All Forum Posts by: Wendy S.

Good day everyone.

I have read through the forums and posts as well as the Georgia Handbook(60 days notice by landlord) but I am still unclear with per room renting furnished with fixed term, not month to month Agreements in place.

Background

Landlord resides at property. 4 tenants each renting a furnished bedroom in a shared housing with all utilities paid to include internet and Security system. . Rental Agreement is for 6 month period expiring Sept 8, 19 and Oct 1. Rents are due prior to the 1st day of the month. The first month's rent was prorated.

Notice for Landlord /tenant is 30 days.

The intention was to give them notice now, that effective Oct 1, rents will be increasing to $$ and have them state their intention to remain or leave within 7 days of the notice. As you can see, based on their expiration dates there is some gray area.

Hence my question is can anyone suggest a way to do this?

Was thinking of an 8% increase for the new rents but perhaps offering 6.5% increase if they stayed. Rentals in the area varies. House is in a good HOA community, recently upgraded, stainless steel appliances, larger bathtubs with price points in the $200,000+range.

Also moving forward how would you structure the Rental period, seeing that rents should be paid prior to the last day of the preceding month or at least by the 1st of the month if someone shows up wanting to rent during the month and still satisy the 6 month period?

Please provide examples in your response if possible.

BTW, the increase is to offset high utilities which are close to $200 more than anticipated.

Thanks for taking the time to read through my post!

@Caroline Gerardo

Middle Fico 776, 20% down, pp was $200K but deal fell through. Btw, I was coapplying because my DTI is too high, would only qualify me for PITI of around $548.

Now looking at pp $125K, and initial disclosure docs says 5.75. However, I'm thinking 5.75 is crazy so now looking to see what else is out there especially as I really don't want to coapply, then having to spend thousands to refinance six months later to remove coapplicant from title.

Lender does not factor in new/potential rental income from investment property under consideration.

@Julee Felsman. Thank you so much Julee as my situation is almost similar to what your latter post described.

Yes, this house also flows or have the potential to flow better with 3-levels.

My current residence is a split level and a live in flip which in the end has turned out well. The thing is however, I toyed with the idea of adding a kitchen in the basement during the remodel and decided not to in the end. Instead opting for a bedroom, with sitting area of almost 300 sqft. Wasn't thinking of moving at the time.

So while my roommates lived above me I was happy to come down to my own space and only needing to go up to use the kitchen, enter or leave the house or have social encounters with them. I could also enter my space via the garage provided it wasn't too late or early so as not to disturb the household with older garage doors.

Fast forward, following a m/v accident with physical therapy and temporarily moving out to stay at nearby ground floor level house with family I thought I was ok and returned home. I now find going up and down the stairs is not as easy on my injured knee. So along comes this house that could be easily converted wherein I don't have to see my new possible roommates and I don't have to go to the other levels unless I choose to as my new home would accommodate all my needs including kitchen, living, laundry, entry and exit and even parking.

Not to mention assuage my Covid-19 concerns.

P. S. Sorry for the long-winded post.

@Theresa Harris that's the plan. Just got my LE yesterday after agreeing to put 20% down.

My new conundrum later down the road will be how to release my coapplicant but until then I guess I'll get to live free and we split the cash flow.

@David Pai I didn't have the LE at re time so wasn't sure about the fees but we've managed to work it out now.

@Joe Splitrock. Yes think the 15% had to do with credit, and such plus they would have used qualifying rental income.

@Russell Brazil yes I see that now.

@Scott Wolf thanks Scott. Upon your response I insisted and got my LE.

@Lola Omishore. If my understanding is correct this would require an LLC or business structure. Working on that, thanks.