All Forum Posts by: William Ring

I'm no attorney, but I have experience renting a single family with friends in Knoxville, TN while in college and now I have a couple investment properties in Knoxville. In college, myself and 4 other roommates (5 unrelated people) each rented a bedroom in a single family residence in Fort Sanders. We all signed the same lease, all paid our own rent per room, but all lost our security deposit when one roommate didn't pay the last few months of rent even though the rest of us were always on time. There are many houses in the Fort Sanders area that are rented this way. I'm not sure if that technically breaks a rule or not, but I think the regulations for students are different. I'd love to connect and talk more about where to look and strategies.

Thanks everyone for the helpful feedback!

A bit of background, I did my taxes myself for the first time last year. It was the first time I had a salary job and/or sold some stocks, and my dad had previously done them for me while I was looking over his shoulder because he had the H&R software, I was in college, working only summer jobs, or made less than the filing requirement. I bought a primary residence that I'm house hacking and a triplex this year. My primary residence is a conventional loan and the triplex was a private loan from someone in my network (I am paying them interest). Should I get a CPA this year? What forms do I need to make sure to fill out if I do them myself? Any tips or advice would be useful!

I currently have a 3 bed 2 bath house hack where I (23M) live in the master and found roommates (22M and 23M) through matching apps to rent out the other two rooms and share a bathroom with each other. I am wondering how to make sure I can rent to a male around the same age when I move out because it has been expressed from both tenant/roommates that they only want to live with young professional males. For anyone who has rented by the room, how do you make sure you don't get caught on the wrong end of a fair housing lawsuit? I know while living in a place you can chose whoever you want for whatever reason, but when I move out, I need to get a male roommate for my current roommates to stay.

Thanks for the responses guys, I’m going to inquire about seller financing. If that’s not an option, I’ll likely leave this one on the table for the next person. I wasn’t even looking for a deal, just ran across this and it penciled nice.  

I found a deal that I want to pursue in the Knoxville area, however, I just bought my first house and conventional loans would say I can’t afford it.

I just bought my first house a few months ago to flip and then house hack. I’m 95% done with the flip part and already living in the house. I am listing the 2 other rooms this weekend and assuming they get filled, my entire mortgage will be covered. I wasn’t particularly looking for another house, but the numbers don’t lie and I can’t pass this one up. It’s a duplex with a long term tenant already in one side (for the next 8 months) and the other side is vacant but move in ready. I ran the numbers and it seems to cash flow about $100 a month after putting away 5% vacancy and 2% maintenance (I’ll do the management myself). 

There’s no way I can do a conventional loan because my dti is basically maxed with the house I just bought and I have 10% or less to put down. Does anyone have any suggestions?