All Forum Posts by: Wendy S.

@Demon S Rogers

I rent per room as well and recently had a situation where the "newbies," were seen as not complying with keeping the house clean. In my Rental Agreement it states that if there is a violation of house rules, you would be first given a warning, if it continues you may be fined and the fines stated and the Landlord also reserves the right to terminate. So if by the second time it is not resolved all parties already know the next step is termination.

I went 1 step further recently; visited the property and was appalled by the conditions. Physically cleaned house minus their personal rooms and bathrooms to remind them how it should be. Followed up with a house meeting immediately after and stated what would be done if it reverts to being messy.

One week later I had to go to the property for unrelated matter but saw proof of things we discussed prior. So I sent individual emails stating how things will be handled. The "newbies," stated they will not comply but will terminate with the required 30 days notice given.

I'm now awaiting that, but if not received by Monday I will allude to it in an email for them to acknowledge and concur. ( I use texts informally and emails/letters formally. Their original response with notice was via a text to me, which I deem unactionable).

Hope this helps.

@Nate R.

You say she has settled in and considers the place home. How about helping her to see if there are down payment assistance programs or any kind of low income solutions that might qualify her to buy the home?

@Ronald Rohde. Thank you, I will DM you if that's ok with you.

Yes, I found one about 7 days later when I didn't hear from him and went to check his room even the home was occupied with other Tenants. The other tragically outside the home within 12 hours of me finding the first.

Needless to say it took me for a spin. I emptied house, had it sanitized and let it sit for a month while I figured out my next move.

@Nathan G. I found responses and info you made that helped me through the process.

@Nathan G.

Thank you so much. Will get on it.

I am trying to help my tenants increase their credit scores by reporting their on-time rental payments and would love some suggestions on how to do this.

Cozy.com I believe offered this to some extent but rents needed to be collected through them. (I stand corrected if this is not so). The problem I have with 3rd party collecting is the potential claw-back of rent by a "professional renter" plus my lender needed more information and disclosure to match the funds collected versus directly coming to my account as I do now. I believe even Wells Fargo required the rents to be directly deposited to accounts vs third party to qualify for income consideration.

The goal is to help them become home owners when they move out from my room ( rent by room model) in my pursuit to help others build generational wealth through real estate ownership.

Good Day BP Family,

I currently own, and manage 3 rental properties that are rented by the room. Presently looking to add another house-hacking property to the mix. Having had some experience with this strategy since 2018 which has allowed me to retire from my w2 with cash flow from them, I am looking to streamline into a scalable business, while I educate myself on commercial residential investing.

With this in mind, I am looking to add an attorney to my team and would love recommendations from persons using attorneys with similar rental models or even whole house rentals.

I presently have Rental Agreement templates that I use and they must complete background and credit checks via cozy.com which is whole house based so platform is really used for screening but now I want to make sure I'm not leaving out clauses that could further protect me and my investments. This was brought to the forefront even more with the passing of 2 tenants in 2 days. Though things went smoothly it could have gone otherwise and learnt about adding an additional clause for who deals with the deceased estate.

Thanks and I look forward to your kind and knowledgeable responses.

@John Underwood

$50 ...I can do that

@John Underwood

Thanks .

I will reach out to insurance agent.

Happy Sunday 😊

Background

Bought a sfh in 2017 and started house hacking since 2018. Now up to 3 rentals that are rented per room with combined after PITI, Capex, repairs, vacancy, etc, yearly net of around $36,000. More on this in another post as I decide whether to get HELOC or sell original primary as 2022 marks the 5th year of ownership.

Now

We recently bought a house with a pool and full finished walkout basement.  Rented one room in the main house to an amazing travel nurse for 2 months, while we remodeled basement and pool.

Qualified Suggestions Needed

Here is where we would like the experienced Landlords/property managers to weigh in.

1.       We're thinking of listing 1 room in our main house as well as the basement to travel professionals. We’ve always rented per bedroom and even shared with tenants for years. No children in our household. We would still have guest room in main house.

2.       Other thought is to list basement with Airbnb,VRBO or similar site and market for short term rentals with minimum 7 days. We're thinking even if we rent at 21 days monthly for half the year we'll be ok, as we should net around the same as renting to 1 family or by room for the year, seeing that we carry the utilities.

3.       If we do 2 above, do we have to rent the basement to 1 party at a time,  or multiple short term by rooms? It's 3 bedrooms, (one of which is more like a double room with dual large closets), 2 full bathrooms, separate room for office, living , dining and full kitchen. The rooms will have queen-sized beds.

4.       We are compiling our Pool Addendum and would love to hear your thoughts on how to minimize our liability with the pool.  😊

@Nate Bartlett

I would definitely shop around. You can still get 15% down with excellent credit and no points but higher rates.