All Forum Posts by: Josiah Horn

Background: purchased property with inherited tenants. Tenant had bf living with them I made bf sign lease amendment to be on lease. 

Tenant informed me they would be leaving February first. (M2M Lease)

A couple days later Tenent texts me and says they have left the property effectively today (bf doesn’t help out with bills, drama, etc). and wants off lease. 

I obviously have no interest in boyfriend staying as they are constantly a week late on rent and I suspect to not receive another dime moving forward. As rent is officially late today can I just serve a pay or quit notice asap? Do I have to let leaving tenant off the lease? I feel like it would be easier to get bf out if they are both at risk of an eviction but obviously legaly questionable… I just want it empty :(

(Currently trying to get a hold of boyfriend for his side/plans/expectations)

My current home (SFH) I am splitting into a temporary "duplex" as the master has a private bath and separate entrance. I will be renting the remaining 3b1ba as an apartment until I save enough for my next property in approx 6months-1yr.

I would like to just rent it out as a standard apartment rent + utilities as to avoid wasteful practices with heat/electric. However as this is temporary can I just have them pay all of the utilities even though a heat vent goes to the in law suite and electric will be all on one meter. 

I saw this one for sale last year did you ever manage to get rid of it? What did you end up getting for in rent?

I'm FINALLY getting in the game. Closing my first house this week. I had initially wanted to get a duplex but I just couldn't find any that would work for me so I went for SFH. Best part is I'll have enough cash to repeat in the next year. (Thanks Covid)

House:

3Br/1Bath (soon to be 3/2). 2nd story cement porch/grillspace with a view, firepit and nice hardscape in the yard.

Money:

Mortgage: $1,270

Projected rent once I move out: 1,800+

I’ll be living in the master bedroom and renting out the other two. $500 a piece. 
My portion: $270 (current rent 550 sharing a small 2b/1b. 

My question: is it unethical to put the house on rental sites to get a feel for my price. Even though I have no intention of moving out in the next year or so. I just have so few comps out there due to overpopulation in my area and SFH rentals are hard to come by.

Thanks guys finding out monday if the zoning allows multiple units, its already separated electric (illegally i assume). If it is illegal we are going to go to the town and explain that we are just trying to do the sensible thing and do things the right way, and anyone who buys the place is going to rent it out anyways.

Hello! Looking for fixer uppers with flipping in mind but found a SFH on the outskirts of town. It is bank owned asking around 95k it needs a touch up but practically all cosmetic barring a possible heating system issue. It is a huge house about 2100 sqft, 4bed 3+ bath with 2 kitchens. Each level (on a hill) has 2/2 and a kitchen and if split into units we know it could be a great rental. Rents for a 2 bedroom are roughly 1000 for a decent place and i know a lot of people on here think thats a lot but it is typical here

My business partner and i would initially move in to each side for rehab approx 1-2 yrs and "pay rent" we are young and already live together so thats not an issue we bounce around periodically, we would push off seperating utilities at least until we moved out, or maybe much later if possible.

Anyways, Has anyone on here done this before or thought of doing it? 

The main issues i see with this idea are:

1) Splitting utilities is going to be very expensive and most likely kill any real margin 

2) Actually get permission to split the home, there are however seperate entrances and windows so there might be hope.

Any Input?

Thanks for the feedback@Jeshua Patrick @Glen Whipkins

First time investor here, In a few days i am going to look at a propery in Coatesville PA. It is an REO in a B class area listed for 38K, a fixer upper. (2) 2 bed/1bath apartments. Me and my partner who are splitting the Purchase and Rehab costs have a 20K rehab budget; which we believe is enough for laminate, carpet, paint, new countertops, tubs, appliances and probably a new roof if we do the work ourselves (we are handy and going to take measurements to confirm budget). Similar apartments rent around $700 a month in its existing condition, after rehab we expect to get 850-900 per door and we are going to self manage. 58K dollars all in with comps of a rehab project around 100K

Mortgage: 20% down 30 Yr

Rehab: Line of credit 2 yr no interest

Rent: 1700 pm

Expenses: Mortgage 144 pm

Taxes 108 pm

Insurance 40 pm

Rehab Payback (2Yrs) 833 pm (24 months)

Water: 100pm

Repairs/Reserves 200pm

Cash Flow (First 2 Years) = 275 pm 

Cash Flow (Post 2 Years) = 1308 pm

ARE WE CRAZY