Is your lender geared up to handle all the needs that a real estate investor has?

I learned to not take on more than I can handle and manage at a time.

However, I've never done a rooming house before and wanted to know the best way to handle security deposits and how they may be applied to damages in the future.

However, I've never done a rooming house before and wanted to know the best way to handle security deposits and how they may be applied to damages in the future.

I handle several section 8 apartment unit properties so it would be a pretty simple matter to evaluate the rent rate through government support, guaranteed rent definitely helps me sleep at night (provided our president doesn't shut the government down long enough for HUD to delay rent payments).Let me know if you want to seriously run the numbers on this place presuming you have the equity to get financing on this deal (175,000 for 10% down, $87,500 for 5% down, etc).

I actually resolved a situation myself (toilet handle was loose) but now am really needing a plumber as a toilet is stuck.

Save a "reserve" so you can handle vacancies, maintenance, and all the bad things that pop up when first buying an investment.My recommendation is that you read a book like "Set For Life" by @Scott Trench and get your financial house in order so you go in prepared.

I was going to go with an umbrella to handle the liability side.

Madison Management handles my delinquent note deals.

If a tenant is displeased with your actions after the property is sold, this is one avenue they can use against you if it was not handled property, and the damages awarded for improperly adhering to the security deposit statutes can be costly.