: Tracey G.

@Russell Holmes Thanks for that input. Most people think it's a great idea but some are convinced I've got my head in the sand. I have inherited tenants who have been very little trouble. I know my son and his friends and they will be even better. My son is so excited to have a place for his band and his car, not for frat parties.

@Colleen F Thanks, I will check the language in my working document and make sure it says guarantor. And yes, I plan to make it clear that aside from the rent, they are in this together on utilities, etc.

@Russell Holmes  He isn't interested in RE... yet. Right now he's a techie who already knows he doesnt want to spend 40 years in a cube. I've got him halfway there. And yes, he will be the on-site landlord. That was part of the deal when we bought the house. So i completely agree with you. Thanks.

They aren't partiers, they are serious students. I'm not worried about party damage. And no, I'm not being naive. We looked at a house on the party end of town and my son said he wouldn't live there.

I bought a house near the college my son attends - house hacking via his college fund.  He is going to live there with three friends. The plan is that my son and I will be listed as the landlords and the other three will be our tenants. Currently it is on a third party lease that we will be terminating at the end of the current term so our group can move in at the end of the school year.

The tenants will be signing a joint lease and their parents will be signing a cosigner agreement. Standard leases near this school are 12 month June - May and we will be doing same.

I have minimal concerns about problems getting along, parties, etc., as they have been together in dorms for 1.5 years already but you never know what can happen.

Looking for any recommendations/suggestions of things to include for this house share lease.

@David S. Thanks for the advice. I did take photos of the pet food/cat litter for proof since we didn't actually see the cat. All three tenants are on the lease, but she is the one I have the email for so I have to go through her. Presenting options is a good idea, thanks.

@John Humphries  The house is in Newark, near UD. We know will not be renewing the lease (which expires May 31) because we purchased it for our son, a UD student, to live in with tenants/friends of his choice so we will be in control next year. With only 8 months left, we don't want to end up with the current tenants out because then it would be vacant for months. So as you said, you have to pick your battles. I spoke to two neighbors yesterday and they both said they never have a problem with the tenants causing any trouble, so that is a good sign as UD can be quite the party school.

Thanks for the info on the security, that's what I needed to know most of all. We are ok with an addendum and additional security/rent as it is a short term situation. As far as the smoking, for several reasons I do think they are only smoking outside. And similar to you, they are paying our costs plus funding the upgrades we plan to make after they leave. Your advice is much appreciated!

We just bought a a house last month in a college town that has three young 20's tenants. They will be our tenants until next May 31, when their lease ends. (This is about two hours away where our son goes to school.) Went to do some maintenance yesterday and saw some issues:

They have acquired a cat, against the terms of the lease. We are willing to allow them to keep it but want additional rent and security. However, they already have the full allowed amount of security (one month) on deposit. How can we get additional security if it will exceed the state (Delaware) limit? Go with a non-refundable app fee instead? Any other pet add-on advice is appreciated.

They are smoking on the patio, also expressly against the lease terms.

They are into organic gardening, which is fine, but has resulting in a bit of a swarm of fruit flies in the dining area. Definitely a new problem, they weren't there when we purchased or the last time we went back.

Looking for advice on how to handle these issues. My contact is one of the tenants and we generally email. Should I email her, send the three of them a letter, get them on a phone call to discuss and then send a letter to follow up? They are generally good tenants and we do not want to get into an eviction situation.

Thanks for any advice.

@John Trommelen Hello and welcome! I'm also in NJ and the market here is definitely a challenge. When I listen to the podcasts and hear about all these homes well under $200k (not to mention the taxes!), I realize there's a whole different world out there than we are dealing with. I'm pretty new to the game - first flip closes this week and I have two investment properties. I want to use flips to fund my investments. So yes, ~20% down, but rinse and repeat.

I suggest you talk to more lenders/research loan options. If you are looking at flips - I talked to one about a HomeStyle mortgage and their downpayment requirement was 15%. It's a traditional mortgage with a built in renovation allowance. You have to hold for six months, but there isn't a residency requirement.

Good luck!

Getting a pre-approval letter should be easy if your income and credit rating are in order. I found an out of state rental property I wanted to make an offer on, my agent gave me two names of brokers she works with and by 11am the next morning I had the letter. I've also talked to a couple other lenders (including a hard money lender) in regards to another property and all they need is for me to fill out their online application to get the pre-approval.