All Forum Posts by: Kyle Meyers

I have one tenant who has an eviction history. Overall, she has been a good tenant, though if I were to rent to someone with an eviction history again I would require higher deposit or rent or maybe both.

I invest in Indy, what kind of investing are you doing?

I would guess they are ok being a B&B, but a rental would have to make themselves "child-proof" so they are not discriminating, or they would have to be a senior living facility. Not sure though.

I was offered the same kind of deal when I contacted my power company. I also turned it down. I really want the utilities to be shut off if my tenants aren't paying, not have the bill transferred to me. I will contact the companies when my tenants are supposed to move out and change the service over into my name, but I don't want it to happen without my knowledge.

I switched all the connection hoses on washers in my properties to the stainless steel kind. I provide washers and dryers (though they are probably exactly the older models you are worried about). I get them used and they usually come with the rubber hoses, which have a 10 yr warranty, but when I am getting them used I would not be surprised if the hoses have been around for 15+ years when I get them. The stainless hoses are $20 at lowes and they are easy to install, have a lifetime warranty, and don't kink. As for the washers bursting, you could set a maximum age for washing machines for your tenants to install, you could offer to include washers for additional rent, or you could refer your tenants to an appliance rental company where they could get a machine that is not as old.

Not sure about the rules for advertising for senior housing, but I know that even if you are allowed to discriminate because it is an owner occupied property, you can't advertise it. What the advertising rules are for senior housing isn't clear anywhere I have found.

From HUD website:
It is illegal for anyone to:

Threaten, coerce, intimidate or interfere with anyone exercising a fair housing right or assisting others who exercise that right
Advertise or make any statement that indicates a limitation or preference based on race, color, national origin, religion, sex, familial status, or handicap. This prohibition against discriminatory advertising applies to single-family and owner-occupied housing that is otherwise exempt from the Fair Housing Act.

Unless a building or community qualifies as housing for older persons, it may not discriminate based on familial status. That is, it may not discriminate against families in which one or more children under 18 live with:

A parent
A person who has legal custody of the child or children or
The designee of the parent or legal custodian, with the parent or custodian's written permission.

Familial status protection also applies to pregnant women and anyone securing legal custody of a child under 18.

Exemption: Housing for older persons is exempt from the prohibition against familial status discrimination if:

The HUD Secretary has determined that it is specifically designed for and occupied by elderly persons under a Federal, State or local government program or
It is occupied solely by persons who are 62 or older or
It houses at least one person who is 55 or older in at least 80 percent of the occupied units, and adheres to a policy that demonstrates an intent to house persons who are 55 or older.

Posting minimum income, no smoking, no pets is all ok, but no children gets you in trouble. Even if this is for an owner occupied rental and they are renting out a room or something where it would be ok for them to discriminate in ways a standard investor couldn't, they still can't advertise it.

I would agree that you probably have to put it in service as a rental first, but also keep in mind this will likely not be a repair for tax purposes, but be considered an improvement and therefore you will deduct the expense over 27.5 years. Check with a CPA to get advice on your exact situation.

If the tenant is responsible for the utilities the utility company should not be able to put a lien on my property if they don't get paid.

Faster, simpler eviction process.

I am just starting, but I am more interested in MF. Think about the 50% rule, if you have a duplex and one unit is full, your expenses are covered, a little less exposure to vacancies that way. Also there are some shared expenses, insurance, lawn care, pest control, and capital expenditures like the roof are split between 2 units.