All Forum Posts by: Evan Tom

I would only sell if you could redeploy and earn higher ROI/COC

I agree with @Stefan D. it appears that many in this comments section don't completely agree with the mask mandates; however, they are still providing valuable solutions. Whether you believe in the efficacy of masks or not isn't the question. I would document this all in writing to your tenants citing that this poses a "health hazard" to potential workers. This way you're covering your butt in the instance she takes you to court for unsuitable living conditions. 

As others have mentioned, consider vaccination, N95 masks, or fixing the issue while the tenants are at work or out of town.

Hello Bigger Pockets

Question for Landlords that rent by the room. What Property Management Software do you use? How would you rate the cost/benefit of that software? Cozy recently partnered/got bought out by Apartments.com and they do not allow room rental advertisements. I'm having trouble finding a good free-to-use PM software that can accommodate rent by the room.

Any advice is appreciated!

Thanks

Great work Ty, there's no harm in asking. Especially if you're willing to walk away. Hopefully everything works out for you!

Consider going to family/friends for a private loan for this. Create a detailed plan showing them the projected COC Return, IRR, and Cap rate. Show them what you envision and they may buy in and invest if they see you've put in the effort to make this a successful investment.

I definitely agree with Tyler in those regards. Figure out what your goals are and strive to hit them. First, analyze what your debts are. Are they high interest debts (6%+), medium interest (4-6%), or low interest (0-4%)? Lenders use a Debt to income ratio to calculate how much money they are willing to let you borrow. 

In the event that you have your debts squared away, consider househacking (duplex) OR room rentals. Both are valid options. Different people have different tolerance thresholds. Frame this in a context of sacrificing your comfort and convenience NOW to live a better life in the future.

Good luck!

I definitely agree with Tyler in those regards. Figure out what your goals are and strive to hit them. First, analyze what your debts are. Are they high interest debts (6%+), medium interest (4-6%), or low interest (0-4%)? Lenders use a Debt to income ratio to calculate how much money they are willing to let you borrow. 

In the event that you have your debts squared away, consider househacking (duplex) OR room rentals. Both are valid options. Different people have different tolerance thresholds. Frame this in a context of sacrificing your comfort and convenience NOW to live a better life in the future.

Good luck!