All Forum Posts by: Diane Stinebaugh

Hi everybody!

I'm a newbie investor, just bought my first rental in February.  I am now dreaming and scheming about my next property.  here are my questions....My primary residence would make a great rental property.  There are a couple of  rentals on my street and they are never, never ever vacant.

1.  Do I have to change the loan if I rent the house out?

2.  repainting and carpeting the primary turned rental would be a business expense? 

3.  Would you suggest buying another single family to move into or a nice duplex that would hold my family in one side and "house hack" a couple of years?  

4. If I went the duplex route, could it be in an LLC while we live there?

that's all the questions I have for now....I know I'll think of more.

thanks!

Diane

Hi Jace,

I just bought and rented my first SFH in Springdale. so far so good. yes, the houses are selling fast right now. There's tons of construction here, houses, apartments, roads, hospitals. we're getting a new Children's hospital in the area, which is very nice.

congratulations!

thank you @Kim Meredith Hampton

they have this rule in the town my rental is in, but my town has 2 people per bedroom for rentals.  Like that better.  

Sec. 91-115.1. - Area for sleeping purposes

Every bedroom occupied by one person shall contain at least 70 square feet (6.5 m 2 ) of floor area, and every bedroom occupied by more than one person shall contain at least 50 square feet (4.6 m 2 ) of floor area for each occupant thereof.

thank you @Alex Deacon,

that's kinda what I was thinking.  they do pay all utilities. I just don't want too many people jammed into that house.  they don't have any stuff.  I mean nothing.  no furniture, one bed right now.  

thank you @Account Closed

My first little ranch house.  three bedroom and one bath.  I leased to a family of 4 and now they want to have 2 more children stay with them over the summer.  suggestions? of course they could have 2 kids stay there and I would never know it. I live 15 minutes away.  Should I require an extra deposit?  $50 a kid?  I just think more people mean more wear and tear on the house.  It was built in 1964.

what do you think?

yes, conventional...15 year.

Here's my story.  I have lived in my 1,600 square foot house for 16 years.  Everything about it is perfect for families including the elementary within sight.  I would like to move out in to the country and lease the house I'm in right now.  I might want to move back to this house after a few years, who knows?  so, would I have to get a different loan if I lease my house? or could I keep the loan I have?  I just refinanced for a great deal and should have it paid off in 10 or so years. 

appreciate any insights!

What do you all think of having the renewal option in a lease and having the increase in rent already priced?  Do you have a renewal option?  Do you set rent increases or wait till the year is up?