All Forum Posts by: Derek VanWinkle

From what they've told me, it's just another friend of theirs. 

They will start the lease in August, but everything so far has been great from them. They are super responsive which has made life for me pretty easy. 

I've got a SFH rented out to 4 college students for the next two years. They signed a lease, and want to add an additional person to the lease. I didn't know quite how to approach it. The home is a 4/2, but parking is already pretty tight for 4 cars. I thought about telling them that I would go up $100-125/mo if they wanted to do this to cover the extra wear and tear by a fifth person. The lease technically allows for 2 people per bedroom though, so I could possibly see some push back on that.

Any thoughts? 

Thanks!

Are there any tax consequences for doing so? It would be a single member LLC.

Is it possible to transfer a property from a LLC to an individual? I'm looking to BRRRR a property and the HML I'm looking at using requires the property to be in a LLC. Could I transfer the property back to myself to obtain conventional financing when I go to refinance it?

Thanks for your advice! 

Thankfully, we've already found another friend to rent out the new bedroom. 

I do share your concern about when other people leave. Right now, it's looking like all three roommates will graduate next spring. I'm actually looking at purchasing some land and building a smaller house for myself and renting out the whole place either in the fall or spring for the next academic year. 

I bought a 3/2 home in a college town about a year ago and have been fixing it up while I'm living in it. I've also rented out 2 rooms to two friends during that time. The home currently has a formal living room, den, dining room, and large breakfast room. I'm thinking about making a bedroom out of one of those rooms to create more rental potential. 

Do you guys see an issue with 3 people sharing one bath? A lot of the older apartments around here are either 3/2 or 2/2. The newer apartments all have individual bathrooms, but run at a cost of $400-$550/room with a total sqft of about 1400-1500 for a 4 bedroom. I'm planning to rent out at $350/rm with a total sqft of 2200. 

I guess on a somewhat related note, do you find that college students would appreciate/value a larger home? 

Thanks!

I purchased a home back in June 2016 with the thought of being my first home/fixer upper. I'm 2 years out of college, and I had two friends want to rent from me this past year. They effectively cover the mortgage. Over the summer, I'll be doing some renovations/repairs and making a 4th bedroom out of what used to be a sitting room/formal living room. 

I've been thinking about the possibility of me just renting out the entire home and moving in with a friend for a year or two. With the added renters, my income from the home would be 2x the current mortgage. 

I live in a college town and 4BR/2BA homes in my area go for around $1500-$1800/mo. I plan to offer my home for $1400. Since it is a college town, I don't think I'd have a shortage of tenants. The home is only 2 mi away from campus. I seem to remember as a student that homes were pretty scarce and rented out quickly. I also help out a lot in the community and with college organizations so I feel like my connections might benefit me in finding quality tenants. 

I plan to only live about 2-5 miles away from the home (it's a small town) so I could still stop by to do routine maintenance and/or yard work and just check on things in general. 

Does my plan sound ok? Any advice you guys have? 

Thanks!