All Forum Posts by: Ben Berg
Ben Berg has started 1 posts and replied 5 times.
Quote from @Rick Albert:
Hey Ben,
What are the comps for renting by the room? That's going to be the answer.
If he is willing to split it all 50/50, then go for it.
In terms of mowing the lawn, etc., what is common for your area? Typically the landlord is responsible for things like this.
Good luck!
When you say comps what do you mean? Sorry
He said he is down to help mow lawn and do upkeep on the house.
Yes Sir Thank you Wale!
I think it would be a good experience for me to get landlord experience in a mostly controlled environment aka I live there.
Would give me practice to rent it once I move out etc.
Regards,
How do I deduct mortgage interest on my taxes?
I am a first home buyer. New to all this.
I have looked at over 100+ houses and OPM is for using less of my money right now and keeping that into the stock market which gains a more lucrative return on average. Conventional Loan at 6.5%
Renting to my friend I will have a contract.
My question was how should I go about renting the house to him?
Does he pay half of everything or just rent etc.. IDK what or how to split it up.
Thanks for your previous response.
Thank you for taking the time to respond! I am looking at purchasing a 2Bed and 2 Bathroom home for $290k. I am a first time buyer.
My goal: live in it for 1-2 years and then rent it to get cash flow. My interest rate is 6.25% and I'm putting down 1%. I want to use OPM as much as I can makes sense. The monthly payment will be after talking to my agent about $2,400 per month. The property would negative cash flow about $200/month.. I figure as the area is growing and there are more people moving to the area it will increase the values. Once I have more equity hopefully refinance and use that to get it cash flowing as I put a downpayment on another property.
I have a friend who said he would like to be a roommate with me. Which brings me to the question... Should we split it 50/50 and 50/50 utilities or should I have him pay 1k plus 50% utilities? Then comes to house maintenance, should that be 50/50 mowing lawn etc… or give him a break and I do that etc not sure. The house is 2 Bed 2bath 1300sqft. Updated kitchen but I’ll need to do floors and update bathrooms. He is a school bus driver. I just want to make it work as renting the house will allow me to still save some money.
Anyone have similar experience or any tips would be greatly appreciated.