All Forum Posts by: Tracey J Shanklin

I’m a LandLady, yes that’s right a LandLADY!!

I own 2 properties successfully and looking to acquire more to build my financial portfolio and to provide quality homes for those in need. 

Thank you to the Bigger Pockets community members!!

Tracey J

I purchased a duplex apartment as place for me to live and to provide rental income, therefore reaping the benefits of having the tenant pay my mortgage.  I am having the tenant move out in February, (she is section 8).  I am wondering how and if it'd be feasible to turn the 1.5 BDR apartment next door into a business office space for my business and be able to either gain a tax write-off that's beneficial to me or what would my options be in order to realize any financial benefits that would help offset the expense of mortgage, maintenance and utilities, as opposed to renting to another tenant?  Perhaps I could rent it as a small business incubator or temporary space?  

Thank you for your answers!

I didn't go through a traditional lender as I found a fabulous non-profit organization that I'd dealt with years before. They offered fixed interest rate, no down payment, no PMI, minimal closing costs! I'd already made 4-5 payments at the agreed upon payment when I signed the documents. However, the lender cited a miscalculation in the cost of the insurance of my building. All the proper protocols were adhered to prior to signing the documents, i.e. inspections. There were increases prior to final documents being drafted up and signing, which I thought odd. Ultimately, I agreed to a 30 year fixed mortgage at 3.125% for a duplex property $75K, which included the taxes and insurance in the payment. Not only did they increase my mortgage payment 4 months into payments, but it also included an increase to insurance stating an error in calculating the cost of replacement of my property. Is this shady on the part of my lender, the underwriter or is this something that is customary in the industry? If it is shady, how should I go about getting restitution or getting back to a manageable mortgage payment? Thank you for your answers

I once delivered medicines to single family houses here in Missouri, whose residents where adults that couldn't live on their own and needed caretakers 24 hours a day.  I am interested in finding out how to acquire a similar arrangement for my property.  Does anyone know of an agency to contact or how I can get information on such a facility?  Thank you for your input!